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Consolidator snaps up Tenet advice firm

Consolidator Nexus IFA has completed its 25th acquisition with a deal for Somerset-based Francis Financial Services.

Consolidator snaps up Tenet advice firm

Consolidator Nexus IFA has completed its 25th acquisition with a deal for Somerset-based Francis Financial Services.

Founded in 2002, Francis Financial Services has 200 clients with £9 million in funds under advice. The advice firm, which has one adviser, was a member of the Tenet network.

Ian McIver (pictured), development director at Nexus IFA, said the deal, for an undisclosed amount, has been made on a ‘cash’ basis where the adviser is paid over a two year period.

This contrasts with the so-called annuity deals which Nexus IFA also makes. In this type of deal the acquired adviser is paid over a 10 year period to encourage them to keep the clients with the business.

McIver added he expects the firm to keep making acquisitions over the coming months.

‘It is number 25 but there are plenty of others we are looking at,’ he said. ‘We are always looking and there are plenty of enquiries and plenty in the pipeline.’

Following the deal, Francis Financial Services’ director Nigel Francis will be retained to continue with the client relationships, McIver added.

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