UK's Succession Group Formed As IFA Consolidator Continues Growth

Tom Burroughes

22 August 2012

Succession Advisory Services, the UK-based consolidator of independent wealth advisors that is expanding ahead of new industry regulations, has today launched Succession Group, which is the independent national wealth management brand of this company.

The announcement came as Succession said it had completed the purchase of five IFA firms, it said in a statement. The acquired firms are Smart Wealth Management, based in London and Amersham; Campbell Dallas Financial Services, based in Glasgow; The Financial Management Group, based in Amersham; Westminster Financial Planning, based in London and Plymouth-based Westpoint Financial Consultants.

These firms have been wholly acquired by Succession Group to create an independent national wealth management brand with seven locations, with 100 employees including 50 advisors as well as para-planners and administrators. The company has almost £1 billion assets of which £250 million sits on the Succession Investment Platform, and a turnover of over £10 million.

Among other changes, Succession Group’s new advisory board has been confirmed as Ray Pierce, chairman; Simon Chamberlain, group chief executive; Paul Morrish, group corporate officer; Christian Captieux, group regulatory officer; Ken Herskind, group operations officer – joining from his former role as CEO at Defaqto; Richard Rhodes, group finance officer; Phil Gerry, integration director and formerly a director at Westpoint Financial Consultants; Alan Webster, operations director and formerly managing director of CDFS.

"Succession Group is our new advisory brand and will offer an independent, whole of market, single premium investment proposition called Succession Wealth Management as well as a restricted protection and regular premium proposition called Succession Financial Management,” Chamberlain said.

"There is a myth in the market that you need massive scale to compete effectively. Today's announcement demonstrates that like-minded financial planners can come together to create a national brand without losing their integrity, and create an advisory brand that is cost effective, full of capital value, and holds the client at the heart of its business,” he continued.

"We have always said we will buy businesses at the point of transition. This £12.5million investment demonstrates this,” he said.

The five firms joined Succession Advisory Services (Succession), the fund consolidator and capital creation specialist, during the last three years and have completed Succession's transition programme.

Chamberlain said Succession intends to expand to control £7 billion of assets over the next few years. (To view an interview with Chamberlain by this publication, click here.)