IFA consolidator firm Radiant Financial Group has acquired GS Financial Services and AMLP Financial Planning for an undisclosed sum.
The deals add over £300m to the group’s assets under advice, taking them to £1bn.
Aberdeen-based AMLP Financial Planning was founded in September 1979 and was previously known as Andrew McIlraith Life & Pensions Limited. Founder Andrew McIlraith left the firm in October 2019.
The acquisition of AMLP brings £156m in assets under advice along with six members of staff, including two advisers.
Perth-based GS Financial Services was founded by George Stubbs in 1976 and has offices in Perth, Dundee, Aberdeen, Glasgow and Falkirk.
The acquisition of GS Financial Services brings £157m in assets under advice as well as 13 members of staff, including six advisers.
The deals bring Radiant’s staff numbers to 110.
George Stubbs, managing director of GS Financial Services, said: “When choosing the home for the future of our business, in particular for clients and staff, it was essential that the acquirer’s values were aligned to ours.”
“I am pleased to say that as well as making the sale happen as seamlessly as possible, it was equally as important to Simon and his team at Radiant that the aspirations for the future of the business and the people were fulfilled.”
Radiant said the deals are part of plans to expand significantly in Scotland. The firm is currently looking for more acquisitions in the region.
Radiant was established in November 2020, by former Old Mutual vice-chairman and Skandia CEO Peter Mann and insurance industry heavyweight Simon Cogman-Hellier, with the intention of growing through the acquisition of financial advisory businesses.
Mr Cogman-Hellier said: “We’re extremely happy that GS Financial Services and AMLP have chosen to partner with us. We believe they are an excellent fit in helping us provide client-centric advice and exceptional delivery as we look to expand across Scotland.”
“When IFAs are considering a new home for their business, we know it’s crucial that our values are in line with theirs. We also know it is vital that the staff in the business joining us are given the opportunity to thrive and grow within our group.”
“Radiant is not a typical consolidator. We don’t acquire businesses simply for the assets they advise on. The scale of funds under management is not a key factor for us when looking to partner with a business – much more important is the cultural fit. For us the post deal integration, making sure our new colleagues really thrive, is as important as the deal itself.”
