Six wealth management firms have joined advice conglomerate Succession Advisory Services, and the company claims six more are set to join before the end of 2013.
Affinity Independent, Alchemy Advisory Services, Boler Wiseman Financial Services, Caledonia Financial Planning, Norris and Fisher Independent Financial Services and TMS Financial Solutions have become the latest firms to join Succession’s transition programme.
The new joiners bring £500m of new assets under management, bringing Successsion’s total AUM to over £8bn, of which £1.5bn has been placed on the company’s own open-architecture platform.
Under the terms of the programme, Succession will look to fully acquire advisory firms which have been members for a certain period of time.
Simon Chamberlain, chief executive of Succession, said: “Succession now has 60 member firms, and we are committed to buying the best. We have now concluded the acquisition of the first five, paying out a total value of over £12m.
“We will buy the next group of firms before the end of the year, and are committed to acquiring the rest of our members once firms have achieved successful conclusion of our conditions matrix, which ensures client quality and profit through to the end of 2017.”
Mr Chamberlain previously told FTAdviser he would look to sell or list Succession Group in the first quarter of 2018.
