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Radiant Financial Group acquires three more firms of IFAs, hitting £1.3bn in AUA

Radiant Financial Group, the consolidator of IFA firms, has hit £1.3bn in assets under advisement (AUA) after acquiring three more independent financial adviser businesses.

Radiant has acquired Barnstaple-based Irvine Financial Services, which has £136m in AUA, as well as 8 members of staff, including 3 advisers. The group has also acquired Oldham-based Landmark Financial Planning, which has £98m in AUA and 6 staff members, including 3 advisers. In addition, Radiant has acquired Andrew Gibbs IFA, based in Henley-on-Thames, adding £91m in AUA.

The latest deals take Radiant’s staff numbers to 130.

Early this month Radiant announced the acquisition of Perth-based IFA, GS Financial Services and Aberdeen-based AMLP Financial Planning, which between them have £313m in AUA.

Only merging with firms of IFAs that share the same culture and values

Radiant differs from other consolidators in that it wants to bring together IFA businesses that share the same culture and values regarding financial advice.

Simon Cogman-Hellier, CEO says: “We’re delighted that Irvine Financial Services, Landmark Financial Planning and Andrew Gibbs IFA have chosen to partner with us. We believe they are an excellent cultural fit in helping us provide client-centric advice and exceptional delivery.

“We’re also really excited to start working with their team of advisers and support staff. One of our key measures of success in an M&A deal is whether we retain all the staff following the acquisition and whether we’re helping the new team to really thrive.  We aren’t interested in acquiring businesses simply for the assets they advise on.

“The team at Radiant has enough experience in the acquisition process and the post transaction integration of teams and businesses to know what is going to keep new team members happy.”

Simon and his senior team have significant experience both in the acquisition process itself and the post transaction integration of teams and businesses.

Simon Cogman-Hellier adds: “We’ve created a great foundation at Radiant – we want to buy other businesses to join the Radiant family to enable us, through scale, to provide more advice to more people. Ultimately consumers will get a better outcome because we are more resourced than a small firm: we’ve got more capabilities and more technology.”

“However, we are very mindful of ensuring we do not become a commoditised business where a client simply becomes a number within a large organisation. Radiant will always be client-centric and have truly impartial advice at its core.

“We want to partner with IFAs who would prefer to focus more on servicing their clients than having to deal with the “infrastructure” of the business. Radiant is also interested in talking to IFAs who are looking for a capital event as they focus on the next stage of their career or life in general.

Glen Irvine, Founder of Irvine Financial Services, says: “After speaking to a number of potential buyers we made the decision to select Radiant because they excelled in providing a package that was both client and staff centric.

“The senior management have been excellent both pre and post-sale and extremely professional and caring. We feel welcomed by the entire group and I’m happy we made the best possible decision for Irvine Financial Services.”

Eric Mowinski, Director of Landmark Financial Planning, says: “We chose Radiant because we wanted to ensure continuity for our clients and staff.”

“Our advisers wanted to stay independent without having to force clients into predetermined investment propositions. The process of agreeing a deal and implementation was handled very professionally.”

Andrew Gibbs, Founder of Andrew Gibbs IFA, says: “I chose Radiant because they gave me the confidence that they had the capacity to continue to look after my clients with quality service and retain my team, to provide continuity for my clients.”

“Radiant also gave me the confidence that they will provide all of my team with the opportunity to continue to develop their careers.”

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