This directly authorised business was established over 30 years ago and has 5 partners, of which 3 of them are silent partners. The other 2 active partners are IFAs and are looking to stay on post sale in a reduced capacity to provide clients with continuity post sale. Plus, there are 2 other advisers in the business who are looking to be retained post sale. They have 2 key support staff in the business who they are keen to have kept on; the Office Manager who has been with company for 20 years and a part-time admin who has been with the company for 7 years.
The business currently manages £100m of FuM with c70% with Quilter. In total, they are generating c£460k in recurring income. Average holdings per client is £350k with majority of clients located fairly local to them. Majority of clients are on 0.5% with new clients being onboarded on 0.75%.
They previously advised on a few DB transfers when they were an Appointed Representatives however that liability has remained with the network. Since going DA they have haven’t advised on any high-risk areas of advice.