Three more IFA firms have been acquired by the Fairstone Group within its Downstream Buy Out programme.
The latest additions are Sheffield-based pensions and investment specialist Campbell Harrison; North Kent and South East London’s Mortgage Find; and, Pensions & Wealth Management Services.
The three deals add to Fairstone’s roster a total of 19 new advisers, revenue of over £3.25m and additional funds under advice of around £290m. Fairstone now has over 300 advisers servicing 40,000 private clients with over £7bn of assets.
Fairstone Group CEO Lee Hartley said: “As one of the UK’s largest Chartered financial firms, Fairstone already has a strong standing within the sector and is committed to continuing to grow its network of advisory businesses that offer clients a broad spectrum of superior financial advice. Through our DBO programme, we are seeking out high quality firms with meaningful levels of assets under management who want to drive their performance upwards and realise optimum value for their businesses.”
Head of Campbell Harrison Alex Campbell said: “The biggest threat to small IFAs is PI Insurance and the FSCS. Joining Fairstone means I can concentrate on the part of the job I enjoy, helping clients, without worrying about the longevity of the company.”
Managing Director at Mortgage Find Mark Alexander said: “We have found the integration process extremely simple and we look forward to making the most of our new partnership.”
David Halsall at Pensions & Wealth Management Services, who manages the firm alongside Brian Brett, said: “Brian and I have spent some time looking for a structure that will reduce our administrative, compliance and regulatory responsibilities and we are delighted to have found this with Fairstone. We like the people and the culture and, not only can we spend a great deal more time in the future working directly with clients, but also we have a proposition that offers a long-term future for our younger members of staff.”
Hartley added: “We are very pleased to have three companies of such quality join the Group where they will be able to leverage the strength of Fairstone’s system efficiencies, which will benefit both the front and back office, saving valuable time for advisers and ensure clients receive the very best financial advice. For us, it is vital to have both a business and cultural fit with the companies who decide to join us. Having spent time with the teams at Campbell Harrison, Mortgage Find and Pensions & Wealth Management, we are incredibly excited about our future working together.”