Was it a good deal? Yes, very competitive compared to other deals offered. I met the targets agreed at outset and the final consideration was paid in full, with the added benefit of a final Practice Buy-Out when I eventually decide to totally retire.
Harrison White was initially formed in 1990 as a sole trader and an Appointed Representative of DBS/Sesame Bankhall. My business had a typical client bank with the average client being at, or in retirement.
At the age of 57, I decided that I needed to start to plan for my retirement at 60 years old. My main objective was to find a new home that offered a personal approach and have advisers locally and nationally to take over the relationship with my clients upon my retirement.
I met with Alan Hudson and I liked the sound of their investment proposition and their strategy to drive down the cost of investing for client. I felt this would be a good home for me and my clients.
Alan offered a fair deal and the onboarding and novation process took place. Charlotte in the acquisitions team was brilliant, easy to deal with and helpful. The deal didn’t change and there were no surprises along the way.
The first 18 months was hard, getting my head around the model. The Discretionary and Advisory portfolio management solutions has been a good addition to what I was previously offering my clients and shortly after I joined, AFH decided to absorb the platform costs for their inhouse platform, which offered cost benefits for my clients.
In addition to the inhouse Investment Team, I have introduced some HNW clients to the AFH Private Wealth stockbroking team for bespoke portfolios. Clients have been very happy with the service they have received and the performance of their portfolios.
One of the valuable attractions of joining AFH was the support offered with technical research, report writing and DB transfers. In addition to this, other advisers provide access to areas of financial advice that I wasn’t licensed to carry out like LTC, Equity Release and Mortgages, overall making my business much more profitable.
Three years in, I’m much more comfortable with how to transact business. I feel confident that upon my retirement, my clients will continue to be well looked and I have already started a phased handover process of some clients, in order to ensure a smooth handover and consistency of service.