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Succession buys four more advice firms

Succession Holdings has bought four advice firms to be part of its national wealth management arm in a £9.5m deal.

Succession has snapped up Cornwall-based TMS and Sheffield-based Facts Financial as well as Firth & Scott and Carson Associates, both based in Nottingham.

Together the companies have combined funds under management of £400m.

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Simon Chamberlain, chief executive of Succession, said: “Since launching Succession Group in 2012, we have invested almost £55m to acquire 21 wealth management and financial advice firms.

“We are fully committed to a client-centric infrastructure, providing better employment prospects for business owners and their staff, and delivering a rich and rewarding experience for clients.

“Unlike other financial services consolidators who acquire advice firms with a view to reduce staff numbers and limit the range of services to clients, Succession Group can support business owners in optimising the value of what they are selling, while protecting their value as a Succession Group shareholder.

“We are almost at the half way point of buying 50 firms by 2018 from our 80-plus membership.”

More than 17,000 clients use Succession Group and its 350 wealth planners have more than £10.5bn of funds under management.

Steve Hopkins, managing director of Firth & Scott, said: “Having earned the right to work with clients for years and supporting them through their major life events, it is impossible to imagine a succession plan that abandons the principles and ethics that we have held dear.

“Being acquired by Succession Group means our clients will continue to benefit from a whole of market fund choice, ongoing investment in client servicing technology and continuing professional development of talented, experienced and specialist individuals to help them achieve their financial goals.”

In October Succession Holdings acquired Edinburgh Investment Consultants for £6.2m.