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Conforto in talks to buy up three more adviser firms

IFA consolidator Conforto Financial Management says it is in talks to acquire three more adviser firms.

This would bring Conforto’s total number of acquisitions to five and forms part of the firm’s plans to build assets under management to £500m.

Conforto acquired The McCroddan Partnership in July and Christie Scott’s in October, bringing its total assets under management to around £125m.

Conforto managing director Andy Sutton says the firm’s strategy is more about “assets as opposed to firms”, focusing on “profitable, owner-managed businesses which are predominantly commission-based and looking for an exit”.

He says: “The acquisition process does not happen overnight and, as such, we are continuing to court a number of potential 2009 targets. We have dialogue with three at present.”

Firms acquired by Conforto are rebranded under its banner and are moved to a fee-based structure. Sutton says he is looking for low-volume, high-value businesses.

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