Quilter is set to grow its adviser base by another 400 advisers after agreeing a deal to buy national firm Lighthouse for £46.2m.
Quilter’s network Intrinsic already has 3,500 avdvisers, including 1,600 restricted financial planners, and it is also the parent company of national Quilter Private Client Advisers.
In a stock exchange announcement this morning Quilter says that “as the advice market consolidates the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”
Intrinsic’s chief executive Andy Thompson adds that Intrinsic and Lighthouse “are highly compatible businesses with similar experiences, complementary structures and a shared focus on delivering good customer outcomes”.
Thompson adds: “The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. I look forward to working with Lighthouse’s staff and advisers.”
Lighthouse chairman Richard Last says: “We have continued to make good financial and strategic progress in recent years despite softening market conditions and a tougher regulatory backdrop.”
“However, the board believes that Lighthouse will benefit significantly from becoming part of Intrinsic and the wider Quilter group and will be better positioned to deliver an enhanced customer proposition and offer increased opportunities to current staff and advisers that will be available within a larger group.”