Fintel boss, Neil Stevens, said the £14.6mn purchase of Abrdn’s Threesixty Services was part of its plan to have the best brands for advisers in one place.
Stevens was on site at Threesixty’s offices yesterday (July 3) as the firm completed its first day as part of Fintel - the parent company of SimplyBiz and Defaqto.
Threesixty provides compliance and business support services to more than 900 advisers and wealth managers.
Stevens, joint CEO of Fintel, spoke to FT Adviser alongside Threesixty’s CEO, Russell Facer, who he has known for 20 years.
Stevens said: “I have long admired the Threesixty business and the team and client book they have built over those years.
“We want to build a group of the best brands and services, technology and data for the sector, and for us, that means having these fantastic market leading propositions, all in one place, offering real choice to the market.
“So we're really pleased that we can bring the business into the Fintel group.”
Stevens added the deal has “been in his heart for years” and the timing was right to complete the deal in 2024.
Threesixty’s 72 members of staff have all moved across as part of the deal.
Threesixty's Facer said: “It is important for us that everything we believe in- culture, drive and working with clients - continues, so it is great to have an entity that believes in the independent financial advice marketplace.
“It is a good fit and from our regard it is about making sure that we can focus on the people and the clients.”
The deal is the latest in a batch of acquisitions by Fintel which has ambitions to become a one stop shop for advisers.
Stevens was tight lipped about any further acquisitions in the pipeline but hinted there could be more on the horizon.
He said: “We have definitely been busy, and we've had a very carefully selective period of building the group out.
“We're looking for market leading brands, great technology, great services, great data, great access to the market and keeping that competitive side of things.
“Financial advisers should have the right to choose how they run their business, how they service their clients, what software they use, which providers they use, how they charge for their services, and what kind of model they want to be part of.
“I'd like there to be great choice in Fintel and we've done really well to develop that. And we might not quite be finished.”
tara.o'connor@ft.com
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