Fairstone has expanded in Northern Ireland.
Fairstone Group, which includes one of the largest Chartered Financial Planning firms in the UK, has entered into an agreement with First Financial Management (NI) under its downstream buyout model.
First Financial Management (NI) is based in Lisburn, Country Antrim, and has been rebranded Fairstone NI.
The integration will take a number of years said Fairstone in a statement, as systems and clients are aligned.
Fairstone NI has also acquired Carlton Chambers, its first deal of its own ongoing partnership programme. Carleton Chambers’ Brian Vallely joins as partner and financial adviser, and he will remain based in Portadown.
The two deals deliver nearly £1m of revenues to Fairstone and funds under management of £100m.
Fairstone NI is made up of seven advisers and five support staff, looking after 500 clients. As a Chartered Financial Planning company, it provides specialist advice on asset protection, succession planning, pre- and post-retirement planning, corporate solutions and tax and estate planning. Its led by Peter Savage and Sean Larkin.
CEO of Fairstone Group Lee Hartley (pictured above) said: “As a Chartered financial advisory business ourselves, it was very attractive for us to work with another Chartered company as we seek the highest standards of advice across our business. Fairstone NI has an enviable reputation in Northern Ireland and was an excellent cultural fit as well as making sound business sense. Our client acquisition tools will enable the team to grow their offering and their business whilst freeing up their time for advisory work. Above all, our new relationship will allow clients to benefit from the marketing, infrastructure and services support that the Fairstone Group offers to its partners.”
Chartered Financial Planner at Fairstone NI Peter Savage (left) said: “As a Chartered firm before we joined the Group, we believed that in Fairstone we had a partner that held the same standards to clients as we did and could help us grow our business and help raise our profile in Northern Ireland.
“Leveraging our partnership with Fairstone Group, we are therefore very pleased to announce this significant first deal for Fairstone NI and to welcome Brian to the team. His experience and knowledge will be invaluable in supporting our clients.”
Chartered Financial Planner at Fairstone NI Sean Larkin said: “Being part of Fairstone has provided us with scalability and additional credibility which is particularly useful when dealing with larger professional connections. What we’ve witnessed as a result is an increase in both business turnover and ultimately, profitability.
“Smaller IFA companies in Northern Ireland often struggle to secure attractive buy-out opportunities, with the bulk of deals being awarded to much larger organisations. Through our partnership programme we see a great opportunity to bring the very best advisers, like Carleton Chambers, under the Fairstone umbrella.”