Accounting firm sells IFA client book to PE-backed wealth group
Private equity-backed MKC Wealth has bought Sevenoaks-based accounting firm Samuels’ IFA client book for an undisclosed sum.
Under the agreement, MKC Wealth will provide regulated financial planning services to Samuels’ IFA clients, who are primarily based in London and the South East.
Until now, these services were offered to clients by an in-house consultant who is now retired.
Dominic Rose, Managing Director of MKC Wealth, said: “We are the preferred financial advisory partner of a number of accountancy firms who have chosen to focus on their core business in the face of increasing financial services regulation.
“This transaction facilitates the continuation of advice and service to Samuel’s clients following the retirement of their in-house advisor, while allowing us to be a trusted partner for the needs of their future clients.
Sam Narula, Senior Partner and Founder of Samuels, added, “As our in-house IFA neared retirement, I was determined to ensure that our clients continued to receive the best advice possible.
“Our initial search proved fruitless as I found the sausage factory approach of people wanting to acquire our IFA client business very disappointing. I found MKC’s approach refreshing. Their philosophy corresponded to ours.
This agreement comes several months after MKC Wealth, backed by Cabot Square Capital acquired IFA Genius Wealth Management for an undisclosed amount.