Swansea-based Portfolio Financial Consultancy (PFC) has acquired fellow Welsh IFA Barrett Bright, boosting its assets under advice by £10 million.
The acquisition takes PFC’s overall assets under advice to £170 million.
PFC business operations manager Gareth Jones said he had been working with Abergavenny-based Barrett Bright for a number of years to integrate clients smoothly and give the firm an exit strategy.
Jones said PFC would look to make further acquisitions, focusing on advisers who wanted to retire as a result of the retail distribution review (RDR), but did not have a set number in mind.
‘We do not have any specific targets, but are looking predominantly at sole traders who do not have the infrastructure to meet the increased demands of the RDR,’ he said.
‘Our medium to long-term goal is to reach £500 million assets under advice, which we see as very stretching but ultimately achievable.’
PFC director Chris Roche (pictured) said: ‘When Steve Barrett realised that he did not want to advise beyond the RDR, he chose to work with PFC to ensure his long-standing clients had continuity of service from a firm that has client focus and service delivery at its core.’
PFC has five advisers and 10 support staff across offices in Swansea and Pontypool. Jones said the firm was looking to expand its team.
‘The focus is towards high-level client support, and PFC recognises that to do this in the RDR world, it is vital to have the right staff in place,’ he said.