The acquisition of advice firms almost doubled in 2022 according to a report by Next Wealth covered in Money Marketing.
Based on publicly announced deals, around £26bn in assets under management (AUM) was purchased in 2021, the report revealed. This number increased 85% to around £48bn in 2022.
According to public data, Perspective Financial Group and Fairstone Group made the most acquisitions over the past three years – 20 and 13 purchases respectively.
It feels as if the nature of the advice market is changing with one question whether a reasonably large number of independents will remain at the end of the process.
Does it improve standards or bring much-needed stability? That remains a pertinent question especially for PE-backed acquirers.
The Financial Ombudsman Service has frozen individual case fees at £750 and its levy at £106m for the year 2023/24. It does suggest that the Consumer Duty will increase the number of complaints as Professional Adviser reports.
Opinion may divide on whether that will be the result of the duty working or encouraging vexatious complaints.
Nice article in New Model Adviser about how the LTA is impacting the clients of eight advisers.
Ruffer has appointed Neil McLeish as co-CIO as Jonathan Ruffer hands over control.
Keith Richards says that well over 4,000 advisers have signed up to the Consumer Duty Alliance reports Money Marketing.
An interesting development in a takeover story below.
The managing director of the Morningstar Wealth Platform Mark Sanderson has defended the new contracts former Praemium staff have been asked to sign, saying the team was "shocked" the issue made it into the news, as FTAdviser reports.
As part of Praemium's acquisition by Morningstar, employees of the adviser platform were asked to move onto new contracts which required an extra two and a half hours' work per week for no extra pay.
Sounds like news for those concerned though probably surprising for some in FS who don’t work in roles where the focus is on hours worked.
Gary Lineker has won his IR35 case. Eamonn Holmes has lost his appeal.
