Pool House takes over IFA’s business

LICHFIELD wealth management firm Pool House Professional Advisers has acquired the business of independent financial adviser (IFA) Central Independent Financial Services and will take on its client base.

The firm says the acquisition of the Birmingham IFA – for an undisclosed sum –  may be the first of a number of such deals in 2012 as smaller firms struggle to comply with new regulatory demands under the Financial Services Authority’s Retail Distribution Review (RDR).

Pool House points out that the RDR, which will form the FSA’s agenda of customer protection, will have huge impact on the financial services industry, affecting firms across the chain from product manufacturers such as insurers and asset managers to the distributors, such as banks, wealth managers and IFAs.

David Burns, Pool House co-director, said: “The acquisition of Central IFS has enabled the perfect solution to the continuation of high quality service to its clients, whilst being able to be FSA compliant post-RDR, as Pool House Professional Advisers has already embraced the compliance changes.  

“Many advisers will be finding themselves in a situation where they will have to look at selling the business due to the changes RDR will bring, as many will just not be able to become compliant in time or may not have the resources to do so and keep the business financially viable.

“This is where we can help and are interested in looking at further acquisition opportunities, which can benefit all parties. We think many advisers will be looking to take this route as we get nearer to RDR.”