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New Kelland firm offers equity participation

Burns-Anderson network founder and Kelland & Partners managing director Steve Kelland is launching Akumulus, an IFA service provider offering members equity participation.

Akumulus aims to provide its directly-regulated members with lead generation, product and service development, recruitment and compliance support as well as the option to facilitate practice buyouts.

Within three years, Kelland, who is managing director of the new company, aims to recruit 30 firms, achieve a total of £1bn under management and capitalise the company through a trade sale or flotation.

The board of Akumulus, which includes Kelland&#39s brother Guy as strategic director, is in talks with three companies in its search for an investor to pump a “seven-figure sum” into the firm within the next few months on top of the “seven-figure sum” invested by the Kelland brothers.

The firm has absorbed Kelland & Partners, with its eight RIs becoming the first to enlist after quitting the Burns-Anderson Network to become part of Kelland&#39s latest venture.

Akumulus members may either take on Kelland&#39s branding or can retain their own identity. Either way, the group will limit recruitment to one firm per region.

Steve Kelland says: “Potential members include IFAs who want to break from their network, who are directly registered or the small practices looking to retire. We are not targeting members of Burns-Anderson with this but if someone came to us from Burns-Anderson, we would have to look at them.”

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