Succession Acquires Four More Network Firms For Its UK Advisory, Wealth Arm

Tom Burroughes

12 January 2016

, the UK-based firm, has acquired four firms from its membership network of more than 80 firms to be in its national wealth management advisory arm, Succession Group. It says it is half way towards its goal of acquiring 50 firms by 2018.

Cornwall-based TMS, Sheffield-based Facts Financial, and Firth and Scott and Carson Associates, both based in Nottingham, with combined funds under management of almost £400 million ($581.5 million), have been acquired for a total consideration of £9.5 million.

Since Succession Group was launched in 2012, the firm has spent almost £55 million to buy 21 wealth management and financial advice firms.

Even before the advent of the Retail Distribution Review programme of reforms in 2013, which have pushed up compliance and related requirements on advisors, there has been a trend of financial advisors selling, merging, or becoming part of networks.