Adviser consolidator Fairstone Group has entered into an agreement with Northern Irish advisory firm First Financial Management, as branches out into the territory.
First Financial Management, based in Lisburn, Country Antrim, has been renamed Fairstone NI under the deal.
Taking place over several years, in line with Fairstone’s model, the firm will integrate with the larger group’s systems and infrastructure to ensure a seamless transition for clients.
In addition, in the first deal of its own ongoing partnership programme, Fairstone NI will acquire Carleton Chambers. This arrangement will see Carleton Chambers’ director Brian Vallely join as partner and financial adviser, based in Portadown.
Led by Peter Savage and Sean Larkin, Fairstone NI consists of seven advisers and five support staff, with over 500 clients on the books.
Mr Savage explained: “Leveraging our partnership with Fairstone Group, we are very pleased to announce this significant first deal for Fairstone NI and to welcome Brian to the team.”
Mr Larkin added: “Being part of Fairstone has provided us with scalability and additional credibility which is particularly useful when dealing with larger professional connections.
“Smaller IFA companies in Northern Ireland often struggle to secure attractive buy-out opportunities, with the bulk of deals being awarded to much larger organisations,” he continued.
“Through our partnership programme we see a great opportunity to bring the very best advisers, like Carleton Chambers, under the Fairstone umbrella.”
The deals will bring total revenue of almost £1m to the Fairstone Group and funds under management of £100m.
Fairstone Group chief executive Lee Hartley stated: “Our client acquisition tools will enable the team to grow their offering and their business whilst freeing up their time for advisory work.”