Succession Holdings has acquired four more IFAs for a total of £9.5m. The firms are part of Succession’s 80-strong membership and will now be part of its national wealth management advisory arm, Succession Group.
The firms are TMS (Cornwall); Facts Financial (Sheffield); Firth and Scott (Nottingham); and, Carson Associates (Nottingham). Their combined funds under management total around £400m.
Group Chief Executive Simon Chamberlain said: “Since launching Succession Group in 2012, we have invested almost £55million to acquire 21 wealth management and financial advice firms, and fully committed to a client-centric infrastructure, providing better employment prospects for business owners and their staff, and delivering a rich and rewarding experience for clients.
“Unlike other financial services consolidators who acquire advice firms with a view to reduce staff numbers and limit the range of services to clients, Succession Group can support business owners in optimising the value of what they are selling, whilst protecting their value as a Succession Group shareholder. We are almost at the half way point of buying 50 firms by 2018 from our 80+ membership.”
Managing Director of Facts Financial Ross Bolton said: “Having long standing relationships with clients whose financial plans we’ve looked after for up to 30 years, meant that we were very particular in finding a large national group to work with, which had the right culture for us and our clients. We wanted to put in place the infrastructure to continue providing their peace of mind in the long term. Being acquired by Succession Group means we can continue working with these clients in the same way, but with the certainty of succession planning”.
Partner at TMS Clive Gwilliam said: “We have joined a dynamic and progressive business that offers exciting times ahead for all involved. Having fully embraced the proven Succession methodology to improve profitability and create recurring revenues, we were impressed by the amount of due diligence required to ensure a good fit for both parties. The right cultural alignment was important to us too and the whole process reinforces that Succession Group is building a quality business for clients and shareholders”.
Managing Director at Firth and Scott Steve Hopkins said: “Having earned the right to work with clients for years and supporting them through their major life events, it is impossible to imagine a succession plan that abandons the principles and ethics that we have held dear. Being acquired by Succession Group means our clients will continue to benefit from a whole of market fund choice, ongoing investment in client servicing technology and continuing professional development of talented, experienced and specialist individuals to help them achieve their financial goals.”
Carson Associates’ Steve Carson said: “I have no plans to exit the industry yet, but the acquisition of Carson Associates allows me to stop worrying about the minutiae of running a business, and focus on building stronger relationships with clients.”
Advising Succession Group was law firm Foot Anstey.