Nexus IFA has acquired the client bank of Surrey-based IFA firm Pensionline.
Pensionline has assets of around £21m across 250 active clients with founder Jon Minchin continuing to remain in contact with clients as part of the handover process.
The acquisition, its nineteenth in the last three years, takes Nexus’ assets under advice to £220m and increases its client bank to 10,000.
Nexus IFA has five advisers and is in discussions with a further seven firms about buying their client banks.
Director Phil Frapple says: “We think we offer IFAs retiring or winding down their involvement in advising a different solution than simply selling up or closing down.”
Nexus is an AR of The Whitechurch Network which was acquired by IN Partnership parent the On-Line Partnership Group in May last year.
Access Wealth Management partner Jim Clancy says: “There will continue to be consolidation in the industry and you hope acquiring firms are using the right model rather than just looking at the amount of assets they can bring in.”