Somerset-based Nexus IFA, a serial buyer of other IFA firms, has reached a deal with advice firm Amber Associates. But, it is not an acquisition.
Ian McIver (pictured), development director at Nexus IFA, confirmed it does give the two advisers at Amber, which has £20 million of assets, a future retirement option further down the line, as well as use of Nexus IFA’s centralised administrative and paraplanning resources.
McIver said he chose not to go through the normal acquisition process because the advisers are still young, with both wanting to focus on spending time with their clients.
‘What this deal has shown is the value of administrative and paraplanning centralisation,’ he said. ‘Advisers recognise running as a one-man band is fine, but eventually you run out of steam. Unless you do not mind a lower turnover, you need administrative resources.’
McIver said coming under the ‘wing’ of Nexus IFA is a great way for a small advice firm to grow its business.