Succession buys Scottish IFA for £2.5m

Succession has completed its seventh acquisition of 2016 as it draws nearer to its target of buying 50 firms by the end of 2017.

The consolidator has bought Hamilton-based Caledonia Financial Planning for a total consideration of £2.5m.

Caledonia has been working with Succession since 2013 and together they have developed the company’s financial planning proposition for high net-worth clients, growing funds under management by 50 per cent to £150m, Caledonia said in a statement.

Article continues after advert

Alan Craig, Caledonia’s managing director, said: “Our transformational growth reflects the appeal and reach of the comprehensive client-centric wealth planning proposition built hand-in-hand with Succession.

He said: “Independent advice is core to providing investment strategies that deliver clarity, certainty and peace of mind. Central to this is the Succession Investment Platform – about the only platform owned by an independent advisory business of scale.

“While other consolidators have gone restricted or given away their assets to other platforms and fund management groups, we look forward to continuing an advice process with our client that means their assets never leave Succession’s legal control.”

Last month, Succession announced it had secured an investment package of more than £25m from HSBC and its existing shareholders.

The investment will allow it to continue its plan to buy the best 50 firms from its affiliated membership by the end of 2017.

Simon Chamberlain, chief executive of Succession Group, said: “Succession has consistently delivered on key growth targets for member firms, working within a timeframe that suits individual business owners.”