The move is an example of how some IFA acquiers such as Bellpenny and Focus Financial, among others, have snapped up advisory businesses that are looking to sell or forge partnerships to cope with the rising costs and changed landscape in the wake of new regulations, principally stemming from the Retail Distribution Review.

"It is no coincidence that we’ve completed two of our largest deals to date - Unizone and Torquil Clark - within the last couple of months. In the immediate aftermath of the RDR it seemed mainly to be smaller firms considering their exit options. However we’ve recently seen a surge in interest from owners of larger businesses looking to de-risk and release capital," said Kevin Ronaldson, chief executive at Bellpenny.

Bellpenny is backed by Oaktree - a US based investment manager.

"A recurrent theme in recent discussions with IFA owners is the inexorable downward pressure on profit margins. One effect of this is that they’re having very carefully to reassess the cost of advice, which means it’s inevitable that some clients will be priced out of the market. Economies of scale mean larger firms are able to give more clients access to financial planning expertise, whether face-to-face, over the phone or online," said Dominic Rose, acquisitions director of Bellpenny.