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Plan Invest buys up IFA firm&#39s client base

Plan Invest is buying the client bank of Llandudno IFA David Chamings in the first of a potential series of acquisitions aimed at boosting its sales and ongoing commission.

Cheshire-based Plan Invest will inherit around 150 investment clients from the business, which has been run on a non-discretionary basis by a husband and wife team for 21 years. Both RIs are set to retire.

Plan Invest, which has about £100m under management, will concentrate on cross-selling to new clients which have not previously been advised on mortgages or pensions. It is also keen to bolster the amount of trail commission it generates.

Joint managing director Mike Owen says the deal is likely to be followed by other deals as increasing numbers of advisers are squeezed out of the industry by spiralling professional indemnity insurance.

But he says future moves must complement the firm&#39s existing book and come at a price commensurate with funds under management and commission.

He says: “We have known the business for many years and thought it would suit us. We have had a good response so far and will start cross-selling immediately.

“It may well be the first of several more acquisitions. We are looking at all types of companies at the moment.”


Scottish Widows – Corporate Bond Assurance/Pension Fund

Type: Unit-linked fund Aim: Growth by investing in the Scottish Widows corporate bond fund Minimum investment: Lump sum £5,000 via life products, £20 via pension products Investment split: 100% in UK and European corporate bonds Charges: Annual 1% Commission: Subject to negotiation Tel: 0845 843 2222

Young suffer phobia to pension planning

A nasty epidemic called gerontophobia has Britain firmly in its grasp and is robbing young people of their ability to plan for old age, according to research commissioned by CIS. The research looked into attitudes towards pensions and why more people do not plan for old age sooner. It reveals that 33 per cent of […]

Coventry moves into self-cert market

Coventry Building Society is making its first foray into the self-certification mortgage market with three self-cert products. The first is a three-year discount of 1.06 per cent from Coventry&#39s standard variable rate, currently 5.54 per cent, giving a rate of 4.48 per cent. A 4.49 per cent variable-rate mortgage is available, guaranteed to be no […]

Intelligent Finance is set to hit break-even

Intelligent Finance says it is close to reaching its target of break-even after three years in business with net lending hitting £2bn in the first half of this year. Launched in November 2000, the tele-net bank saw losses of £38m in the first half of this year but this was an improvement on the £147m […]


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