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London firm adds £150m buying Hertfordshire IFA

UK coins currency pounds growth 480HFMC Wealth has bought Hertfordshire IFA Generic Financial Management adding £150m in assets under advice to the business.

HFMC, which has offices in London and Weybridge, acquired the firm for up to £3m.

Two directors at Generic, David Verney and Marc Ruse, will become private client directors at HFMC.

Managing director Paul Thomas will lead business development and provide executive coaching as part of HFMC’s adviser development programme.

Thomas says: “We’ve 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.”

He says: “The directors are also at a stage where clients are starting to ask about our own retirement plans. 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.”

Two other acquisitions have also been announced today. Consolidator AFH has acquired its sixteenth firm of the year with the purchase of Kent-based Core Financial Holdings and KW Wealth, formerly European Wealth, has acquired East Yorkshire-based IFA Marchant McKechnie.

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