This well-run IFA business is appointed representatives of a network that has been acquired so they have received notice that the network will be closing. The acquirer taking over the network have made them an offer however they want to explore other options before making a decision.
The business has only 1 IFA with a strong back office infrastructure in place which enables the IFA to spend as much time seeing clients and writing new business. Currently, they manage c£63m of FuM of which over 50% of the funds are with Parmenion. The recurring income for the last 12 months was just over £500k and new business levels are consistently around £200k per annum.
They are keen for all of the staff to be kept on post sale (7 support staff and 1 adviser) although they are open to offers where at least some of the support staff are retained.
Due to the HNW nature of their clients (average holdings of c£560k) they have written 11 DB Transfers. They have had no complaints and none of the transfers we in any high risk areas.