Pictured at the announcement of the deal are: Aoife McCarthy, director, DFP Group; Michael Bollard, managing director, Bollard Financial Services; Eoin Doohan, Group managing director, DFP; and Brendan Nordon, Group actuary DFP.
DFP Group, one of the north east’s largest pension and investment consultants today announced the acquisition of Bollard Financial Services and Doody Crowley Financial Services in Dublin.
Both Bollard Financial Services and Doody Crowley Financial Services are long established financial advisory firms with over 25 years’ experience advising both private clients and companies in all aspects of investment and retirement planning. These acquisitions further strengthen the DFP Group’s commercial footprint within the greater Leinster region.
These acquisitions by DFP Group are just two of many similar deals that are currently been negotiated within the financial advisory sector. The number of financial advisory firms providing independent financial advice is set to contract significantly over the next few years, as smaller firms seek access to the resources that will be required to ensure that have a sustainable business model.
Eunan O’Carroll of Core Consulting who managed the DFP Group deal said: “this deal represents a win win situation for all firms involved. Given the likely changes to the business model as a result of pending regulation and the changing commercial focus of the larger product providers, financial advisory firms will require significant investment is systems and resources, if they are going to transition their business to the new model advisor approach that will emerge in the next two years.
Commenting on the acquisition, Eoin Doohan, Group managing director of DFP Group said: “we are delighted to welcome Bollard Financial Services and Doody Crowley Financial Services as part of the DFP Group, these are strategic acquisitions on our part and they will ensure we remain one of the leading independent financial advisory practices within the Irish market with combined assets under management in excess of €175m.”
Michael Bollard, a well-known financial services practitioner in Dublin for many years and director of Bollard Financial Services commented: “this deal furthers strengthens our capacity to deliver a highly professional financial advisory services to all our clients and ensure we are best placed to deal with the changing market dynamic that will emerge in the future as a result of further European regulation enforcement.”
Bollard Financial Services will now be rebranded as BFS Pension & Investment Consultants and trade under the DFP Group of companies.