News

Retirement Planning
1
Aug

Harwood announces 3 IFA Acquisitions

Harwood Wealth Management Group, a well-known national financial planning and discretionary wealth management business and facilitator of IFA sales, announces it has exchanged contracts to purchase two financial planning businesses: Goldwyns Wealth Management Limited, based in Southend on Sea, and Andrew Routley Pension Limited, based in Portsmouth; both are established financial advisory firms. 

The purchase price for Goldwyns is c. £800,000 and the purchase price for Routley is c. £600,000. In both cases, the purchase price is payable 50% on completion (expected to be in October and December 2019, respectively) followed by two instalments of 25% each which are due to be paid on the first and second anniversaries of completion, contingent upon results.

Harwood are therefore taking the route of a split exchange and completion, which will allow the sellers time to inform and get permission from their clients to move the agency. IFA sales are frequently structured with 50% upfront and 2 remaining payments over a 2-year period. ” adds Louise Jeffreys, MD of Gunner & Co.

Harwood also announced the completion of the purchase the client book of Patricia Hodge IFA. The purchase price for Hodge is £400k with 50% paid on completion and two instalments of 25% each due to be paid on the first and second anniversaries of completion, contingent upon results.

Peter Mann, Chairman of Harwood Wealth Management Group said:

“In line with our strategy, we continue to make quality acquisitions and I am pleased to welcome the staff and clients of Goldwyns, Routley and Hodge to Harwood. We continue to see a healthy pool of acquisition opportunities ahead of us and, as communicated at the Group’s interim results, are working on several acquisitions at various stages of progress.”

Gunner & Co. work with Harwood Wealth Management on IFA Business Sales, if you would like to understand their IFA valuation approach and proposition contact gwill.evans@gunnerandco.com

If you would like a broader knowledge of the process of selling your IFA business come to a Gunner & Co. seminar