News

IFA Valuations
1
Oct

HFMC Wealth acquires Generic Financial Management in £3m deal

Chartered financial planner, Generic Financial Management, has had its purchase complete by London and Weybridge based HFMC Wealth in a deal worth up to £3m; the deal has seen new recruits added to the team, 270 added clients,  £950,000 of annual recurring revenue under advice and management of £150m to its books.
As part of the acquisition, Generic Financial Management directors David Verney and Marc Ruse will become private client directors at HFMC Wealth, whilst Generic Financial Management MC Paul Thomas will lead business development and continue to provide executive coaching as part of HFMC Wealth’s Adviser Development Programme.
Mr Thomas said: “We have felt for some time that we needed a partner to provide us with greater critical mass if we are to cope with the ever-increasing regulatory burden, while broadening the range of services we are able to provide to our clients.
“We need to give clients confidence and reassurance that we will continue to provide high-quality ongoing advice for as long as they need it. Consequently, it was crucial we found a partner capable of recruiting and training the next generation of planners, who can then maintain these client relationships.”
Jeremy Hoyland, HFMC chief executive officer, said: “Our growth strategy includes making carefully selected acquisitions.
“We have worked hard during 2018 to identify planning firms which meet our criteria and the completion of this acquisition is the culmination of that hard work.”
He added: “The development of Generic’s professional staff has evolved in a similar manner to ours. Like us, the firm has attracted high-quality, committed professionals and has invested in its training and development.
“We continue to work on other potential acquisitions with like-minded wealth planners and financial planning firms and expect further deals to be agreed during the next year.”
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Gunner & Co. work with IFAs looking to sell their business, and can give you more information if you wish – contact louise.jeffreys@gunnerandco.com