SuccessionJun 13 2019

Succession gains £800m assets with six acquisitions

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Succession gains £800m assets with six acquisitions

Succession Wealth has acquired six financial advice businesses, adding £800m in assets under management to the consolidator. 

The deals bring Succession's total assets under management to more than £8bn, and added 2,100 clients and 16 financial planners to the business. 

The acquired companies are Inverness-based Mackenzie Investment Strategies, Marlow-based Winter Financial Services, Warwick Butchart Associates in Cheltenham, Killermont Investments in Glasgow, and Bristol-based Ellaby Pollard.

Succession has acquired an additional Glasgow business subject to approval from the Financial Conduct Authority.

Last October the consolidator confirmed it was abandoning its 'acquisition in reverse' model to buy advice firms, stating it no longer suited the advice industry or the type of businesses it wanted to buy. 

For years Succession had bought advice firms by making them become members and gradually integrating them with the consolidator before the acquisition was completed.

But the company is now targeting larger firms which tend to have more than £100m in assets, and some with as much as £2bn.​​​​​​

James Stevenson, chief executive at Succession Wealth, said the latest acquisitions extend the company's "national coverage".

He said: "We are delighted to welcome the proprietors and staff of these outstanding businesses on board. We share common values and a relentless drive to achieve excellence for our clients.

"We look forward to these acquisitions continuing to drive the growth and development of our national business."

Mr Stevenson said he felt Succession was now in a "very strong position" to continue its growth with an aim to become the UK's "foremost professional financial planning practice". 

Since the launch of its advisory business five years ago, 55 companies have joined Succession. 

Mr Stevenson added: "The most sustainable companies prioritise their relationships with their clients and stakeholders, and our aim is to ensure everyone who is interested in benefiting from full financial planning and wealth management has ready access to the best possible advice." 

He said Succession had a pipeline of 'scaled' IFA businesses with which it was working towards acquisition through the coming year.

Andy Barr, managing director at Ellaby Pollard, said: "Our clients will continue to receive high quality financial planning advice but will also enjoy enhanced services and an improved proposition as a result of us becoming part of a larger, national organisation."

Duncan Mackenzie, founder of Mackenzie Investment Strategies, said: "Succession has invested heavily in Scotland and, for us, it was essential for our clients and staff to join an established, reputable company that would allow us to foster the same level of trust and provide the same quality of service upon which we had based our reputation."

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