The rise of business groups such as Succession is an example of the changed financial advisory landscape that arise around a series of reforms in 2013 – the Retail Distribution Review.

Succession Wealth, the UK wealth management group, has acquired Oxford Advisory Partnership (OAP), an Oxford-based firm that administers more than £175 million in assets.

Founded in 2001, OAP offers services including retirement planning, investment advice, tax planning, and long-term care. It advises current and retired academics at colleges at the University of Oxford.

The deal, which is an all cash transaction, is Succession’s 60th acquisition since 2014, taking total assets under administration to £9.6 billion ($12.9 billion). The second of 2022, it follows the recent acquisitions of Pannells, announced in January, as well as JCF Financial and Bankhouse, announced in December, which together brought in over £1.6 billion of client assets.

“While this marks our fourth acquisition since December, it does not signal a change in our corporate strategy. We remain open to opportunities when they can benefit both parties but are not seeking to build scale for its own sake. To that end, we have been delighted to receive notable approaches direct from financial planning firms across the country in recent weeks,” James Stevenson, chief executive at Succession Group, said.  

Steve Penniston, director at Oxford Advisory Partnership, said: “After 20 years of growing OAP, we felt partnering with a leading national firm would help take our business and client service to the next level.”