Gateshead IFA Galloway Whitfield snapped up by expanding Cheshire firm

Gateshead-based independent financial advisory practice Galloway Whitfield (Life & Pensions) Ltd has been acquired by a firm headquartered in Cheshire.

Following the deal, Galloway Whitfield will become part of Perspective Financial Group Ltd’s North East operation.

Managing director Alan Galloway, who founded the business in 1985, will remain on board for an initial period to ensure a smooth transition for clients before retiring.

The firm’s financial advisor, Julie Hunter, has likewise transferred to Perspective and will continue advising new and existing clients.

Galloway Whitfield has an annual turnover of more than £300k and funds under management of £50m. It provides specialised financial services for individuals and businesses across the North East.

Alan 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.”

He continued: “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.

“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.”

The deal marks Perspective’s first acquisition of 2019 and its 32nd since 2008, with two more similar transactions due to complete in the coming months.

Perspective’s strategy is to acquire client banks from retiring advisers and serve them from its network of 14 offices.

Ian Wilkinson, group practice director at Wilmslow-based Perspective, commented: “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.”

He added: “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.”