M&G is to acquire Continuum (Financial Services), the Plymouth-based IFA business, for an undisclosed sum.

The deal, subject to regulatory approval, will see M&G take an initial 49.9% stake this year with a scheduled agreement in place to acquire the remainder over the following two years.

Continuum was launched in 2014 by founding partner Martin Brown. It has about 60 IFAs operating nationally through its brand. The business has assets under influence in excess of £1.5bn and some 12,000 clients.

Continuum will become part of M&G Wealth but will retain its own brand and sit alongside M&G Wealth's existing businesses.

M&G said it had strong links across the UK's accountancy 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 after completion.

M&G Wealth was formed in September 2020 with the ambition to help "close the growing advice gap by increasing its scale".

It said it wanted to increase adviser numbers to about 1,000 during the next four to five years.

In August 2021, M&G Wealth acquired Sandringham Financial Partners in its first significant deal. Sandringham has more than 180 IFA partners as part of the firm who look after more than £2.5bn assets under advice for around 10,000 clients.

Following the acquisition of Continuum, M&G Wealth's total number of advisers across its hybrid, restricted and independent businesses will be about 500.

David Montgomery, managing director, M&G Wealth, said: "This was an unmissable opportunity to partner with another fast-growing, top quality independent financial advice business. 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 ongoing growth 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 just for 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 sustainable investment and working practices. Overall, it's a great cultural fit with our existing advice businesses."

'Sustainable growth'

Martin Brown (pictured), managing partner at Continuum, added: "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 best increase our scale and deliver 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 deliver a greater reach to 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."