Wed, 18 Sep 2024 | BUSINESS SALE
Brooks Macdonald Group has agreed a deal to acquire Norwich-based Lucas Fettes Financial Planning, adding a presence to the group in a region where it sees an opportunity for growth.
Lucas Fettes has seen significant growth in assets under advice (AUA) over the past five years. The firm’s AUA now stands at around £890 million in total across approximately 1,600 personal clients, as well as around £300 million in “Assets Under Influence” across more than 300 corporate and employee benefits clients.
The financial planner has had a relationship with Brooks Macdonald since 1996, when it became one of the first IFAs to outsource part of its investment management to the group. Lucas Fettes is now one of the group’s top 10 introducers.
Following the acquisition, Lucas Fettes will be integrated into the group’s Direct Wealth business, with a statement saying it will bring “a strong presence in a geographical area where there is opportunity to grow”.
Brooks Macdonald Group CEO designate and Chief Financial Officer Andrea Montague (pictured) said that the acquisition aligns with the group’s “redefined strategy to reignite growth, as it will broaden and deepen our client reach”, adding that the deal will also “strengthen our financial planning capability and enhance our presence in East Anglia.”
Montague continued: “Brooks Macdonald has had a consistently strong business relationship with Lucas Fettes since 1996, built on a great cultural fit, as well as our delivery of strong investment returns and commitment to excellent client service. I am pleased to now welcome them into the Group”.
Lucas Fettes Managing Director Mark Brown added: “We have worked with Brooks Macdonald now for over quarter of a century and are very pleased to be joining the Group. Having carefully considered our future we believe now is the time to become part of a larger organisation with shared values and ambition.”
“We are confident in our shared focus on quality and personal service, along with a determination to deliver market leading client outcomes.”
Despite high levels of wealth management M&A over recent years, most IFAs and financial planners expect consolidation to continue to grow
Opportunity to acquire a lucrative IFA with room for potential uplift maximising profits post acquisition.
Opportunity to acquire a retiring IFA with low ongoing advisor charge of 0.6% providing room for potential uplift maximising profits post acquisition.
Opportunity to acquire an established IFA, offering exceptionally Y-O-Y high revenues, and located in the South West.
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