The wealth and financial planning manager is planning to add even further consolidation in the new year as it continues to seek "organic growth" that adds value to both parties.

In further end-of-year industry consolidation, UK wealth manager and financial planner Succession Wealth has acquired financial advice firms JCF Financial Services and Bankhouse Financial Management in a deal which will add £211 million ($278 million) to its assets managed.

The acquisitions, which are subject to regulatory approval, take the number of firms acquired by Succession since 2014 to 58, and will take its assets under administration to £8.4 billion.

“Acquisitions are about partnerships. We look for firms whose client propositions, unique selling points and cultures fit well with ours – factors like location and size are considered, but they are of secondary importance,” James Stevenson, chief executive officer at Succession Group, said.
 
“Our growth strategy remains jointly focused on continued organic growth and strategic acquisitions where we believe they add value to both parties. There are plenty of interesting opportunities in the market right now, and we will be making further announcements in the new year.”

The company said it develops “more detailed conversations” with around one in 11 of the firms it initially approaches.

“As our business grew, we decided to look for a partner with the scale to help service the complex requirements of our expanding client base,” Kit Finney, principal of JCF Financial, said. Founded in Winchester in 1998, the firm’s AUM stands at £151 million.

“At Bankhouse, our aim has always been to build trusted, long-lasting relationships and to guide clients through their various life stages,” Colin Perryman, executive director of Bankhouse Financial Management, said. The Chippenham-based firm administers £65 million of assets.

Succession’s team numbers 600 including 180 wealth planners. The firms has 17,000 individual and corporate clients and 15 UK offices.