Harwood WM buys IFA Plan65's assets for up to £1.56m

£42m assets under influence

Harwood Wealth Management has acquired the £42m of assets under influence of Ascot-based retirement solutions specialist Plan65 for a purchase price that could reach £1.56m.

Following completion of the deal, P65's owners and founders, Keith Turner and Doug Rae, plan to retire while the acquired assets will be integrated into Harwood's subsidiary, Compass Wealth Management Consultants. In a statement, the UK-based financial planning and discretionary wealth management business said the acquisition's purchase price was £1.56m - "dependant upon performance criteria of the assets acquired". The initial cash consideration of £810,068 will be funded from Harwood's existing cash resources, with deferred consideration of £747,296 - payable in two instalments - to...