Chartered financial planning group Fairstone has fully acquired DHD Wealth Management (DHD) as part of its downstream buy-out (DBO) programme.
DHD, based in Wales with offices across the southern part of the country, originally entered the DBO programme in April last year and the full acquisition is a full 11 months ahead of the intended completion date.
DHD is a firm of independent financial advisers which is led by principals Aled Davies, Clive Davies and Denise Jacob. It provides advice to clients on all aspects of investment, pensions, life insurance and tax planning. It brings to Fairstone a total revenue of £1.5m and funds under management of £260m. It’s four advisers and five support staff will also join Fairstone.
Fairstone Chief Executive Lee Hartley said: “Aled, Clive and the team at DHD Wealth Management bring a huge amount of experience to Fairstone and, having fully embraced the Fairstone proposition from the outset, we are delighted to welcome them to the Group. DHD is an extremely well organised and robust business which also enjoys a strong and loyal client base. The integration and due diligence process with DHD progressed exceptionally well and thus the date of this acquisition was duly accelerated.”
Davies added: “In choosing to work with Fairstone, we recognised the benefits of being part of a larger business whilst maintaining our independent status and protecting the interests of our clients. For us it was vital to be able to spend more time with our clients and to leave the regulatory and operational side to the experts at Fairstone – prior to working with Fairstone I was disillusioned with the increasing level of compliance and regulatory workload and I’m now looking forward to concentrating on what I enjoy best which is directly advising clients. As a business we are eagerly anticipating a step-change in the expansion of our business and ensuring smooth succession planning for our valued clients in the years ahead.”