Perspective acquire client bank for Marlborough office
The clients will now be looked after by Perspective’s Marlborough office, Equilibrium Wealth Management.
Kingsworld Walder was previously based in Gillingham, Dorset and run by managing director, Jeffrey Martina, who has now retired. Equilibrium will be servicing Kingsworld’s client base through its existing IFA team and no staff will be transferring to Equilibrium as a result of the acquisition.
Kingsworld operated with funds under management of £26 million and recurring income of £125k per annum.
All Kingsworld Walder clients have been contacted and Equilibrium advisers are now conducting a series of initial meetings to make transition as smooth as possible for individuals.
Perspective Financial Group is one of the top 15 UK financial advisory firms by revenue size. At present it operates out of 23 offices and employs over 230 people. The Group’s annualised turnover is in excess of £23 million, with around £2.5bn of assets under management.
Damian Keeling, managing director of Perspective Financial Group, said: “While most of our acquisitions are of advisory practices which can fit comfortably into the Perspective structure, we are also supporting our regional offices with client bank purchases. The deal to bring the Kingsworld Walder client bank within Equilibrium has now been completed and we can begin the work to ensure the transition for those clients is as seamless as possible and that they continue to have access to first-class financial advice.
“As we move towards the RDR deadline it seems obvious that more advisory practice owners will be weighing up their options and some, like Jeffrey, will choose to retire before the new regime kicks in. Perspective now has a truly national offering and we continue to be interested in talking to any individuals who are still considering their options as we move into this new environment.
“We are open to working with quality, profitable practices in a number of ways, whether it is through client bank acquisition or bringing the entire firm into the Group. The fact is that time is running out – January 1st 2013 will be with us before we know it – and advisers need to make decisions quickly. We are always available to take those calls and answer those questions in order to help firms along the path to their post-RDR incarnations.”
Tony Apps, managing director of Equilibrium Wealth Management, said: “Part of the attractiveness of joining an advisory group like Perspective was the opportunity to grow the office through acquisition and this is proof of our commitment to do just that. We are continually on the lookout for commercial opportunities to expand Equilibrium and the Kingsworld Walder deal provides us with a client bank which has historically received quality advice and has a need for this to be continued as seamlessly as possible. We are pleased to have completed the acquisition and have already begun working with former Kingsworld clients to introduce ourselves and to ensure they continue to receive the best quality financial care, advice and guidance.”