Lewis Chambers (Chambers Ltd) has joined Succession Advisory Services (Succession) as a member firm, with a view to rapid acquisition.
The independent, Maidenhead-based business provides financial planning, advice and wealth management services to 400 families with £200 million of funds under management.
Lewis Chambers MD Mark Stokes said: “Lewis Chambers has joined Succession specifically to become part of Succession Group. The future of financial services is about scale, and we want to be part of a larger firm to give our clients security, value for money and specialist support.”
Mr Stokes continued: “Lewis Chambers has a turnover of £2 million and not surprisingly has been approached by a number of consolidators over the years. But most of what they offer is intangible. Most firms couldn’t even get close to what Succession has delivered so far. Succession’s client-centric proposition exceeded expectations in every aspect and provides something we hadn’t found with any other consolidator.”
Simon Chamberlain, Group Chief Executive of Succession, said: “With every business, there are just two possible outcomes: to stop or sell. Business owners are thinking carefully about their future and recognising that Succession is still the only business of its kind aligned with their business objectives. A good cultural fit is essential, and our continued recruitment is highly targeted to create the UK’s largest independent wealth management business.”
Succession currently has 50 affiliated member firms each of which is working towards being acquired. In June 2016, Succession announced that it had secured an investment package of over £25 million from HSBC and its existing shareholders (including Inflexion Private Equity) to accelerate its growth strategy through the acquisition of the best 50 firms from its affiliated membership by the end of 2017.
Today Succession Group (directly and through its affiliated membership) has £11bn of funds under management of which over £2.5bn is serviced through its national advisory business
About Succession Holdings Limited
Succession Holdings is a vertically integrated, financial services organisation. We deliver rich and rewarding experiences to families and businesses across the UK with a bespoke wealth planning service, and provide capital building opportunities for business owners, as well as career opportunities and a share of the value for the people who created it.
Our platform and consultancy business, Succession Advisory Services, is a consolidator of funds, and prepares member firms for acquisition by our national wealth management and financial planning advisory brand Succession Group.
More than 250,000 clients are engaged with the Succession Group proposition, and over £11bn of funds under management are entrusted to our advisers, based on the principles of value, trust and excellence.
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