SimplyBiz acquires SIFA

Adviser services provider SimplyBiz has acquired SIFA, a support organisation for independent advisers who work with solicitors and accountants, for an undisclosed sum.

The deal, finalised yesterday, will give some SimplyBiz members access to SIFA's professional support package, which helps IFAs build relationships with the legal profession.

Meanwhile, SIFA members will be able to use SimplyBiz's range of compliance and support services, including Distribution Technology's Dynamic Planner investment tool.

SIFA was established in 1992 to encourage and support involvement by solicitors in financial services work. It is recognised by the FSA as the trade body for solicitor financial advisers.

Matthew Timmins (pictured), managing director of SimplyBiz, said: "We have long admired SIFA and the team they have built and we are delighted to be able to help them enhance even further the excellent proposition they have for IFAs wishing to work with the professions.

"This is such an exciting opportunity, given the changes resulting from the RDR, to provide high quality, professional IFAs with an exceptional service run by an experienced and committed team."

Ian Muirhead, founder of SIFA, who will remain as its managing director, added: "Having established a successful business over the past 20 years, we could have continued indefinitely as a niche provider.

"However, the combination of the Legal Services Act and the RDR provides a once-in-a-lifetime opportunity for IFAs to become a vital part of the professional community which SIFA is uniquely well positioned to support.

"This will require greater resource than is available to us at present, and we are delighted that this is being provided by SimplyBiz."