TMG Group has agreed to acquire Later Life Money Limited, subject to approval from the Financial Conduct Authority.
The transaction is intended to expand TMG’s specialist advice capabilities as the company seeks to build a broader financial services group.
Later Life Money was founded by later-life adviser Steve Paterson and provides lending advice to clients approaching, entering and living in retirement.
The firm is already an appointed representative within the TMG community. TMG said the acquisition would give the specialist business a larger platform for growth.
Following completion, Later Life Money will become part of TMG Group and serve as a specialist contact for later-life referrals. TMG member firms and advisers will also receive training, technical guidance and support to develop their capabilities in the market.
Paterson (main picture) will remain with the company and become later life advice development director, with responsibility for supporting referral routes, adviser education and the development of later-life advice across the TMG network.
Scott Thorpe, chief executive of TMG Group, said: “This is exactly the kind of strategic move we want TMG Group to be known for. We are not just building scale; we are building capability, expertise and long-term value.
“Later Life Money is already known to us, Steve is already known to us, and we have seen first-hand the value that proper specialist later-life advice can bring. This is something we have been working towards, and it is a natural next step for the group.
“The market is changing. Firms need more than a network badge and a procuration fee route.
“They need support, training, specialist knowledge and access to areas of advice that can help them serve clients properly and grow stronger businesses.
“For our member firms and advisers, this is great news. Later Life Money gives them a specialist point of contact for referrals, while Steve will help support, train and develop advisers who want to understand the later-life market properly and build their own capability in this area.”
TMG said it was considering further acquisitions as it sought to add specialist capabilities, strengthen adviser support and diversify the group.
Thorpe added: “We are serious about building something different. This is not growth for the sake of headlines; it is about building a stronger group with more capability, more expertise and more value for firms, advisers and clients.
“Later-life advice is one part of that strategy. We will continue to look at opportunities that bring specialist knowledge into the group, improve the support available to advisers and create long-term value.
“This is another step forward, and there will be more to come.”
Paterson said: “Later Life Money has always been built around clear, personal and appropriate advice. Joining the wider TMG Group gives the business the platform to move forward, while allowing me to remain involved and help more advisers understand the later-life market properly.
“I am looking forward to working with TMG member firms and advisers, supporting referrals and helping develop the knowledge and confidence needed in this important area of advice.”
Later Life Money will continue to operate as a specialist later-life advice business within TMG Group if the acquisition receives regulatory approval.
