Succession Group has successfully acquired a further four businesses from its affiliated membership: Prosperitas Independent Financial Advisers, Sigma Asset Management, Norris and Fisher Independent Financial Services and Tim Burton. With combined funds under management of £520m, the businesses have been acquired for a total consideration of £20.6m.
Paul Morrish, Succession’s Corporate Director, commented:
“We are delighted that four high-calibre independent advice businesses have chosen to join Succession Group. We are a proven and trusted acquirer, with a track record of successfully transitioning IFA firms, optimising capital value and helping them become sale-ready.”
Mr Morrish continued:
“We have successfully deployed our new fast track acquisition process and continue to evolve our traditional, proven model for businesses that share our vision and passion for wealth planning. Our targeted approaches meet the ambitions of sellers, supporting the successful, profitable growth of Succession.”
Harrogate-based Prosperitas Independent Financial Advisers joined Succession’s affiliated membership in 2015. Co-founder, Lawrence King, commented:
“Succession was unique in its commitment to increase the value of our business both before and after acquisition. Succession’s strong leadership, client focus and commitment to independent advice and wealth planning, were significant factors in our decision to sell. We are excited to be part of Succession Group. Clients will continue to benefit from a whole-of-market fund choice, as well as significant ongoing investment in client servicing technology to help achieve their financial goals.”
Mr King continued: “Harrogate will become a key location in Succession’s network of client servicing hubs, providing highly-specialised resource within a single centre of excellence, to meet the complex needs of clients. We are actively recruiting for qualified wealth planners and support staff with the drive, commitment and character to meet the demands of a successful wealth planning brand.”
Surrey-based Sigma Asset Management joined Succession as a member in 2011. Julian Milner, Managing Director, commented:
“We began working with Succession in 2011, as a fee-based business preparing for RDR. Our ambition was to establish an optimum structure, grow assets and achieve capital value for all stakeholders. Succession ticked all the right boxes, delivering a structured, standardised investment proposition. Throughout our partnership, the Sigma team benefitted greatly from Succession’s transformational professional consultancy services, and together we created a high-performing, profitable and successful wealth planning business.”
Mark Lambert, co-founder of Dorset-based Norris and Fisher Independent Financial Services commented:
“We have successfully grown this business over 25 years, helping clients identify and achieve their desired lifestyle without the fear of running out of money. With no plans to exit the industry, the Norris and Fisher team look forward to joining Succession benefitting from the great opportunities for growth and personal development, knowing clients will be well cared for.”
Tim Burton, an appointed representative of Norris and Fisher Independent Financial Services, commented:
“Having held clients at the centre of everything I do, I am excited about the opportunities that come from being a part of such a well-resourced client-centric business as Succession Group. Succession’s wealth planning proposition and the training and support for planners and client servicing teams are unique in the market. Remaining independent, I am now able to concentrate on the best part of my job of working with clients and moving the business forward.”
Succession Group was advised on the acquisitions by Michelmores LLP.