Fairstone includes one of the UK’s biggest Chartered Financial Planning firms

The acquisition is via Fairstone’s progressive purchase Downstream Buy Out (DBO) model with Utopia deciding to join Fairstone in 2018.

Utopia is based in Liversedge, West Yorkshire and is a whole-of-market adviser specialising in advice and management of investment and retirement portfolios.

The deal brings an additional 800 clients into the Fairstone group along with Utopia’s Financial Planning’s four advisers and six support staff. The acquisition also secures funds under management of over £100m.

Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Utopia Financial Planning. They are exactly the kind of robust firm we are looking to join Fairstone and grow with us.

“Our experience shows that culturally aligned firms are the most profitable and successful in the long-term. Ray, Darron and the team at Utopia place clients at their core and their commitment to first class service makes them an excellent fit for us.”

Utopia Financial Planning principals Darron Whitehead and Ray Garnett said that the Fairstone proposition provided continuity and long-term reassurance for clients and staff for years to come.

Mr Whitehead said: “Fairstone share our client-centred ethos as well as our commitment to providing first class service, while remaining independent.

“We have always strived to provide the best possible service for our clients, and we are very confident that the acquisition with Fairstone will enhance the relationship and services our clients have come to expect.”

Ray Garnett added: “We are very proud to become part of the Fairstone family, who will help us to look after our clients and their families for generations to come.”

Fairstone is based in Newcastle and operates from 42 UK offices. It oversees £11bn in Funds Under Management and has more than 40,000 wealth clients.