"It also depends on the volume and flow of the information we receive. If we get everything we need on day one, which does sometimes happen, we can get everything done in a six to eight-week window.”
The acquisitions have not always been easy, though, as he acknowledges: “We’ve learned a lot of lessons – frankly, the hard way. No two are the same, and you learn a lot by doing.
"The challenge for us is to ensure we take those learnings into the next acquisition and improve the journey every time.
“The lessons learned largely relate to integration challenges – which can easily be overlooked, but which are important to ensure a business can get up and running quickly – such as the regulatory approval process; managing staff training during Covid-19; and understanding which providers can be more challenging when novating clients over to Ascot Lloyd.”
Despite the challenges, Kerr finds the change of role stimulating, having moved from advising on acquisitions to developing and nurturing them: “IFA businesses are people businesses and the most important thing in an acquisition is managing the journey for the clients and the staff.
“When you’re looking into an acquisition from the outside, as an external adviser, this is not generally an area of focus. So, seeing each acquisition through from the initial exploratory conversations through to integrating the business is rewarding and fulfilling.”
When it comes to the geographical locations of potential acquisitions, Kerr reports that he has done a lot of business in Scotland and jokingly puts that down to Scots liking to do business with Scots.
However, he emphasises that he is keen to do business throughout the UK: “We’ve got a footprint from Aberdeen, right down to the south coast of England.”
Another Scottish city is on the wish list, though, as he explains: “Edinburgh is a place that we’d like to have a presence, as a major city and financial centre, but there are other places around the UK that would also be particularly attractive to us.”
Looking ahead to 2022, Kerr sees more of the same:
“We want to continue on the journey we’ve been on. I’d like us to be a leader in the sector, in terms of our adoption of technology, best practice, compliance and using our inorganic strategy as well as organic growth to get us to the size where we can be a leading IFA.”
Fiona Nicolson is acting deputy features editor of FTAdviaer
