After years of running his own advice firm with a focus on independent advice, Donald Murray was planning for retirement. As he began considering his options around IFA succession planning, his priority was clear.
“When you’ve run what’s effectively a one-man business, your clients become friends,” he says. “I didn’t want to just sell my IFA practice. I wanted to put someone in front of my clients that would continue to offer independent advice, who I trusted to look after them the way I would.”
At the same time, Angus Bunten, founder of The Ailsa Partnership and a ValidPath Member, was preparing for the next phase of his firm’s growth. With access to ValidPath’s infrastructure and support, Angus had the capacity to grow – but was clear that any acquisition needed to be sustainable, without compromising the quality of advice or client service.
Angus was also thinking long-term about the future of the firm and its succession.
“We knew we could take on more clients,” he says. “But it couldn’t impact service levels. That was non-negotiable. If we were going to acquire, it had to be the right fit.”
With plans to bring his sons into the profession, Angus was building a family-run business to support clients for many years to come.
Angus and Donald were introduced through ValidPath’s Client Buyout (CBO) Programme – a comprehensive succession and acquisition solution that offers an alternative to consolidation and DIY solutions, and is designed to support advisers to exit, retire or grow through IFA client-book acquisition. The programme provides a structured, independent and fully supported framework across feasibility, valuation, due diligence, financing and transition..
By managing the whole purchase and sale process, the CBO Programme enables advisers to focus on what matters most: their clients. For Donald and Angus, what followed was a clear example of how that structure works in practice – from valuation through to transition planning and client retention.
Explore our Client Buyout Programme.
Early feasibility and a clear valuation removed uncertainty from the start
For Donald, the starting point was simple: who would look after his clients when he stepped away, and ensure that the advice they were receiving was authentically independent and in their best interest? Many of them had become friends over the years, making it all the more important to find someone he trusted.
“If I couldn’t find the right person, I would rather have walked away than put the wrong adviser in front of them. With Angus, it was clear we shared the same approach to clients and the same values,” he says.
Before introducing them, ValidPath spent time with both Donald and Angus to understand how they worked – across servicing history, capacity, client servicing approach and geography. This highlighted a strong alignment in both culture and approach.
When they met, that alignment was immediately clear.
“It was uncanny,” Angus says. “The way we speak about clients, the way we deliver service, our ethical compass – it was all the same.”
The financial side of the deal never became a distraction. Establishing a fair valuation is often a key consideration in client-book acquisitions. ValidPath’s framework provided a clear, market-aligned starting point – allowing both parties to engage in commercial discussions with confidence.
“Having an agreed basis for valuation made a huge difference,” Donald says. “It meant we didn’t get stuck trying to work out where to start – we could focus on the important things, like how we’d work together and how my clients would respond.”
Read more: How I run my retirement-focused financial planning firm with ValidPath
Structured operational support kept the transaction on track
Even with strong alignment, a client-book acquisition only works with the right operational support in place.
The CBO Programme provided a clear framework for the transaction, supporting the practical steps that sit behind any successful transition – from client novations and provider engagement through to ongoing deal administration.
That operational support proved critical, particularly where provider timelines can create delays and uncertainty.
“The back-office side is not glamorous,” Angus says. “Every provider has a different process. There’s hard work at the front with clients, but there’s also hard work behind the scenes to get everything across properly. Having support there made a real difference.”
With ValidPath supporting the process, Donald and Angus were able to focus their time on where it mattered most: planning the client transition.
Read more: ValidPath launches independent Client Buyout Programme to support advisers to exit and retire
With the framework in place, the focus shifted to client continuity
With valuation agreed and the structure in place, Donald and Angus turned their attention to how the handover would feel for clients.
Their guiding principle was simple: if we were the client, how would we want to be looked after? That perspective shaped every aspect of the transition – from how conversations were handled to how relationships were introduced and built.
From early on, they agreed the handover would be handled together. Donald personally introduced Angus to every client, explaining the changes in servicing arrangements and ensuring clients were comfortable. Both understood this was essential to maintaining client confidence throughout the transition.
That philosophy shaped how the transition unfolded. Using the time that ValidPath’s support freed up, Donald and Angus met each client together face to face, explaining the handover and answering questions. Over several weeks, they completed 85 in-person meetings alongside additional Zoom calls, outlining how clients would be supported going forward.
Donald followed up personally after each meeting to ensure clients were comfortable. The process was phased and deliberate, reinforcing continuity at every stage.
“It was a joined-up conversation,” Donald says. “Clients could see us together. That made a huge difference.”
The relationship between the two advisers also grew throughout the process. Donald agreed to remain involved as a consultant for two years, continuing to support the client transition, and mentoring Angus’s sons as they work towards becoming advisers themselves.
“The bit of the job I’ve missed for the last decade is the coaching and development,” Donald says. “When Angus told me his boys were coming on board, I was more than happy to help.”
The transition into The Ailsa Partnership has been positively received by clients, with many already engaging Angus on new financial planning matters.
“They’ve settled quickly,” Angus adds. “We’re already working on pension increments and tax planning. That tells you they’re comfortable.”
Read more: Growing your business together: How the ValidPath community supports joining Members
A structured handover strengthened succession and future growth
The transition delivered what both advisers set out to achieve: maintaining continuity for clients, supporting Donald’s retirement through the seamless transition of his client-book, and laying a strong foundation for future growth within The Ailsa Partnership.
Those outcomes were made possible by the structure of ValidPath’s Client Buyout Programme, which brought the two advisers together, provided a clear valuation framework and supported the operational transition so they could focus fully on their clients.
Looking back, both advisers point to the partnership that developed along the way.
“We’ve had some great times and picked each other’s brains,” Angus says. “In 35 years in the industry, the last few months have probably been some of the most enjoyable – and the hardest working.”
For Donald, success will ultimately be measured by something simpler.
“The success of this venture won’t be about the deal,” he says. “It will be if, in five years from now, I bump into one of my clients on the high street and they’re still being looked after.”
Learn more about ValidPath’s Client Buyout Programme
Whether you are looking to sell your client-book or grow your IFA business through client-book acquisition, ValidPath’s CBO Programme provides end-to-end support across feasibility, valuation, due diligence, financing and transition. With dedicated support throughout, advisers can remain focused on what matters most – their clients.
If you are exploring succession or acquisition and want to do so within an independent, fully supported framework, speak to ValidPath about the Client Buyout Programme.
Explore our Client Buyout Programme.
