Four firms have been acquired by the Succession Group from its affiliated membership for £10.5m.
Succession has now acquired 30 firms for its national wealth management advisory arm. The Group says it is planning to acquire 50 firms from its membership by 2018.
The four firms, which have a combined funds under management of around £350million, are: Demontfort Financial Advisers; Langham Pensions & Investments; MacDonald & Co Wealth Management; and, Independent Insurance Advisers (Cheltenham) trading as Quintell.
Succession Group Chief Executive Simon Chamberlain (pictured above) said: “Succession Group has completed the acquisition of 30 high-calibre independent advice businesses, investing almost £100million to build the UK’s largest privately-owned wealth planning business.
“As consumer demand for quality advice increases, so too do regulatory and commercial pressures, and advice firms face almost insurmountable challenges to provide affordable and accessible financial planning services to clients. Being acquired by Succession delivers significant benefits, especially for clients. Our comprehensive proposition includes full control and ownership of all the services and solutions that are essential to achieving clients’ financial goals, providing the peace of mind that they can live the life they desire without the fear of running out of money”.
Demontfort Financial Advisers is based in Rugby and was one of the first firms to join Succession as a member in 2009. Senior partner of Demontfort Kevin Gerrard said: “With Succession’s steer we have transformed our business thanks to an increasing specialisation in wealth planning for high net worth professionals, business owners and developing connections with other professionals, particularly accountants. We have always believed in the vision of a service-led proposition which, Succession has helped us to achieve. We recognise that we will achieve greater security for our clients and staff as part of Succession Group and look forward to being part of one of the fastest-growing brands in UK Financial services”.
MacDonald & Co Wealth Management is based in Gourock, in the west of Scotland. Principle Robert MacDonald said: “We chose to work with Succession Advisory Services in 2014 to build on our strong financial planning foundations and create a credible “succession plan” to give certainty to our clients and employees. From the outset, we had shared values, vision and a passion for “real” financial planning – our companies were virtually identical. I now get to concentrate on the best part of my job of working with our clients and moving the business forward.”
Managing Director of Cheltenham-based Independent Insurance Advisers (which trades as Quintell) Mark Dancer said: “We joined Succession in 2010 to gain access to a trading platform, benefit from economies of scale, be compliant and in the process de-risk our business to ensure a smooth handover was possible when the time eventually comes for us to retire. We made a good choice – our clients like it. To partner a firm with Succession’s appetite for continued development, innovation and rapid growth is exciting.”
Suffolk-based Langham Pensions and Investments was established in 2006 and specialises in pensions, investments and long-term financial planning for private individuals and business owners. Founder and managing director Andy Manning said: “Through Succession we have been able to move our business onto the next level by adopting a simpler, easier way to conduct investment business, through the use of investment management solutions. Our clients continue to benefit from this, and it is important to our clients and us that we remained independent. Succession’s blueprint for transition helped us improve our client service proposition and formalize our systems, allowing us to concentrate on working with our clients more, maximising the outcomes for them and ourselves. We are delighted to have been acquired and look forward to working more closely with a strong team of industry experts and like-minded planners!”