This IFA is in their 60’s and is looking to retire. They are a 50% shareholder in a sizeable business however they are only looking to extract themselves and sell their own client bank which makes up c£48m of FuM with over 50% of this on Quilter. Their average ongoing charge is 1% so this is bringing in c£480k of recurring income. Clients are located across the South East and the average age is 63 years old.
They have written c8 Defined Benefit Transfers (with no issues and none since 2019) however as this will be an asset purchase you won’t be taking on past liability.