Bankhall has launched a service for IFAs looking to leave the industry which will match up firms that are looking to sell their business with those that are looking to buy.
IFA Exchange will help advisers with the process of selling their business, getting the best price, and minimising liabilities.
Expanding adviser firms will have access to a consultancy team to help with the acquisition process, and guides will be available on the legal and regulatory issues of buying a firm.
There is also an option to become an ’Established Buyer Group’ member, with priority access for firms considering leaving the industry.
The service will offer advisers support in meeting the requirements of the Retail Distribution Review and building an RDR-compliant, sustainable business.
Stephen Young, chief operating officer at parent company Sesame Bankhall, says: “In the current environment it is understandable that some advisers are planning their exit route, but this in turn creates a wealth of opportunities for business owners who are on the acquisition trail.
“For advisers looking to sell their businesses ensuring that an exit strategy has all the vital components, such as aligning a business to the needs of the future IFA industry, is extremely important and IFA Exchange will support advisers in doing just that.”
Bankhall says it expects more consolidation activity among IFA firms over the next few years as advisers evolve their practices to comply with the Retail Distribution Review.