A Chartered Financial Planning group has bought a wealth firm specialising in estate planning with 1,500 clients.

Fairstone Group has announced Leicestershire-based My Wealth Management is its latest in a series of buy outs.

This follows the recent acquisition of Angela Murfitt Financial Services.

Led by Ian Morris, My Wealth Management specialises in investments, retirement and estate planning and represents some 1,500 clients.

It also provides a bespoke financial management service through ActivePlan and ActivePlan+, an on-going review of a client’s financial portfolio.

Ian Morris, an adviser and financial director at My Wealth Management, said: “We believe, that by integrating into the Fairstone Group structure, we will ensure our that clients will continue to receive a sustainable advice service from a modern and comprehensive client-centred proposition.”

Lee Hartley, CEO of Fairstone Group, said: “With the best interests of their clients as its driving influence, My Wealth Management is another example of the type of company Fairstone is looking to partner with. Ian and the team at My Wealth Management take time to listen and understand their clients before presenting a holistic wealth planning solution that’s driven by individual client needs providing peace of mind and value for money.”

Fairstone revealed today it had finalised the deal after taking an initial minority and integrating the firm over a number of years.

Fairstone first partnered with the company three years ago, since when, it reported that revenues have grown by 35% with funds under management standing at £140 million.

The downstream buyout model helps to minimise exposure to integration risk and allows the acquired company to profit from their own success upon final acquisition, Fairstone explained.

There are currently 22 adviser firms under this type of arrangement with Fairstone.