Acquisitive Financial Planning group Perspective has acquired three more adviser firms, adding 290 households as clients and £70m assets under management (AUM) to the group.
It’s taken over Esk Valley Financial Services in Redcar on a trade and asset basis from Paul Gatenby who is retiring from the industry.
He founded the firm in 2002, and it has 150 households as clients and £30m AUM with a client bank of predominantly rural and farming clients stretching from Whitby to Guisborough.
Mr Gatenby said: “It was vital for me to find a firm that shared the same values as my own and Perspective does just that. I can enter retirement with peace of mind, knowing my clients, many of whom are friends, will be treated professionally and fairly for many years to come.”
The second acquisition sees Jeff Thurlbeck joining Perspective as a Financial Planner, bringing across 100 households as clients and £20m AUM. Previously self-employed and part of another firm, Mr Thurlbeck’s client base is focused on the Barnard Castle and Richmond areas of County Durham and North Yorkshire.
Mr Thurlbeck said: “I wanted to be happy that my clients would continue to be looked after by a firm that provides a high level of service, not just now, but long into the future. While Perspective is a national group, they retain the feel of a local firm. Their long-established offices in my locality offer continuity for my clients for when I make the decision to retire.”
The third acquisition is of Paul J Flynn Ltd based in Tuxford near Newark, Nottinghamshire. The firm was previously part of the Quilter network and Paul Flynn is retiring. It has 40 households as clients and £20m AUM.
Mr Flynn said: “The Perspective team has been phenomenal all the way through the acquisition process, working tirelessly without compromise. In my view, it’s the only way to do things.”
Ian Wilkinson, Perspective’s chief executive said: “This latest trio of acquisitions demonstrates our strong appeal to small, high-quality firms and individuals, where we offer an excellent future for the client banks they have carefully built and cherished over several years.”
He added: “We have our biggest ever pipeline of acquisitions both large and small over the next 18 months and relish the opportunity to grow Perspective at scale and pace.”
The Financial Planning group has now made 54 acquisitions since its formation in 2008.
The most recent was Cambridgeshire-based Ramsey Financial for an undisclosed sum in April.
In March it added four firms: Searchlight Investments (Rickmansworth), Stafford Wealth Management (Hertford), TCS Life and Pensions (Oxford) and The MGroup Financial Services (Oxford).
Perspective made eight acquisitions in 2021 including Financial Planning firm St Lawrence in Kent, Chippenham-based Avon Financial Advisers, Prolific Financial Services in Cheshire, Evolve Financial Management in Kent, Bowman Financial Planning in Oxfordshire and Quantum Portfolio Management in Lancashire.
Perspective has expanded significantly over the last two and half years with help from a major capital injection by CBPE Capital LLP in December 2019.
