Verso Wealth Management, a digital wealth manager and aspiring consolidation adviser, has bought a Liverpool-based financial planning firm.
The company bought Pavis Financial Management, which was established in 1992 and is a licensed financial planning firm serving private clients across the UK. As of Q3 2021, he was advising on £280m of assets.
Verso is a digital wealth management group providing financial advice and investment management.
It is actively pursuing an IFA consolidation plan and said it is in advanced negotiations with a pipeline of IFA companies.
The Wealth Manager has its own technology platform that allows it to provide automated advice, product selection and customer service.
Last year it entered into a strategic partnership with Cairngorm Capital and Verso said this latest purchase was part of its ambition to build a national digital wealth management group.
Pavis offers a range of advisory and investment services, including holistic financial planning, investment management, retirement advice, retirement planning and estate planning
The company is accredited by the Chartered Institute for Securities & Investment and has achieved Chartered Insurance Institute status.
Quentin McCormick, Managing Director of Pavis, said, “We are delighted to partner with Verso as their model overcomes many challenges and inefficiencies in our market.
“We will be able to let go of our day-to-day regulatory and operational hurdles and focus on what we do best: providing our clients with the best advice available.
Verso said the addition of Pavis created a hub in the northwest by building on its national footprint.
As part of the deal, McCormick will continue to lead Pavis and chairman and co-founder Bob Newton will remain with the company on a part-time basis.
The two will work with Verso’s management team to expand its presence in the northwest. Directors Julie Calvert, Steve Robertshaw and Carly Dunningham will all continue as directors of the firm.
Graham Coxell, formerly of Rowan Dartington Wealth Management, will join Verso as non-executive chairman to advise on its growth strategy.
Andrew Fay, Managing Director of Verso, said: “I am delighted to welcome the Pavis team to the group. It’s an exciting time for Verso as we work to implement our plans.
“We have a pipeline of planned investments in the investment management and financial planning space planned for this year and an ambitious delivery schedule, so 2022 is on track to be transformational for us. I look forward to working with Graham to execute our strategy.
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