Advice firms must be careful “who they get into bed with” when dealing with private equity investors but the two sectors can and do work well together, delegates at PA360 heard.
Speaking during the opening CEO Panel at the conference on Wednesday 27 April True Potential Wealth Management chief executive Steve Hutton said there was a private equity "land grab" in financial advice and urged caution and intensive due diligence during buyouts. True Potential sold a majority stake to private equity house Cinven in 2021 to facilitate continued business growth and platform development. Hutton said: "We went through a whole year of due diligence and have been owned by them since January. They understand the market and are supportive of our model. "There are differ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
