Wealth management firm Perspective Financial Group has today revealed the acquisition of Newcastle-based IFA practice, Galloway Whitfield (Life & Pensions) Ltd.

Galloway Whitfield was established in 1985 and run by managing director, Alan Galloway.

The firm will become part of Perspective’s Newcastle-based North East office.

Mr Galloway will continue to work with Perspective for an initial term to ensure a smooth transition for clients, prior to his eventual retirement.

Galloway Whitfield’s financial adviser, Julie Hunter, has also transferred to Perspective and will continue to advise existing and new clients at Perspective.

The firm has an annual turnover in excess of £300,000 with funds under management of £50m and strong recurring income.

It delivers specialised financial services to individuals and businesses throughout North East England, including many family businesses and SMEs.

This is Perspective’s 32nd acquisition since 2008.

Perspective says it has a further two deals due to complete “in the coming months” and anticipates completing a further three acquisitions during 2019.

Perspective revealed its focus is to acquire client banks from retiring advisers and service the client bank from its existing 14 office network across the UK, with the vendors working with Perspective’s advisers for a period to introduce clients before retiring.

Ian Wilkinson, group practice director of Perspective, said: “This is another significant acquisition for Perspective of a high quality, well-respected IFA firm which will further strengthen our presence in North East England.

“We were particularly impressed by the quality and longevity of the client relationships that Alan has established over many years.

“Following the re-branding of all our 14 offices under the Perspective brand in June 2018, Galloway Whitfield will immediately be absorbed into our Perspective (North East) operation, which is already one of the most respected IFA operations in the region, with 50 staff including 13 advisers.

“We continue to look at similar high quality acquisition opportunities across the UK to further strengthen our national presence.”

Mr Galloway said: “Over the last three years, I have considered very carefully how best to ensure my clients continue to receive the highest quality of advice and service when the time was right for me to retire.

“In the end, it was a comfortable decision for my firm to become part of Perspective Financial Group, a view which has been reinforced by spending the last 12 months working closely with them.

“The group, management and staff all consistently share the highest professional standards and a genuine commitment to a quality of client service similar to my own.

“In addition, my clients will now benefit from having access to a number of expert advisers within the group.”

He added: “It was very important to me that my loyal colleague of 33 years, Julie Hunter, will also become a member of the Perspective team and I know she is looking forward to this.”