Succession Group, a UK-based wealth management firm, has acquired two of its member IFA firms for £3 million.
The acquisition of Cornerstone Lifestyle Financial Planning and Hopkinson Associates will bring the total number of acquisitions completed by the group to seven and will increase Succession’s assets by £100 million.
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Both the firms, which joined Succession as members in 2011 and completed its integration programme, are regional family offices with clients largely based in the North of England.
Succession chief executive Simon Chamberlain said the group is seeking to complete 13 more acquisitions over the next 12 months.
Additionally, the firm is planning is acquire 50 more firms from its membership, reaching £7bn of assets by 2017.
Chamberlain said: "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.
"Succession Group plans to rapidly acquire businesses that have completed its comprehensive transition programme, designed to maximize the volume of recurring income and improve the sustainability of income with bespoke systems and processes," he added.
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By GlobalDataTerry Hopkinson, principal of Hopkinson Associates, said: "This acquisition will enable us to spend more time with clients, focusing on the things that matter for them, and preparing for their long term future with Financial Planners who share the same philosophy and use the same processes and systems, ensuring the same level of client care and seamless continuity when the time comes for my own retirement."
Malcolm Stone managing director Cornerstone Lifestyle Financial Planning said: "I am looking forward to the next phase of my career, creating a lasting legacy for Succession group by heading up and developing a cash flow forecasting proposition".
