TMG Group agrees acquisition of Later Life Money

TMG Group has agreed the acquisition of Later Life Money, subject to FCA approval, as it aims to "grow beyond traditional network scale" and invest in specialist advice capability.

Later Life Money, founded by later life adviser Steve Paterson, supports clients approaching, entering and living in retirement.

The transaction follows a long-standing relationship between TMG and Later Life Money, which has operated within the TMG community as an appointed representative.

Later Life Money will continue to operate as a specialist later life advice business within the wider TMG Group. The business will support suitable client referrals while also helping advisers build skills, knowledge and confidence in the later life lending market.

Steve Paterson will remain with Later Life Money and will take on the role of later life advice development director, supporting referral pathways, adviser education and the development of later life advice capability across the wider TMG community.

Scott Thorpe, CEO of TMG Group, commented: “This is exactly the kind of strategic move we want TMG Group to be known for. We are not just building scale; we are building capability, expertise and long-term value.

“Later Life Money is already known to us, Steve is already known to us, and we have seen first-hand the value that proper specialist later life advice can bring. This is something we have been working towards, and it is a natural next step for the group.

“The market is changing. Firms need more than a network badge and a procuration fee route. They need support, training, specialist knowledge and access to areas of advice that can help them serve clients properly and grow stronger businesses.

“For our member firms and advisers, this is great news. Later Life Money gives them a specialist point of contact for referrals, while Steve will help support, train and develop advisers who want to understand the later life market properly and build their own capability in this area.

“We are serious about building something different. This is not growth for the sake of headlines; it is about building a stronger group with more capability, more expertise and more value for firms, advisers and clients.

“Later life advice is one part of that strategy. We will continue to look at opportunities that bring specialist knowledge into the group, improve the support available to advisers and create long-term value. This is another step forward, and there will be more to come.

Steve Paterson, founder of Later Life Money, said: “Later Life Money has always been built around clear, personal and appropriate advice. Joining the wider TMG Group gives the business the platform to move forward, while allowing me to remain involved and help more advisers understand the later life market properly.

“I am looking forward to working with TMG member firms and advisers, supporting referrals and helping develop the knowledge and confidence needed in this important area of advice.”