Financial planning consolidator Fairstone has acquired Darlington-based Belasis IFA in what marked its fifth and final acquisition of this year.
The adviser was acquired after being successfully integrated through Fairstone's downstream buyout model over a number of years.
Belasis will add a gross fee income of £500,000 to Fairstone and funds under management of another £50m.
In addition, 1,250 clients and the business’ five advisers and two support staff will join Fairstone.
Belasis offers a full range of personal and corporate financial advice and specialises in retirement planning, investment portfolio management, equity release mortgages, VCT & EIS investments and protection.
Lee Hartley, chief executive of Fairstone, said: "Having worked with Belasis IFA through our proprietary downstream buy-out programme over a number of years we are delighted to complete the final acquisition with the business.
"The whole team at Belasis have a shared ambition with Fairstone to further grow their operation and with our support in areas such as client activation, marketing, compliance and regulation, we are able to help partners such as Belasis achieve very significant levels of organic growth.
Company principals at Belasis IFA, Stewart Hodgson and Craig Dyball, added: "Over the years we have developed a very strong service and investment proposition.
"As such, we wanted to find a well-established firm with strong ethical standards to support our proposition and help us to build our business, without eroding the high levels of service we provide to our clients.
"Fairstone's general ethos and philosophy thoroughly enhances this attitude for the benefit of our clients. We look forward to working even more closely together to allow the business to reach its full potential."
In July Fairstone bought Harefield-based IFA Robert Goodman Associates after a two-year integration process.
carmen.reichman@ft.com
