The firms that have been acquired are Oakdene Practice in Bristol, Parkgate Financial Solutions in Warrington and Libra Associates in Dorset.
IFAonline also added that the firm’s six regulated advisers, which are spread across the businesses plans to exit the industry before the end of the year.
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The acquisitions will provide the firm with GBP450,000 in yearly trail income and GBP75 million in funds under investment, in addition to the GBP650 million Sanlam currently manages.
Further, Sanlam has said that it will actively service 650 clients as a result of the agreement, which chief executive Nigel Speir seeing them once or twice a year.
Further, IFAonline quoted Speirs as saying that Sanlam had only considered client bases where each client would bring in GBP500 a year or more.
Meanwhile, the company also has acquired approximately 8,000 names and addresses as part of the deal.
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By GlobalDataSanlam Private Wealth has said that it will offer both a restricted proposition and a whole of market independent proposition where the restricted offering does not suit the client’s needs.
