Founded in 2001 under the name Compass Wealth Management, Harwood Wealth has largely built up its operations through acquisitions.
It had completed 37 deals by the end of October 2015 mainly as business and asset purchases, and a further 13 (including those that have exchanged but not yet completed) during the period 1 November 2015 to the present day.
The group acquired Meon Valley Financial Planning (MVPF) last month and, conditional on admission, Wellian Investment Solutions, an investment management business.
Alan Durrant, joint chief executive of Harewood Wealth, said the groups’s acquisition strategy had taken advange of the opportunities thrown up by the Retail Distribution Review.
“Many financial advisory firms have strong client books but unworkable, fragmented models, rising regulatory costs and a need to outsource certain functions or to be acquired,” Durrant said.
“All these factors create a significant opportunity for Harwood Wealth’s acquisitive growth strategy and the vertically integrated model.”
The group focuses on the provision of financial advice to the mass affluent market, defined as individuals with £200,000 to £500,000 ($288,000 – $720,000) of liquid financial assets or net assets, excluding their main residence.
It has more than 80 FCA-regulated financial advisers and seven investment professionals, supported by an administration and back-office team and assets under influence in excess of £1.25bn.
For the year ended 31 October 2015, the company said it generated revenues of £7.9m, had EBITDA of £1.9m and net cash of £3.9m, not including the results of Wellian or MVFP.
