Succession Holdings has acquired Edinburgh Investment Consultants for £6.2m.
Edinburgh Investment Consultants, which has funds under management of £120m across offices in Edinburgh and Glasgow, will become part of national wealth management advisory arm Succession Group.
Group Chief Executive Simon Chamberlain said: “Edinburgh Investment Consultants is one of a new breed of IFA businesses who join Succession recognizing that successful, profitable businesses require scale and investment to achieve their full potential. EIC joined just nine months ago with a clear agenda to build value and capital into an already high-performing business model.
“Succession Group’s client-centric approach means acquired firms do not have to sacrifice their long-held and hard-fought principles around independence and our three specialist client propositions ensure an uncompromising continuity of service. When you see IFAs selling their client banks to the restricted proposition of other consolidators, you have to ask how their clients feel about that. Acquired businesses, including the owners and their teams, are quickly integrated into our framework, which combines financial planning and advice with comprehensive investment services – providing the widest choice of funds available and a robust governance to manage them – to help clients achieve their unique and individual financial goals.”
By the end of 2017, Succession plans to acquire 50 of the best firms from its 80-strong membership.
Chief Executive of Edinburgh Investment Consultants (EIC) and founder and innovator of subsidiary brand Independent Women Lesley Mackintosh, said: “Acquired firms are driving Succession Group’s business growth and former practice principals are being appointed to senior positions – any other consolidator would expect us to leave our keys through the letterbox. Firms acquired by Succession are still able to provide the services their clients expect, with independent, holistic advice remaining pivotal to their service proposition. I have no plans to exit the industry, and this acquisition allows me to enjoy a capital event now while still remaining very active in the business, particularly continuing to give the same advice and service to my clients as I have done to date.”
