Truly Independent and Marlborough join forces in investment deal

We are delighted to announce that investment management company Marlborough Group has taken a minority shareholding in Truly Independent. The investment, which has been approved by the FCA, is to support our ambitious growth strategy.

Founded in 2010, Truly Independent Ltd is a firm of experienced Independent Financial Advisers who provide impartial, comprehensive advice, either through face-to-face meetings or video calls. We currently have 75 financial advisers and £1.5bn in assets under administration. Our firm’s independent status will not be affected by the investment.

Marlborough CEO Richard Goodall said the investment reflected “our confidence in the strong long-term growth prospects of the IFA sector more generally” and that the company would not influence Truly Independent’s model by pushing it to its funds or discretionary fund management service.

“The team at Truly Independent have greatly impressed us over the years we’ve been working with them. Like us, they have a strong entrepreneurial spirit, a commitment to delivering first-class outcomes for clients and that all-important ‘can-do’ attitude.

“They have ambitious plans for growth and we’re strong believers in their story, so we’re investing to support it. We won’t be trying to change anything. We’re investing to share in the success of what we believe is an outstanding business.”

Andrew Goodwin, founder and chief executive of Truly Independent, said: “This investment will provide valuable growth capital as we continue to bring on board new advisers who are keen to join one of the UK’s fastest-growing and most ambitious independent financial advice firms.

“Equally important though is that we will benefit from the huge breadth and depth of experience within the Marlborough Group. They have a well-deserved reputation for investment excellence, which is one of the reasons we use their MPS service, but they have a wealth of expertise in other areas too that will be valuable in supporting our continuing growth.”

Truly Independent has big plans going forward. We aim to reach 200 advisers in the coming years, with potential clients never located more than 35 miles away from a Truly Adviser.

The firm attracts new advisers by offering various benefits such as our 4×4 succession plan, marketing support, and a minimum 85% retention rate in the adviser’s first year with the firm. After which they move to the Truly standard rate where they can still retain up to 95% based upon business completed.

We work with our advisers to grow their business over a four-year process, with a view to a full sale. The growth plan includes generating around 50 leads for advisers per month through social media marketing.

After four years, retiring advisers are offered up to four times their recurring income to transfer their clients. Truly Independent will also pay out 40% of this value if an adviser dies before reaching retirement.

Goodwin said this gives firms certainty about their future and what happens to their clients after they retire.

“[Many advisers] sell their business to consolidators,’ Goodwin said. ‘Realistically, they have no idea what happens after that for their clients. By joining Truly Independent you not only secure your own future but that of your clients too”

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