Fairstone has sealed acquisition deals with two more financial advice firms, adding £220m in assets under management.
The company has bought Utopia Financial Planning and Sovereign Wealth Management, bringing 16 members of staff into Fairstone as well as ongoing fee revenue of £2m and 3,500 clients.
Lee Hartley, chief executive of Fairstone, said: "We are very pleased to bring two further high-quality businesses into our acquisition programme.
"At Fairstone, we work hard to ensure our industry leading infrastructure gives firms the support they need to grow their businesses without compromising on client service or independence, this includes our dedication to providing invaluable support in navigating the complex and ever-evolving regulatory landscape.
"Integration plays a key role in any firm joining Fairstone. By completing this process early and embracing our support tools, our partners have shown time and again that they can achieve significantly higher organic growth and realise more value on final sale than anticipated."
Founded in 2004, West Yorkshire-based Utopia Financial Planning specialises in pre and post-retirement planning for both individuals and small businesses.
Sovereign Wealth Management has offices in Bath and Bristol and offers whole of market financial advice to clients, specialising in pensions and investments.
Marcus Harris, company principal at Sovereign Wealth Management, said: "Following extensive due diligence, we voted unanimously for Fairstone having been particularly impressed with its streamlined business processes, state of the art IT and a solid reputation within the sector.
"By joining Fairstone we have embraced a golden opportunity to safeguard our ability to deliver first-class financial advice to our clients without being constrained by bureaucracy or distracted by the changing face of financial regulation.
"Consequently, we now feel better placed than ever to meet the challenges associated within the financial services environment whilst also looking forward to our future as part of a well-respected and forward thinking national chartered IFA firm."
Darron Whitehead, company principal at Utopia Financial Planning, said: "Since we founded the business in 2004, we have worked hard to build a very successful family run business. We wanted to join forces with a long-term partner who shares the same ethos as ours and Fairstone was a great fit."
These are the fourth and fifth acquisitions Fairstone has made so far in 2018.
Fairstone is made up of 410 advisers acting for more than 41,000 clients. It oversees £8.1bn of client assets with £5bn of funds under management.
damian.fantato@ft.com
