West Midlands based IFA who is in their 60’s and looking to sell their business and retire. They are considering staying on post sale in an authorised capacity for up to 2 years to provide continuity to clients during the transition however they are open to retiring and helping out in an ambassadorial role instead with full handovers to the new advisor.
The firm has c£35m FuM of which c£7m is in bonds. Total turnover for the business is £320k with £225k coming from recurring income.
Ongoing charge is 1% however there are some clients on either 0.4%, 0.5% or 0.6%. Average ongoing charge is 0.64%.
Seeking a share purchase to benefit from BADR. Have stayed away from high risk areas of advice which is reflected in low PI costs (£4.5k premium). PI renews in October 2024 therefore ideally wanting to complete on a deal before then.