UK gross domestic product (GDP) rose 4.8% between April and June according to data released this morning by the Office for National Statistics.

Assets held on platforms grew 6.5% to £865.8bn in the three months to June as net sales broke through £17bn for the first time, according to data released today.

Industry fintech integration body Origo has nearly doubled signings to its Origo Integration Hub (OIH) in a year, adding 20 organisations to take the total number of users to 42.

A major consumer survey has found that nearly one in four people (24%) are only “just about getting by financially” post pandemic while 8% are struggling to manage. 

A leading global wealth management consultancy has warned that traditional advisers need to respond to the growing threat from emerging digital competitors.

Quilter, one of the largest advice firms in the UK, has cut its number of restricted advisers over the past year by 141 from 1,842 to 1,701, it revealed in its latest interim results out today.

Over a third (36%) of Financial Planning clients hold crypto assets, according to a new report.

Over 20 million people have been targeted by financial scammers, or know people who have been, in the past year, according to new research.

Financial Planning and wealth management firm Perspective Financial Group has completed the acquisition of Chippenham-based Avon Financial Advisers in its 7^th deal of the year.

The deal adds 240 clients and £43m AUM to the firm just weeks after it had announced it had already completed 6 acquisitions in the first half of the year. 

Avon was founded by Stephen Cook in 2011. He is retiring from the industry following reflecting on the challenges of running a business during the Coronavirus pandemic.

Mr Cook said: “After just over 45 years in the financial services industry of which 34 years have been spent as a financial adviser, I have decided now is the right time for me to retire. It has been a privilege to help many clients during my career since I came to work and live near Chippenham.

“I had not originally intended to retire yet, but the Covid-19 pandemic made me reflect on matters. It is increasingly challenging to run a small financial advice business due to the ever increasing regulatory and reporting burdens required by our regulator, the Financial Conduct Authority.”

Avon will become part of Perspective’s office in Marlborough. A year ago Bradford on Avon-based Jones Hill was integrated into the same office. 

Mr Cook said one of the main attractions of Perspective was their ability to combine the feel of a local firm with the strength of a national one.

He said: “I came to the view that my clients are now best served by Avon becoming part of a larger firm. I know that Perspective shares my ethos, ethics and client-centric approach. This move will provide long term security for the provision of financial advice to my clients and enable me to retire with confidence, knowing that they are in excellent hands.

“A key factor for me was Perspective’s ability to combine the feel of a local firm with the strength of a national one. This means that some of my clients who over the years have moved away from Chippenham, will now be served by a number of Perspective’s offices in other areas of the UK including Newcastle, Braintree, Chorley, Woodstock and Eastbourne. I know many of my clients have appreciated the easier access to advice that this will bring.”

Last month Perspective said that the firm expects to complete at least four more acquisitions before the end of the year.

CBPE Capital LLP invested in the firm in December 2019 to help the firm fund its acquisition strategy.

Ian Wilkinson, CEO of Perspective, said: “This acquisition is further evidence of our position of being the ‘acquirer of choice’ for retiring IFAs. Avon fits our profile well with many of their client relationships averaging 25 years’ duration and spanning multiple generations.

“For us, it’s essential the firms we acquire share our client-centric approach as this is absolutely fundamental to our success. Our flexible deal structure for retiring IFAs means those wishing to sell can ensure the deal satisfies all their criteria – so it’s a positive move at the right time for their clients and their staff, as well as for them personally, professionally and financially.”

Abrdn has agreed to buy AI-powered wealth manager Exo Investing for an undisclosed sum as the financial services provider and investment manager plans to offer digital wealth management services via an app.