Sell an IFA business

Testimonials - Premier Wealth Management (Harrogate) Ltd

AFH is a great company with a client centric proposition. They provide good support and professional client documentation. The training updates and support during the Pandemic has been fantastic, introducing Signable and IT advancement that have allowed me to continue to provide a service to my clients.

I became freed of regulatory and financial burden and had access to a wonderful proposition of opportunity for both myself and my clients.  Now, as I move into retirement, I feel satisfied that my clients will be looked after for many years to come.’

Premier Wealth Management (Harrogate) Ltd was a directly regulated firm built up over a number of years.  With a client bank of HNW individuals and corporate clients, the business was built around myself as the main business owner and Financial Planner.  I was supported by an employed Financial Adviser, Office manager, a team of four administrators, a paraplanner and a Trainee IFA.

I have been in Financial Services for 38½ years and found the increased regulatory requirements, escalating PI costs and the mounting costs of running a business made me re-evaluate the benefits of running my own business. With all this in mind, I explored the benefits of becoming part of a large business with many years of experience in the financial services industry.

I met with AFH mid-2018 and found Alan Hudson a very inspiring and motivating individual.  He explained the AFH proposition very clearly and how it could benefit my clients, transparency and costs were clear and very much to the clients benefit. 

Having discretionary permissions and being able to offer inhouse discretionary fund management was a massive plus for so many of my clients.  In a normal small IFA practice you’re limited to how many DFM clients you can physically look after, but I could see the AFH model opening up huge opportunities for me to continue to grow my client bank as well as benefit those who had funds on other platforms.

The acquisition terms offered by AFH were very beneficial for both myself and my family, I had received a counteroffer from a competitor, but I decided to move forward with AFH.  The Acquisition process was well managed by Angharad Williams, the acquisition team were always very clear with their requirements making what initially seemed quite a daunting process very easy.  PWM had a very robust back-office system and records which made it easier to transition to AFH.  I would recommend that both are in good order before looking to sell your business.  Everything Alan promised during our discussions was exactly how it was. 

Upon joining I attended a week-long Induction programme which was excellent.  The staff and Senior Management team were all very friendly and supportive.  I attended regular consultant meetings in London, where I was introduced to other likeminded AFH Advisers.

It is difficult to plan for retirement in a smaller business. Now, part of a larger company I am comfortable to retire, knowing it won’t be detrimental to me and my loyal client bank, many of whom have become good friends. 

In the early stages client novation was slower than anticipated which was a result of poor Insurance Company administration process’s, Alan approached me and suggested he extended my first deferred period and subsequent payment so that I wasn’t financially penalised.  This worked in my favour for which I am very grateful to Alan.

— Richard Evans - Premier Wealth Management (Harrogate) Ltd
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