Consolidator Succession has completed its twelfth acquisition and the first of this year, as it attempts to reach £7bn of assets by the end of 2017.
It has bought Reading-based Finch Financial Services LLP for a total consideration of £3m, after the firm joined Succession as a member in 2012.
Succession operates a staged buyout model that sees firms join first as members, at which point the group acquires a minority stake and sets out a series of ‘expectations’.
When all of these have been met, Succession acquires the share it does not own, to provide an exit for the owner.
Last year, Simon Chamberlain, chief executive of Succession, said he plans to “fund the acquisition of the best 50 firms with £7bn of assets by the end of 2017 from our growing membership”.
Mr Chamberlain said IFAs have to retain control of clients’ assets in order to secure their place in the advice value chain.
He said: “Succession Group’s acquisition programme is attracting significant interest from a new generation of ambitious IFA businesses who want to be part of a successful client-centric wealth management advisory brand.
“Our proposition provides three distinct and complementary advice services, tailored to the needs of corporate and private clients, and is based on sound regulatory principles, with valuing the client at the heart of our business, exactly as the FCA requires under treating customers fairly principles.”
Finch was established in 1971 and is led by managing partner Paul Finch together with business partner Nigel Bull.
Mr Finch said the firm is totally committed to a rapid and successful transition process. “Being acquired by Succession Group ensures continued innovation, with long term security for clients and succession planning for the team.”
donia.o’loughlin@ft.com
