FiveWays Financial Planning has acquired its first IFA business for an undisclosed sum in a deal which boosts its assets under advice by £15m.
Harrisons Financial Advisers, based in Burnham on Sea in Somerset, offers mortgages, investments and pensions advice and has around 1,900 clients, of which 500 are active.
FiveWays has acquired the investment and pensions part of the business after Harrisons directors Neil and Robert Harrison decided they did not wish to qualify to provide investment advice under the RDR.
The deal takes FiveWays’ assets under advice to £65m.
Neil and Robert Harrison will act as consultants to FiveWays to transition clients as part of a buyout deal staged over two years. Neil Harrison will also continue to give mortgage advice through Harrisons.
FiveWays director Chris Gilchrist says: “We understand the need for ongoing service to clients and we have a proposition to accommodate those looking to leave the industry over time.
“We are not in the least interested in people who want to get a big chunk of money then disappear into the sunset.”