Tue, 26 Dec 2023 | BUSINESS SALE
Wealth management consolidator Fairstone Financial Management has continued its acquisitive expansion with a double acquisition. The Sunderland-based firm has acquired Kent-based Bellegrove Mortgage Services and Perthshire-based Next Home, bringing in a total of 22 staff and more than 6,000 clients.
The deals strengthen Fairstone’s offering in the mortgage lending market, which generates around 8 per cent of its total fee income. The takeovers will also provide growth opportunities for the acquired firms, which have been seeking to grow cross-referral opportunities in order to provide a more complete service for their clients.
Fairstone chief executive Lee Hartley commented: "I am delighted to welcome Next Home and Bellegrove to the Fairstone family. Both are client-focused, quality firms who have established an excellent reputation for providing first-class service over many years.”
"They are also very ambitious and are looking to grow and we are delighted to be able to support them on the next stage of their journeys.”
Hartley added: "While we are primarily a wealth management house, the mortgage sector is valuable to us as there is a synergy between the two; every mortgage adviser in the group work with IFAs who can provide wealth advice to their clients and vice versa, providing a complete wealth offering across the business.”
"Our mortgage channel gives us a position of real scale in the market, and we are continuing to invest in this area of the business, leveraging our proprietary technology system and relationships with some of the leading UK lenders, to provide further efficiencies for our clients and advisers in terms of turnaround times and ease of processes."
Read more about wealth management M&A
Financial advisory with an average household value of just under £1m which provides excellent opportunity to service high quality clients is on the market seeking a genuine acquirer.
Multi-office Midlands IFA offered with inbuilt succession planning and a team in place, this business can continue to run efficiently and profitably.
Lanarkshire based IFA offered with the principal looking to remain and client loyalty in place, this business can continue to operate efficiently.
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