Accounts
These will be either Financial Accounts or Management Accounts – see separate definitions.

Accumulation Clients
Clients primarily building pensions, savings or investments.

Adequate Financial Resources
The level and quality of resources required to operate safely and absorb foreseeable harm.

Adjusted EBITDA
EBITDA modified for exceptional, non-recurring or owner-specific items.

Adjustment Date
A date following Completion whereby the Purchase Price is varied. Typically used within a Completion Accounts deal.

Advice Model Harmonisation
Aligning different advice approaches into a consistent firm-wide proposition.

Adviser Attrition Risk
Risk of advisers leaving post-acquisition and taking clients.

Adviser Concentration
Dependence on individual advisers for client relationships or revenue.

Adviser Transition
Structured movement of advisers into the acquirer's operating model.

AML Regulations
A broad definition encompassing legislation designed to regulate client identification and the prevention of money laundering or terrorist financing.

Ancillary Documents
Documents alongside the main purchase agreement, such as employment, consultancy or transitional-services agreements.

Annual Review
In the context of a transaction, an annual MiFID II-compliant review provided to clients.

Appointed Representative (AR)
A person or firm carrying on regulated activities under the responsibility of a principal, who is directly authorised with the FCA.

Asset Purchase Agreement (APA)
A sale of assets (rather than shares), documented in a legal document called an asset purchase agreement. It may also be called an asset transfer agreement or business purchase agreement.

Asset Sale
A transaction in which selected business assets and liabilities are transferred rather than shares in the company.

Assets Under Advice (AUA)
The value of client assets on which the firm provides advice or an ongoing service.

Assets Under Management (AUM)
Assets managed under discretionary or other management arrangements. It should not automatically be used interchangeably with AUA.

Assignment
Transfer of contractual rights and, where legally possible, benefits to another party.

AUA Retention
The proportion of acquired assets under advice remaining after Completion.

Average AUA per Client
Total assets under advice divided by the number of clients.

Average Revenue per Client
Total relevant revenue divided by the number of clients.