THE Scotland-wide McHardy Group has acquired Tom Munro Financial Solutions for an undisclosed sum, adding £52m to their assets under management.
The self-funded buy-out marks the end of their acquisition run, which has seen Wishart Wealth Management and Peebles Financial bought by McHardy Group in recent years. These three firms, along with McHardy Financial, make up the McHardy Group.
Andy Kerr, Managing Director of McHardy Group, said: “I have known Tom for a number of years, and we have always got on very well, and 12 months ago he approached us and started discussions about the acquisition. It felt like the final piece of the jigsaw in terms of the McHardy Group.”
Tom Munro commented: “I took the unprecedented step of contacting McHardy Group myself because I was looking for continuity. I am about to turn 64 and have looked after some of my clients for over 30 years, and I didn’t want to disappear over the horizon when I retired and leave them with a company they had never heard of and an advisor they had never met.”
He continued: “I want to keep working for the foreseeable future, and when I do eventually retire, the McHardy Group has 20 financial planners within the firm with an average age of 39 who are more than capable of succeeding me for the long term.”
Mr Kerr explained that the immediate plan is to rebrand Tom Munro Financial Solutions, Wishart Wealth Management and Peebles Financial to operate under the same name: ‘McHardy Private Wealth.’ The three companies will officially merge in 2023, and McHardy Financial will continue to operate separately.
The head office for McHardy Private Wealth will be in Edinburgh, where Peebles and Wishart are currently, but with the addition of Falkirk-based Tom Munro, the firm will have good coverage in the central belt of Scotland.
Andy Kerr said: “We are very conscious that that client comes first in all of this. No changes will be made to any client’s platforms, investments or charging structures during the rebrand, and the managing directors of each of the firms will remain in their roles.”
Tom Munro added, “I will have a different email sign-off and header on my paper, and asides that everything else will be the same.” He continued “I will keep operating out of the same office with the same team, and I now have the added benefit of the team at McHardy Financial at my disposal, which will undoubtedly be beneficial to my clients.”