Financial services providers to merge

TWO leading independent financial management companies in East Anglia are to join forces, it was revealed yesterday.

Ipswich-based Stan Gaskin Ltd has been acquired for an undisclosed sum by SG Wealth Management (SGWM) of Norwich, creating a business responsible for client assets totalling more than �200million.

Founder Stan Gaskin said: “I am delighted that the company will now be part of SG Wealth Management. I have known their directors Neil Shillito and Stephen Girling for many years and the takeover is good news for our customers.

“SGWM is an expanding company with a depth of expertise in the financial services sector which will bring great benefits to our clients.

Mr Gaskin is retiring after more than 35 years in the financial services sector in Suffolk, but the Ipswich office will now be run by his son, Henry, and will continue to operate under the Stan Gaskin name.

“I know the business has a bright future and I shall continue working in a consultancy role to ensure a smooth transition,” added Mr Gaskin, who founded the business in 2000.

SGWM said there would be no redundancies at the Ipswich office, which currently employs eight people, and it expected to take on addition a staff to cope with the demands of its growing business.

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SGWM was founded in 2001 and claims to have been the UK’s first financial advice firm to provide a service on a fully transparent non-commission. It says the Stan Gaskin acquisition strengthens further its position in the market and leaves it well placed to take advantage of the changes in the law ending commission-based service.

SGWM director Neil Shillito said: “The world of retail financial services is changing dramatically. The abolition of commission-based payment advice means that from January 2013 financial advisers will have to agree remuneration with their clients – a more transparent way of operating.

“Stan Gaskin Ltd is an established firm of independent financial advisors with an enviable reputation in the Suffolk area. They have a similar business ethos to us – providing clients with excellent service and advice without consideration to broking commission.”

Fellow SGWM director Stephen Girling added: “We will be building on an excellent business developed by Stan Gaskin and his son Henry.

“Our centralised investment process ensures that every client is treated the same way. We are able to give up to date valuations to clients 24-7.

“Helping Stan Gaskin Ltd make the transition to our business model will benefit their clients greatly and demonstrate to the wider financial community that how we work is the way forward.”

SGWM, which currently employs 14 people at its Norwich offices, had a turnover of �1.3million in the last financial year.

It says it is now looking to make further acquisitions in the financial sector.