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The Money Portal offers buyout deal for retiring advisers

The Money Portal is setting up a practice buyout scheme for its retiring advisers next month.

Advisers’ practices will be valued using a formula based on annual income levels, the source of the income, risk rating and a multiplier which will be based on whether the adviser takes a lump sum or annual payment.

The practice buyout will pay at least 0.5 times the income for the duration of the payment or at least four times the income on a lump-sum payment.

TMP is also hoping to encourage the development of an internal market for advisers wishing to purchase their colleagues’ client banks and will provide funding assistance.

To qualify for a buyout, advisers must have been with the group for at least 36 months and give six months notice before their planned exit date that they wish to sign up to the scheme.

TMP says vendors must agree to exit the regulated distribution sector for a minimum of 36 months and sign a non-compete agreement.

Chief executive Richard Craven says: “One guiding principle in formulating this arrangement is to ensure it has no scope for misinterpretation or ambiguity, which is often the hallmark of our competitors’ schemes.”

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