Leicester-based Bankfield Financial Advisers has signed up to Fairstone’s downstream buyout programme.
Bankfield, which was founded by Naren Naik in 1993, offers holistic financial planning services to individuals and businesses. The firm has over 2,500 clients, and adds revenues of £600,000 to Fairstone and funds under management of around £30 million.
After an integration period, Fairstone plans to fully acquire the Bankfield business.
As well as Naik, Bankfield has three other advisers and plans to hire a number of new advisers in the future.
Head of Business Strategy at Bankfield Gary Rusby said: “We fully intend to be a leading light in financial services in the Midlands with some ambitious growth targets for this year and into the future. We see Fairstone as being able to provide the support we need in order to achieve these goals. With in excess of £3 billion funds under management and chartered status, we are confident that in Fairstone, our clients will be supported in the best way possible.”
CEO of Fairstone Group Lee Hartley (pictured) said: “What Naren has created at Bankfield is a complete advisory business based around integrity, honesty and an ethical approach to their work. Bankfield incorporates all that is best about a bespoke financial planning firm with a commitment to innovation which keeps them at the forefront of the adviser profession. The team recognise that their clients are the lifeblood of the organisation and have built a strong team of advisers around them, making sure that their clients get the level of service they need.
“Bankfield is exactly the sort of ambitious company we look to partner with. It has been involved in the formation and growth of many businesses including a multi-million pound project to create the UK’s first private dental teaching school in Leicester and we look forward to helping them achieve their growth targets.”