Succession Group has acquired Edinburgh and Glasgow-based Accountants Financial Services (Scotland) and Manchester and Stratford-on-Avon-based H&L Financial (the holding company for Inspire Wealth Management).
Succession bought the companies using its new fast-track acquisition process.
Both acquired businesses specialise in financial planning with strong professional connection referrals. They began working with Succession earlier this year and the deals add over £400million funds under management to Succession Group.
Succession’s Corporate Director Paul Morrish said: “We are delighted AFS and Inspire have chosen to be acquired by Succession Group. Our proven reputation for successfully transitioning IFA firms, optimising their capital value and helping them become sale-ready has evolved into an accelerated acquisition process for the right businesses and appeals to firms who are already operating at an optimal level and share our values, vision and passion for wealth planning.
“As a skilled acquirer, we have the expertise and insight to rapidly assess and implement acquisitions, tailoring our approach to deliver a structured succession plan for firms, whatever stage they are at, and whatever size they are. Our robust funding model allows us to buy firms with greater speed and certainty, meaning that acquired firms are well-supported to achieve rapid and efficient integration. Our approach is based on a true meeting of minds, and our acquisitions allow us to support the successful, profitable organic growth of Succession as a whole.”
MD of AFS Paul Scarff said: “As part of our own succession planning, we wanted to ensure future generations of clients would have peace of mind, continuity and value for money. We chose to work with Succession Group because of the obvious synergies between our businesses – not least, a commitment to independent investment advice and financial planning.
“AFS has been a very successful business for over 25 years, holding clients at the very heart of our proposition at all times. As part of Succession Group, we will continue to provide excellent client outcomes over the long term, with added value services and solutions. Clients will benefit from the significant investment in technology and infrastructure and the team is excited about the opportunities that come from being a part of Succession Group’s well-resourced client-centric business.”
Inspire Wealth Management co-founder Philip Luckett said: “We had a clear vision of what we wanted to achieve and assessed the market carefully before finding the right partner. We are delighted to be joining a rapidly-expanding wealth management group committed to whole-of-market advice.
“To deliver the very best in client service, you need to be part of a well-funded and integrated infrastructure enterprise, like Succession Group. Our clients will benefit from Succession’s unique client-focused technology-based delivery, and we are excited about contributing our experiences within a large and successful national business.”
Inspire Wealth Management’s co-founder Colin Hanrahan added: “As key stakeholders in Succession Group, Philip and I will be able to use our insights and expertise to influence the future of the business in a variety of ways. Like other centres such as Birmingham, Harrogate and Glasgow, built through previous Succession Group acquisitions, Manchester will become a key location in Succession’s growing network of client servicing hubs, creating a solid base to continue the acquisition trail, and providing highly-specialised resource within a single centre of excellence to meet the extensive needs of clients across the UK.”
Succession Group was advised on the acquisitions by Michelmores.