IFA Futurity is on the acquisition trail and has completed a deal for the first of five planned IFA purchases.
Scottish 13-RI firm Futurity has bought Lanarkshire-based one-RI operation JR Russell and Co for £250,000 and is on the verge of completing a second cash deal for a similar Edinburgh firm.
Futurity director Chris Donald says the firm's strategy is to complete five deals within the next six months. The directors plan to expand the firm by targeting small firms with extensive client lists in the Glasgow and Edinburgh areas.
Futurity splits its advisory work into two areas, with half the advisers focusing on the corporate sector, with Scottish Power and Direct Holidays among its clients, and the other half working with high-net-worth individuals with assets over £500,000.
Donald says JR Russell & Co has excellent compliance records which have made due diligence quick and easy.
JR Russell & Co director John Russell says: “This is an ideal move personally and for my clients and it will help me to develop and expand my accounts over the next few years.”
Donald says: “No one else is expanding like this in Scotland. The big players are picking up large numbers of advisers but we are focusing on small entrepreneurial businesses.”