Cheshire-based Maestro Financial Services has become the second firm to sign up to Sanlam UK’s practice buyout scheme.
Under the terms of the deal, Maestro has the option to sell to Sanlam within five years. Maestro managing director Niel Lingwood said the firm was looking to take advantage of Sanlam's investment offering Accel.
Sanlam launched the scheme earlier this year and Sutton Coldfield-based Squirrel PFA signed up for it in June. New Model Adviser® understands that four other IFAs are looking to join the scheme.
Oliver Couchman, head of partnerships at Sanlam UK, said: ‘We are pleased that very well-regarded businesses are talking to Sanlam about this route and we welcome the opportunity to speak to any advisory firm that wishes to consider this opportunity.’
Maestro advises on around £130 million of client funds.