Gilson Gray says the deal by its Gilson Gray Financial Management arm (GGFM), a St James’s Place partner, is part of a growth strategy.

The exact price paid for Wallace FP has not been disclosed but is north of £1m.

The deal increases GGFM’s assets under management by 20%. GGFM says it also adds wealth management expertise to Gilson Gray’s legal and property services in East Lothian. 

GGFM is aiming to carry out further acquisitions in the coming months. 

Scott Wallace, the former owner of Wallace Financial Planning, will join GGFM as a financial adviser. He has more than 25 years’ industry experience and local knowledge of North Berwick – where he was born and raised – and will be responsible for advising existing private clients as well as those who are joining the GGFM.

Wallace Financial Planning will re-brand to become part of GGFM but retain its current office premises in North Berwick. 

Steve Herkes, managing director of GGFM, said: “Scott’s success in establishing a trusted and client-focused service shows his dedication to helping his clients achieve their financial objectives. This approach is a perfect match to Gilson Gray’s business philosophy.

“We are looking forward to delivering even stronger service to our clients and cementing our position in East Lothian as the go-to adviser for legal, property, and financial services. Our aim is to offer the local community a full range of services that would typically only be available in cities. 

“The acquisition of Wallace Financial Planning is the first of what we hope will be a series of deals in the months ahead that will significantly enhance our wealth management footprint across Scotland.”

GGFM offers specialist financial advice to private and corporate clients around the UK. It is a senior partner practice of wealth manager St James’s Place Wealth Management. 

Gilson Gray was established in 2014 and provides advice on law, property and finance. The firm has more than 160 staff in four offices in North Berwick, Edinburgh, Dundee and Glasgow.