Plenty of Activity
The last few weeks have been busy, and with most IFAs now getting to grips with the FCAs new Consumer Duty rules, a quick reminder to those of you that have not yet started your planning, company boards must agree their implementation strategies by the end of October 2022. You’ll then have until next year to implement the plans.
Our offer a of a free consultancy meeting is still available, as is our “Consumer Duty Framework” which we can provide for a fixed price fee.
For those IFAs that have decided to call it a day in the next 12 months, I must point out the following.
·There is a lot of activity on the acquisition front, and I would urge you not to accept the first offer that comes along, especially if it arrives unsolicited. I do appreciate some IFAs are flattered if a potential acquirer makes the first move, but that doesn’t mean it will be the best deal for you.
·Whilst many IFAs are acutely aware of the value of their practice, some worry that their own business may not be attractive to buyers and are pleased when an offer arrives. I can assure you that other acquirers will be interested in your business, and they may be able to offer better terms, and fit in with your own personal plans. In the current environment, this is a good time to secure a deal with plenty of options available to you.
·Selling an IFA practice does involve a good deal of work, and in my 12 years of operating in this market, I have often been appointed to act on behalf of a seller when the deal is well underway. Issues can occur, both during the sale and not surprisingly after the deal has been agreed, and during any earn out period.
Earlier in the year, we published a short guide to selling an IFA practice. If you are thinking of selling, and especially if thinking of going it alone, this guide as a good starting point.
To view the guide, simply copy the following link in to your browser.
https://harrisonspence.co.uk/
As independent consultants to the financial services industry, we are well placed to help you explore a wide range of options. If you wish to sell your business, or develop it further, we are here to help.
To discuss your situation in confidence, please contact me directly via the details below. There is no charge for an initial meeting.