This Financial Adviser is looking to retire from the Investment / Pension business however would still like to carry on advising on mortgages and protection. Total turnover for the business last year was c£72k with roughly 45% (£32.4k) of that coming from mortgages / protection.
This is a unique business in that they charge clients an agreed hourly rate as opposed to an ongoing charge equal to a % of the FuM they manage – minimum fee is £150 per hour with a maximum fee of £195 per hour. The business looks after c£30m of FuM which is mainly Pension business (£22m) with c£8m from Investments (£5m in Pru Bonds).
Although the adviser is based in Devon, the majority of the clients are located in Sussex as they lived there up until 3.5 years ago when they decided to relocate. Average client age is c62 years old and average client holdings are between £150k – £300k.
As this adviser is a sole trader it will be an Asset Purchase and the acquirer won’t be taking on any of the past advice liability. Looking for a minimum consideration value of £200k.