Chartered financial planning firm Fairstone has completed the acquisition of Pensions and Wealth Management Services.
The acquisition was part of Fairstone’s proprietary Downstream Buy Out model which integrates IFA firms into the group.
PWMS specialises in the management of investment and retirement portfolios. It has two offices, one in Harpenden, Hertfordshire and another in Burscough, West Lancashire.
The deal brings an additional 400 clients into the group together with PWMS’s four advisers and four support staff. The acquisition secures gross fee income of £1m for Fairstone together with funds under management of almost £200m.
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition with Pensions and Wealth Management Services having worked with the firm throughout the integration phase of the DBO programme.
“Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction. Both David and Robert Halsall, in common with all of their team, have been a joy to partner with and they really are first-class professionals in their field.
“PWMS has a reputation for excellent client service which makes the firm a strong cultural fit with Fairstone. This marks a great start to the year and reinforces our intent to partner with the highest-quality firms who share our culture as well as our commitment to ensuring client interests are never compromised as a result of a sale.”
Company principal at PWMS David Halsall added: “Joining Fairstone allows us to concentrate on working with our long-standing clients, safe in the knowledge that we are part of a company which has clients as its main focus.
“After considerable due diligence, it was clear that Fairstone was the standout offering. We wanted to work with a Chartered business that believes in independence and whole-of-market choice. We felt that the Fairstone proposition was quite unique in its construct and provides an outstanding support framework which takes care of all the business quality and regulatory requirements. Ultimately this provides us with the platform to build from over the coming years.”
(picture L-R: David Halsall from PWMS and Mike Slater, Fairstone Group Divisional Director)
