Companies  

Fairstone completes takeover of advice firm

Fairstone completes takeover of advice firm

Fairstone Group has completed its acquisition of a Leicestershire-based financial planning firm, three years after signing the company up to its buyout programme.

Since partnering with Fairstone, My Wealth Management has seen revenues grow by more than a third, with funds under management currently standing at £140m.

The “downstream buyout model” means Fairstone takes an initial minority stake in an IFA business and integrates the firm over a number of years.  

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This helps to minimise the risks around integration, while also allowing the acquired company to profit from their own success upon final acquisition.  

My Wealth Management specialises in investments, retirement and estate planning and represents some 1,500 clients.

Ian Morris, IFA and financial director at My Wealth Management, said a lot of time was spent assessing how he could grow the business effectively while enhancing client service.

“We believe, that by integrating into the Fairstone Group structure, we will ensure our that clients will continue to receive a sustainable advice service from a modern and comprehensive client-centred proposition.”

Companies which partner with Fairstone can use the group’s technology platform and receive support in new client acquisition and reactivating dormant clients. 

There are currently 22 adviser firms under this type of arrangement with Fairstone.

The deal follows the recent announcement of the acquisition of Angela Murfitt Financial Services.

Lee Hartley, chief executive of Fairstone Group, said My Wealth Management is “another example” of the type of company Fairstone is looking to partner with, pointing to the importance of understanding clients before providing a wealth planning solution.

He also said he hopes to help the company continue to grow its business.