Destini Financial Services has purchased two more large IFA firms - Applewood Associates, one of Sesame's largest IFAs and Essex, and Kettering-based Bervale Mead financial consultants.
This brings the number of IFAs taken over by Destini to 11 over the last 12 months. Both purchases were made for a mixture of cash and Destini shares.
Karl Hartey, founding director of Applewood, says: “Consolidation is definately the way forward and I believe that in future networks will become large direct sales forces.”
David Penn, managing director of Bervale Mead, says: “The way the industry is consolidating will mean that all IFAs in the future will either be part of a network, a national brokerage or a Destini type group.”
And Barry Parsons, group chairman and chief executive of Destini, says: “Not only is Destini succeeding in attracting IFAs that fit its financial criteria, it is also acquiring highly successful IFAs with specialist areas of expertise and skills.
“The acquisition pipeline is increasingly filling with larger and higher profile companies. Destini remains on course to beat its annualised turnover target of £10m and expect to approach a turnover of £15m by the end of the year.”