AFH Wealth Management
Acquisitive independent with central investment proposition.
Founded in 1990 by Alan Hudson, AFH listed on AIM in 2014 before being taken private by Cornell Capital in 2021 at an enterprise value of ~£225m. The firm has acquired 100+ IFAs over its history. Operates a centralised investment proposition (AFH-branded model portfolios) with both employed and self-employed adviser routes.
In short
Long-running consolidator, taken private by Cornell Capital in 2021. Employed and self-employed routes; central DFM-style investment proposition.
01 · Charging Model
What it costs the client — and you.
Total client cost is what regulators care about — and what clients shop on. We unpick it across advice, platform and product.
Our take: Central investment fee on top of platform & adviser charge — model the all-in carefully.
02 · Investment Proposition
Where client money goes
AFH-branded model portfolios (Centralised Investment Proposition) with risk-graded options.
- 8 risk-graded model portfolios
- Active multi-manager approach
- ESG variant available
- Limited bespoke DFM for HNW
03 · Tech Stack
What you'll work with daily
- Intelliflo Office
- Multi-platform panel
- Group MI
- AFH client portal
Our take: Functional rather than market-leading. Platform-agnostic gives flexibility but means less seamless integration than TP/SJP.
Strengths
Where it shines
- Independent status retained
- Clear acquisition pathway for retirees
- Long operating history (35+ years)
- Solid central investment governance
- Both employed & SE routes
Watch-outs
Where it stings
- PE ownership = exit-driven decisions in coming years
- Centralisation can reduce adviser autonomy
- Mixed integration experience post-acquisition
- Less brand pull than tier-1 names
- Tech stack lags TP/SJP
04 · Who owns it
Ownership
Cornell took AFH private in 2021. Typical PE hold suggests an exit window 2025–27. Strategic direction post-Cornell is the key question for joiners.
Currently: Cornell Capital (US PE)
05 · Day-to-day
Culture
Established, professional, somewhat traditional. Bromsgrove HQ. Less entrepreneurial than TP, less corporate than SJP.
06 · When you leave
Exit options
Internal succession well-trodden via AFH itself acquiring departing principals' books. External moves possible with notice period.
07 · Payout Economics
Employed: salary + bonus. SE: 70–80% gross
Employed advisers paid market-rate salary plus performance bonus tied to AUM growth and client retention. SE advisers retain 70–80% of fees less compliance/PI/levy charges.
08 · Real Voices
What advisers and clients actually say
A balanced selection of public reviews from Trustpilot, Glassdoor, the FT and trade press — both glowing and damning. We don't cherry-pick.
"Long-standing AFH client. Adviser is fantastic, reviews are thorough, and the central investment portfolios have performed well."
"My original adviser sold his book to AFH 3 years ago. Service has noticeably declined since — slower responses, less personal touch."
Fair deal, read the earn-out twice
"Fair deal headline, but read the earn-out clauses twice. The CIP is solid and the central support is decent."
"Post-Cornell the focus is on cost control and EBITDA. Adviser autonomy has reduced and head-office friction has increased."
"AFH still does what it says on the tin: acquire, integrate, retain. The question is what Cornell does in 2026."
Fortis Connect Verdict
Best for
Owners seeking a structured, professional acquisition exit with reasonable cultural respect.
Watch out for
Earn-out claw-backs, centralisation pace, and Cornell's exit timing.
Considering AFH? Get an unbiased second opinion before you sign.
Talk to us →09 · Regulatory & Corporate Timeline
What's happened, and when.
- 2021
Take-private by Cornell Capital
- 2014
AIM listing