Plymouth (03/08/22) – M&G plc announces today an agreement to acquire Continuum (Financial Services), a fast- growing, award-winning provider of independent financial advice.
Subject to regulatory approval, M&G plc will take an initial 49.9% stake this year with a scheduled agreement in place toacquire the remainder over the following 2 years. The purchase price is undisclosed.
Launched in 2014 by founding partner Martin Brown, Plymouth-headquartered Continuum has more than 60independent financial advisers operating nationally through its brand. It has particularly strong links across the UK’saccountancy profession and a fast- growing in-house discretionary model portfolio service (My Continuum Wealth),currently managed by Marlborough Investments, which will be mandated to M&G Wealth Investments postcompletion.
Continuum has assets under influence in excess of £1.5 billion and over 12,000 clients. The business hasexperienced strong growth throughout, in particular over the past three years of pandemic and market turbulence during which time revenue and assets have both grown in excess of 25% on a compound annual basis.
M&G Wealth was formed in September 2020 with the expressed ambition to help close the growing advice gap byincreasing its scale. It aims to grow its number of advisers to around 1,000 over the next 4 to 5 years to open upfinancial advice to as many clients as possible in a way that they wish to access it, and at a cost that best suits theircircumstances and requirements. Following the acquisition of Continuum, M&G Wealth’s total number of advisersacross its hybrid, restricted and independent businesses will be around 500.
David Montgomery, Managing Director, M&G Wealth, said:
“This was an unmissable opportunity to partner with another fast-growing, top quality independent financial advicebusiness. Continuum has highly experienced leadership and advice teams and has demonstrated a clearly defined strategy to deliver comprehensive solutions to their clients. We are excited to be able to support their strong ongoinggrowth plans.
“We want our advice services to be accessible to everyone which is core to the Continuum philosophy. This is vital for the financial services industry as we collectively seek to address the advice gap. Financial advice should not be justfor the wealthy – it must be trusted, welcoming, unintimidating and should seek to deliver best outcomes and experiences for clients no matter their circumstances.
“Continuum has an outstanding brand reputation within the market and has a firm commitment to sustainableinvestment and working practices. Overall, it’s a great cultural fit with our existing advice businesses.”
Martin Brown, Managing Partner at Continuum, said:
“Through market opportunities created by the lack of distribution, an increasing demand for high quality financial advice and changes driven by the pandemic, we extensively reviewed our strategic options to increase our scale anddeliver to this need.
This development enables us to continue to accelerate the growth of our business sustainably, increase our national footprint of high-quality individuals and enhance our offering to clients and advisers. Ultimately, this allows us to delivera greater reach to best fulfil the growing advice need in the market.
“Importantly this ensures Continuum will progress its long-term ambitions of becoming a household brand and importantly a ‘home for life’ for clients, advisers, staff and future generations to come.
“We are absolutely delighted with our decision to partner with M&G plc, who share the same values and outlook.
“This is a stand-out option for our business at this stage of our development.”
-ENDS-
Media
Scott White +44 (0)7980 770971 [email protected]
Katherine Mitchell 07917 855881 [email protected]
Notes to Editors
About M&G plc
M&G plc is an international savings and investments business, managing money for both individual savers and institutional investors in 28 markets. As at 31 December 2021, we had £370 billion of assets under management and administration, around 5 million retail customers and more than 800 institutional clients. With a heritage dating back more than 170 years, M&G plc has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our savings and insurance customers under the Prudential brand in the UK and Europe, and under the M&G Investments brand for assetmanagement clients globally.
About M&G Wealth
M&G Wealth is part of M&G plc. It has 4 main parts, M&G Wealth Advice, M&G Wealth Platform, M&G WealthInvestments and a retail investment funds business, M&G Direct.
M&G Wealth launched a HYBRID advice business – ‘MAP your future’ – in late 2021, initially to a part of its existing customer base, where clients, often with modest wealth and a simpler set of financial needs, are able to get access tothe advice that they currently find difficult to obtain – either because of the costs involved or the commercials commonly associated with an advice business (making it impractical to offer services to lower sums invested).
At the start of 2022 M&G plc also completed the acquisition of Sandringham Partners – an independent financial advicearm of M&G Wealth.
In January 2022 M&G plc announced a partnership agreement with Moneyfarm, a leading digital investment specialist,to provide direct investment services to UK consumers. M&G Wealth will use Moneyfarm’s existing technology, digital capabilities, and investment guidance journeys to back its own branded proposition.
In February 2022 M&G plc acquired TCF Investments to provide model portfolio services (MPS) and in April 2022 addeda new range of six model portfolios focused on investing globally and incorporating ESG factors in its investmentprocess.
About Continuum
Continuum, headquartered in Plymouth, was established in 2014 by founding partner, Martin Brown, as a National IFAbrand to offer a modern, new financial advice experience.
The business focuses on creating a three-way partnership between Continuum, the adviser and the client, in anenvironment where each party can only succeed and grow if the other parties also succeed and grow. By educating customers through an award- winning financial education programme and offering our clients a loyalty programme,Continuum develops long-term relationships strongly endorsed though market leading Net Promoter Scores – mostrecent customer survey May 2022 score of +93.
Continuum established an exclusive partnership in 2017 with leading accountancy network, 2020 Innovation, toprovide Wealth Management services to their membership. This has become a consistent and increasing channel in thebusiness offering high quality client/adviser growth relationships.
An in-house discretionary model portfolio service, My Continuum Wealth, was initiated in July 2021 to offer an exclusiveMPS (Model Portfolio Service) to Continuum advisers.
In December 2020 Continuum was awarded ESG kitemark (ESGmark) accreditation in recognition of its business approach of Environmental, Social Responsibility and Governance matters.
Continuum now holds assets under influence in excess of £1.5 billion.
