Consolidator Perspective Financial Group has made its first acquisition of 2019 with the purchase of Newcastle upon Tyne-based IFA Galloway Whitfield (Life & Pensions).
The acquisition will add £50 million of assets to Perspective, and around £300,000 of annual turnover.
Galloway Whitfield will become part of Perspective’s Newcastle-based north east office and managing director Alan Galloway will assist in the transition prior to his planned retirement. Galloway Whitfield financial adviser Julie Hunter will also join Perspective and will continue to advise existing clients and new clients.
In advance of his retirement, Galloway said it was ‘a comfortable decision’ to sell to Perspective after he had looked at his options and worked with the consolidator over the past year.
‘It was very important to me that my loyal colleague of 33 years, Julie Hunter, will also become a member of the Perspective team and I know she is looking forward to this,’ he added.
Perspective Financial Group group practice director Ian Wilkinson commented: ‘This is another significant acquisition for Perspective of a high-quality, well-respected IFA firm that will further strengthen our presence in northeast England. We were particularly impressed by the quality and longevity of the client relationships that Alan has established over many years.
‘Following the rebranding of all our 14 offices under the Perspective brand in June 2018, Galloway Whitfield will immediately be absorbed into our Perspective (North East) operation… [that has] 50 staff including 13 advisers.’
To continue to expand its national presence, the group is due to complete two more acquisitions in the coming months and a further three acquisitions in 2019.
Perspective said it aims to take on client banks from retiring advisers, adding to its existing 14 office network across the UK.