Independent financial adviser enters administration

Manchester-based independent financial adviser Care Asset Management Ltd has gone into administration.

Partners Anthony Collier and Tom MacLennan from specialist business advisory firm FRP Advisory LLP were appointed joint administrators and are now seeking a buyer for the business.

The company specialises in investment advice for people in later life. It provides retirement planning, estate and tax planning, care fee funding, legal services and investment and wealth management services to circa. 280 clients across the UK.

The company has faced a number of financial and operational challenges in recent months, compounded by Government withdrawals of care funding, which have caused cash-flow issues and led it to enter into administration.

Following the appointment of the joint administrators, the xompany has temporarily ceased operations and eight employees at its Manchester head office have been made redundant.

Collier said: “We have an ageing population in the UK and there remains a significant demand for services such as retirement, tax and estate planning from trusted, independent advisers.

“The company is one of the country’s most respected practices in its field and while we’re currently unable to continue to trade the business due to FCA regulations, our focus will be on seeking a buyer and working closely with employees to support them during this challenging period.

“We would encourage any interested parties to contact the joint administrators as soon as possible.”