Adviser acquisitions: Perspective completes three acquisitions in the North adding £70 million AUM

by | Oct 10, 2022

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Perspective Financial Group Ltd has announced that it has completed three acquisitions which will bolster its offices in Newcastle upon Tyne, Darlington and Dinnington, near Sheffield.

The first acquisition is of Esk Valley Financial Services Ltd in Redcar on a trade and asset basis. Founded by Paul Gatenby in 2002, the firm has 150 households as clients and £30 million AUM with a client bank predominantly comprising rural and farming clients stretching from Whitby to Guisborough. Paul is retiring from the industry.

The second acquisition sees Jeff Thurlbeck joining Perspective as a Financial Planner, bringing across 100 households as clients and £20 million AUM. Previously self-employed and part of another firm, Jeff’s client base is focused on the Barnard Castle and Richmond areas of County Durham and North Yorkshire.

The third acquisition is of Paul J Flynn Ltd based in Tuxford near Newark, Nottinghamshire sees 40 households as clients and £20 million AUM becoming part of Perspective. The firm was previously part of the Quilter network and Paul Flynn is retiring, A number of clients will be served by one of Perspective’s offices in the south, more local to where they now live.

In total, these acquisitions add 290 households as clients and £70 million AUM to Perspective. Ian Wilkinson, Chief Executive Officer of Perspective 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.

“We’re delighted both retiring advisers and those wishing to continue practicing but wanting to spend their time providing advice to clients rather than running their business, see the appeal of becoming part of Perspective. Our ability to combine the benefits of local offices with the strengths of a national firm, including succession planning and regulatory expertise, remains very attractive to vendors.

“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.

“It feels pertinent that we have built Perspective around a culture of ‘clients always come first’, to ensure we deliver the best possible client outcomes. Our vision and values perfectly align with the Financial Conduct Authority’s (FCA) new incoming Consumer Duty requirements. It’s almost as though this new Principle for the sector was written to match our entire ethos.”

Commenting on becoming part of Perspective, Paul Gatenby said: “It was vital for me to find a firm that shared the same values as my own and Perspective does just that. Based on my experience from the initial meeting with Ian and his team in 2021, and the subsequent due diligence process, I know I can enter retirement with peace of mind. I know my clients, many of whom are friends, will be treated professionally and fairly for many years to come.”

Jeff Thurlbeck said: “To sustain and grow my business further, I felt I needed more help and support. I also wanted to be happy that my clients would continue to be looked after by a firm that provides a continued high level of service, not just now, but long into the future.

“After an exhaustive search, I feel that Perspective shares my values of professionalism and client service. Whilst they are 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 at some point in the future.

Paul 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. It was a pure delight to receive such immense and forensic attention to detail.

“This totally assures me I have made the right decision. Your expertise played a major part in securing the sale/purchase between us.”

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