Adviser Services Holdings has purchased Sense Network for over £9m, as a part of its vision to build a network of 500 advisers over the next three to four years.
The acquisition of Sense marks ASHL’s second acquisition since its launch in the summer of 2019. Following the two purchases, ASHL now has 300 advisers.
Chief executive of ASHL, Michael Couzens, commented: “The three founders have been involved in much larger networks for quite a few years…and there’s a gap in the market for an advisory support business that isn’t trying to be the size of SJP and Quilter.
“We’re targeting more mature adviser firms that need more hands on support. We’re going to focus on not being too big, being hands on with our firms to deliver what those firms want, so eventually evolving to something more bespoke.
“We’re looking for firms who already have a track record and experience in this market…and those with a long-term plan.We’re looking for quality — not for firms who want to get rich quick or max their income in the short-term.”
Mr Couzens specified that ASHL preferred firms that dealt with investments, rather than protection or mortgages.
ASHL will be offering members of its network professional indemnity insurance, compliance services and assistance with fund selections. It will not be making considerable changes to its network members, who will be able to continue their services as before.
Victor Sacks, who is an IFA at VS Associates, a member of the Sense Network, said: “I’m not someone who makes quick decisions…the one thing I have learned to expect in this profession is change.
“I hope they add some bass to our voice box with regards to the increasing fees and push back.”