News

29
Dec

Chase de Vere looking out for new acquisitions

The chief executive of Chase de Vere, Stephen Kavanagh, has revealed that the financial adviser is on the hunt for more acquisitions in 2018. Nevertheless, Mr Kavanagh emphasised that Chase de Vere is “not playing a numbers game, it needs to be the right people.”
Chase de Vere set the pace for their acquisition strategy in September, purchasing Medical Money Management, a firm that provides advice to medical professionals.
Mr Kavanagh also implied that Chase de Vere will not be following the M&A strategy adopted by some of the rival IFAs in the industry:
“There seems to be no stopping some of the consolidators and product providers who are embracing a vertically integrated model and want control over their channels of distribution. We will continue to fly the flag for independence.
“I am concerned that the financial advice industry will see some fallout from the amount of defined benefit transfer business which has been taking place.
“While we have adopted a sensible approach to DB transfers and indeed have transacted relatively few, often because we advise people to stay put, it is clear that huge volumes of transfers have taken place in the wider market.
“A double whammy could potentially occur if people transfer from DB to DC just as stock markets peak and don’t adopt a diversified and balanced asset allocation strategy.
“This is a potential concern with pension freedoms generally, where more people are keeping their pension fund invested in retirement without taking financial advice. If they are adopting the wrong investment strategy, withdrawing too much money or underestimating how long they are likely to live, it could all end very badly.”
Commenting further on his vision for 2018, Mr Kavanagh said:
“We are ideally looking to make further acquisitions, although only if this is the right fit and the companies we acquire are focused on giving top quality independent financial advice and service to their clients.”