Oswestry and Chester-based Applewood becomes one of the larger firms to join Perspective with two registered individuals and a total of 16 staff members. The firm was established in 1992 and is run and owned by managing director, Karl Hartey and director, Gillian Cowling.
The firm has a turnover of approximately £1.7 million per annum, with funds under management of £90 million and £800k of recurring income.
The acquisition of Applewood Wealth Management is the sixth of 2010 by Perspective with the expectation that at least two further purchases will be made before the end of the year.
Applewood Wealth Management offers a wide range of high-quality wealth management services to both businesses and individuals. Applewood has over 650 clients on its books and is a strong, profitable and well-established business in the North West. Last year it was awarded the Best Investment Adviser Award at The Good Advice Awards.
With these acquisitions Perspective’s annualised turnover increases to approximately £16 million, funds under advisory and management are £1.3 billion with recurring income now £8 million.
Damian Keeling, managing director of Perspective Financial Group Ltd, commented: “Our acquisition of Applewood Wealth Management is another sizeable and significant purchase for Perspective Financial Group. It adds considerably to our group turnover, funds under advisory and management, while boosting our overall recurring income. The management team at Applewood have already built a profitable operation and a strong client bank within the Shropshire and Cheshire area and we believe the firm will be able to continue its growth and development with the help of the Perspective offering.
“It should now be clear to everyone within the IFA sector and beyond that we are building a substantial IFA Group proposition at Perspective and our ambitions in no way begin and end here. We fully expect to complete on at least a further two acquisitions before the end of 2010 and our purchase pipeline is substantial for at least the next six months. This does not mean we have closed the door however; on the contrary we are very keen to meet with those IFA owners who run profitable businesses with the quality of advice at their heart. Many Principals will be considering their exit strategies with RDR on the horizon and there is no better time than now to get in contact in order for us to explore a possible relationship.”
