Succession acquires two IFAs in £3m deal

Succession Group has acquired two IFA firms in a deal valued at £3m, bringing the total number of acquisitions to seven.

to meet its previously stated targets, the firm has 13 more acquisitions to conclude within the next 12 months.

The two firms bought in the latest deal are Cornerstone Lifestyle Financial Planning Limited and Hopkinson Associates, both regional family offices with in excess of £100m of funds under management.

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They have both been members of Succession Advisory Services for three years and “recently completed Succession’s integration programme”.

Simon Chamberlain, Succession Group chief executive, said: “These acquisitions create long-term continuity for clients and offer outstanding career opportunities for staff. Our proven model is perfect for IFAs who wish to continue to look after their clients and develop further their own value.

“Succession Group plans to rapidly acquire businesses that have completed its comprehensive transition programme, designed to maximise the volume of recurring income and improve the sustainability of income with bespoke systems and processes.

“We have 13 more acquisitions in the pipeline that we intend to conclude over the next 12 months and 30 more firms in a landing pattern to be acquired as we move to our target of acquiring the best 50 firms from the membership with £7bn of assets by 2017.”

Malcolm Stone, MD of Cornerstone, said: “I am looking forward to the next phase of my career, creating a lasting legacy for Succession Group by heading up and developing a cash flow forecasting proposition”.

Terry Hopkinson, principal of Hopkinson Associates, said: “This acquisition will enable us to spend more time with clients, focusing on the things that matter for them, and preparing for their long term future with financial planners who share the same philosophy and use the same processes and systems, ensuring the same level of client care and seamless continuity when the time comes for my own retirement.”