Succession has made its largest acquisition to date, buying Birmingham-based Clay Rogers & Partners Limited (Clay Rogers), via a mix of cash and shares, which over time could value the deal at over £10 million.
Clay Rogers began working with Succession in 2013 to develop its proposition and grow capital value. It has £450million of funds under management.
Clay Rogers co-founder, Tim Clay said: “Low interest rates, poor annuity rates and new pension freedoms have created a challenging marketplace for financial planners. With Succession’s support, we have navigated commercial, competitive and regulatory challenges to deliver high levels of client satisfaction and create strong foundations for future growth. We were attracted to Succession by both its processes and commitment to independence and this deal will create long-term stability for both staff and clients. Working with Succession signals the beginning of a significant new chapter in the continued development of a high quality financial planning practice in the heart of Birmingham.”
Co-founder of Clay Rogers, Mark Rogers said: “We are very excited about our rapid integration as part of the Succession team. We have jointly committed a significant investment to establish Water Street as a client servicing hub, consolidating Succession’s Midlands activity into a single centre of excellence to deliver world-class wealth planning solutions locally. We are now actively recruiting for qualified wealth planners and support staff with the drive, commitment and character to meet the demands of a successful and profitable wealth management advisory brand.”
Mr Rogers continued: “Succession’s continued pace of acquisition has created one of the UK’s leading independent wealth management business. The unique model ensures stability for clients and career opportunities for staff.”
Succession Group Chief Executive Simon Chamberlain says: “Over the last three years, Clay Rogers has raised the bar, providing the very highest levels of professional and personal client service, and business growth has been impressive.
Succession continues to identify like-minded businesses to develop further our leading consolidation model”.
Mr Chamberlain stated: “Remaining independent, and not forcing clients to go restricted, creates the right environment for top planners across the country to join this exciting journey without fear of being pressured into unsuitable propositions.”