Million Plus buys Target Financial Management from administration
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The high net worth IFA firm Million Plus Financial Planning, backed by brokerage largemortgageloans.com, has bought Target Financial Management from administration.
TFM’s client book, regional offices and associated trail commission pass to Million Plus and existing TFM employees can be paid their November salaries.
Million Plus is in negotiations to re-employ as many staff as are needed within the new structure.
TFM’s regional offices will help develop the national coverage of the Million Plus business, while its head office remains in London.
Mike Cleary, managing director of Million Plus, has previously been managing director of TFM.
He says: “We are pleased that this will ensure continuity of existing client relationships, while accelerating the growth strategy within the wider Million Plus group.
“As a former managing director of TFM, I am delighted to have been able to find a way forward for the business and its key staff and clients.
“The future growth prospects are good for IFAs who have a ’client for life’ ethos and this deal will give Million Plus some real momentum as we build our business in 2012.”
Jon Moulton, chairman of Better Capital, and Paul Welch, managing director of Largemortgageloans.com, have invested in Million Plus, which will offer advice on pensions, retirement planning, investments, protection and tax planning to clients.
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