Succession gains £500m AUM with adviser acquisition

Succession gains £500m AUM with adviser acquisition

Consolidator Succession Wealth has gained £500m in funds under management in its eleventh acquisition since 2018.    

The wealth manager has acquired national adviser Investors Planning Associates Ltd in a deal that will see 1,750 clients and 18 planners join the business. 

The acquisition brings Succession close to managing £8.5bn of funds across almost 22,000 clients and follows the appointment of a director of mergers and acquisitions to the firm last month. 

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In September the company appointed Mark Day to manage all major deals as it set its sights on acquiring larger firms in the market in a bid to manage in excess of £10bn assets under advice. 

James Stevenson, chief executive of Succession Wealth, said the consolidator was actively looking at "large, quality" financial advice firms for acquisition. 

He said: "IPA is a quality business, with an excellent reputation. It has a significant number of professionals working in sport and entertainment who require specialist financial advice. 

"Both our firms share a similar distributed model structure, with planners operating across multiple locations in England and Scotland. 

"This means we can integrate and support IPA’s planners wherever they are based. I see a very positive future for IPA’s clients and staff within the group."

Jo-Anne Smithson, chief executive at IPA, said: "As we approached the milestone of our 50th year, we recognised that we needed to be part of a larger organisation so we could secure the next 50 years for our clients and staff.  

"We have been looking to join a firm which met those objectives and are delighted to be joining such a dynamic group.

"Succession Wealth shares our ethos and our friendly, collaborative culture. It is a perfect fit. James and the team recognised at outset that the key to a successful integration was a combination of the people and the planning. 

"All our staff are on side and the integration process is going very well."

In last month's hiring spree Succession also appointed a director of integration who will work in partnership with the company's mergers and acquisitions team to integrate acquired advice businesses into the firm. 

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