The client bank of Hampshire chartered financial planning firm FA Watts Investment Managers has been acquired by Sanlam Wealth Planning, part of Sanlam UK.
The price was undisclosed and six members of the FA Watts team (three advisers and three back office staff) are joining Sanlam Wealth Planning. The FA Watts team will continue to work from their office in Fareham.
The purchase strengthens Sanlam’s presence, says the company, in the south of England. According to Sanlam, the acquisition brings with it over £150 million funds under advice, a move which increases those held by Sanlam Wealth Planning to more than £1 billion.
Sanlam Wealth Planning CEO Alex Morley said: “Ours isn’t a strategy of simple acquisition, we leave that to the consolidators. Ours is a strategy of sustainable growth; growth that can be measured qualitatively and quantatively. We’re building a leading wealth planning business in the UK; a business admired for its processes, its performance and its focus on positive client outcomes; a business valued by its customers for its service and its ability to deliver to their needs.
“That’s a big ambition and to achieve it we need to attract the right kind of people; those who demonstrate the right attitudes and behaviours and who naturally put the customer first. The team at FA Watts have consistently delivered superb service to their clients over many years and are precisely what we are looking for. Their collective experience, approach and dynamism are a superb addition to our team.”
FA Watts Director Mike Mason said: “We were never interested in just selling our business and walking away. Our industry seems to exist in a constant state of flux and we became increasingly concerned about how to meet its evolving requirements whilst best serving the needs of our clients. We wanted to continue doing what we do but we made the decision to become part of something bigger.
“We wanted to find a home with vision, unshakeable values, a commitment to the UK and a desire to create something new. We also wanted to work in an environment that understood and recognised the importance of the adviser/client relationship and where we felt our contribution would be valued. Most importantly, we wanted to work in an environment where our clients felt part of something special. Sanlam became the natural choice.”
Sanlam UK CEO Lukas van der Walt said: “When we talk about Sanlam, what we do, how we do things and what we’re trying to achieve in the UK, we talk about being Wealthsmiths; about the need for diligence and hard work, about never taking short cuts, about the importance of expert knowledge and the requirement for excellence.
“We talk about the need to focus on what we do best, which is helping our customers to live the best lives possible, turning their money into meaning. We talk about the part we have to play in the community; again, something that concerns us greatly. We’ve worked closely with the team at FA Watts for a number of years and I have no doubt that they share our values and ambition, firmly buying into our Wealthsmiths vision. I am delighted to welcome them into our Sanlam family.”