Succession Wealth has announced today the acquisition of two financial advice firms: JCF Financial Services Ltd and Bankhouse Financial Management Ltd. The deals bring £211m in client assets, taking Succession’s AUA to £8.4bn. The acquisitions will complete subject to FCA Change in Control.
JCF Financial is an Independent Financial Adviser based in Winchester, which specialises in investment advice, retirement planning, generating income in retirement, trust fund investment and inheritance tax planning. Founded in 1998, the firm administers £151m of client assets.
Founded in 2004, Bankhouse is a Chippenham-based Independent Financial Adviser which offers financial planning services to a broad range of clients, including individuals at or near retirement, small business owners, entrepreneurs, high-net-worth individuals and trustees. It administers £65m of client assets.
The acquisitions take the total number of firms acquired by Succession to 58 since 2014, which has included £5.1bn of assets. Succession’s independent financial advice proposition, reputation and track record of successfully integrating new teams have helped drive these acquisitions. The acquisitions will complete subject to regulatory approval.
James Stevenson, Chief Executive Officer at Succession Group, said: “Acquisitions are about partnerships. We look for firms whose client propositions, unique selling points and cultures fit well with ours – factors like location and size are considered, but they are of secondary importance.
“Our growth strategy remains jointly focused on continued organic growth and strategic acquisitions where we believe they add value to both parties. There are plenty of interesting opportunities in the market right now, and we will be making further announcements in the new year. However, we’re not focused on building scale for its own sake. In fact, in order to acquire the right quality businesses, we only develop more detailed conversations with around one in eleven of the firms we hold initial exchanges with.
“While the growth is exciting, our primary focus will always be on meeting the needs of our clients. We believe Succession is well placed to meet the growing demand for personalised, holistic and truly independent advice, with these being at the heart of what we do.”
Kit Finney, Principal of JCF Financial, said: “As our business grew, we decided to look for a partner with the scale to help service the complex requirements of our expanding client base.
“We spoke to a number of firms and our priority, as always, was to ensure clients got the best possible service moving forward. The quality of Succession’s client delivery stood out, particularly its investment proposition, which is excellent in the flexibility it provides.
“The quality of communication, ease of execution and clear expertise in integrating companies made it a simple process, and we look forward to being part of Succession moving forward.”
Colin Perryman, Executive Director of Bankhouse Financial Management, commented: “At Bankhouse, our aim has always been to build trusted, long-lasting relationships and to guide clients through their various life stages.
“In Succession, we found a firm that shares this commitment to high-quality, tailored advice. It is for this reason, as well as Succession’s impressive track record of integrating firms, that we are delighted to make this announcement.
“My industry journey started in Bristol, and I look forward to returning to the city to work alongside the fantastic team Succession has in place there.”