National UK advice firm Tavistock Investments has acquired a majority stake of 76.59% in hybrid advice firm Lifetime Financial Management for £6m.
Lifetime’s chief executive Ian Dickinson will remain the only shareholder, retaining 23.4% of the shares.
Lifetime offers both financial advice and financial coaching, with a team of regulated advisers and a team of coaches. It says its aim is to bring financial wellbeing to the nation by delivering financial education, planning and advice.
In a statement, Brian Raven, chief executive of Tavistock, said: “We believe this strategic move gives us a proven, hybrid model that breaks down traditional barriers to financial advice and wealth creation. It is the answer for the financial well-being of UK adults today and offers our shareholders an opportunity for significant incremental value.”
Lifetime’s chief operating officer, Andy Wealthall, said that the firm had been “carefully reviewing” the best way to take Lifetime into its next phase of growth and concluded that partnering with Tavistock was the “right path”.
“They share our values and vision, and bring the scale, resources, and national presence to help us achieve our mission faster, which is to close the advice gap and make financial wellbeing accessible to all,” he said.
“Our clients and employer partners will continue to receive the same excellent service from the same people they know and trust. The difference is that we’ll now have more resources, connections, and investment to expand and enhance our offering.”
Dickinson added: “We are delighted to be joining the Tavistock Group to pursue our common purpose to provide everyone with professional and affordable financial advice and low-cost investment solutions.”
The deal is subject to approval from the Financial Conduct Authority.
