The valuation of independent financial advice businesses has dropped from an average of 4 times recurring income in 2022 to 3.3 times recurring income for the first quarter of 2024, according to a new study.

Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, has invested £1.5m in Mortgage Brain and acquired 70% of fintech ifaDASH for up to £1.5m.

North East-based Chartered Financial Planning-focused wealth manager Fairstone has completed the acquisition of £110m AUM Nottingham IFA James Ryan Thornhill three years after first announcing the deal in June 2021.

Platform and investment manager 7IM has acquired Financial Planning firm Eastcote Wealth Management for an undisclosed sum.