UK's Succession Group Completes Double Acquisition

Stephen Little

2 June 2014

Consolidator has acquired two IFA firms for £3 million ($5.02 million), bringing its total number of acquisitions to seven.

The acquisition of regional family offices Cornerstone Lifestyle Financial Planning Limited and Hopkinson Associates boosts Succession's assets by £100 million.

They have both been members of Succession Advisory Services for three years and recently completed Succession’s integration programme.

Succession group chief executive Simon Chamberlain said the firm has 13 more acquisitions in the pipeline over the next 12 months

“These acquisitions create long-term continuity for clients and offer outstanding career opportunities for staff. Our proven model is perfect for IFAs who wish to continue to look after their clients and develop further their own value,” said Chamberlain.

“Succession Group plans to rapidly acquire businesses that have completed its comprehensive transition programme, designed to maximise the volume of recurring income and improve the sustainability of income with bespoke systems and processes,” he added.

Since the introduction of the Retail Distribution Review programme of regulation changes last year, many small firms have struggled with the transition, resulting in an increasing number of businesses looking to sell or consolidate with bigger players. A number of firms, such as Syndicate Asset Management, Focus Financial and Sanlam, to name just a few, have bought up IFA businesses.