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Succession buys two IFA firms

Succession buys two IFA firms

Succession Group has bought two companies using its new fast-track acquisition process.

It has bought Accountants Financial Services (AFS), and H&L Financial Limited, the holding company for Inspire Wealth Management, for an undisclosed amount.

The deals add more than £400m in funds under management to Succession Group.Both businesses specialise in financial planning and began working with Succession earlier this year towards a rapid acquisition and integration. 

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Paul Morrish, Succession’s corporate director, said: “As a skilled acquirer, we have the expertise and insight to rapidly assess and implement acquisitions, tailoring our approach to deliver a structured succession plan for firms, whatever stage they are at, and whatever size they are.

“Our robust funding model allows us to buy firms with greater speed and certainty, meaning that acquired firms are well-supported to achieve rapid and efficient integration.

“Our approach is based on a true meeting of minds, and our acquisitions allow us to support the successful, profitable organic growth of Succession as a whole.”

AFS was founded more than 25 years ago and is based in Glasgow and Edinburgh.

Meanwhile Inspire Wealth Management is based in Manchester and Stratford-upon-Avon.

Paul Scarff, managing director of AFS, said; “As part of our own succession planning, we wanted to ensure future generations of clients would have peace of mind, continuity and value for money.

“We chose to work with Succession Group because of the obvious synergies between our businesses – not least, a commitment to independent investment advice and financial planning.”Inspire Wealth Management co-founder Philip Luckett said: “We had a clear vision of what we wanted to achieve and assessed the market carefully before finding the right partner.

“We are delighted to be joining a rapidly-expanding wealth management group committed to whole-of-market advice.”Following the acquisition Inspire’s Manchester based will become one of Succession’s client servicing hubs.

It has other hubs in Birmingham, Harrogate and Glasgow.

The deal comes just eight months after Succession’s founder and chief executive, Simon Chamberlain, died suddenly.

Mr Chamberlain, who was 51, had founded Succession in 2009 after selling his business to Axa.

At the time of Mr Chamberlain's death Succession’s national wealth management and platform business has £4.5bn in funds under management with a further £8bn in the back books of its affiliated membership.

Last year Succession received investment of more than £25m from HSBC and its existing shareholders towards its strategy of buying the best 50 firms from its affiliated membership by the end of 2017.