Chartered Financial Planner Fairstone, one of the UK’s most acquisitive wealth managers, has hired Steve McNicol from the legal sector as its new chief development officer. 

Mr McNicol joins from law firm Ward Hadaway and has over 20 years of experience in senior management in the North East’s legal sector.

Prior to this, he was managing partner at Muckle LLP for 11 years.

Mr McNicol joins Fairstone shortly after its 50th adviser firm acquisition which has boosted annual company revenues to over £100m. 

He will take up his new role at Fairstone in May with a brief to accelerate the firm’s M&A activity.

Fairstone is planning another senior appointment shortly with the addition of a corporate finance director for its growing mergers and acquisitions arm.

Fairstone CEO Lee Hartley said: “We have worked with Steve as a client for many years and I have always wanted an opportunity to bring him on board. I know exactly what his strengths are, and I’m absolutely delighted that he is now joining Fairstone’s leadership team to help us gear up for the next stage of our strategy.

“Steve joining us will further strengthen our M&A team as we increase our bandwidth and acquisition activity. His added wealth of business strategy and management experience, makes him an excellent fit for Fairstone.”

Mr McNicol started his career as a solicitor working in the City and following a secondment to Deloitte, subsequently focused more on strategic roles. 

Mr McNicol said: "I have known Lee and the business for a long time, and we share the same strong values and cultural beliefs, particularly in relation to client service and investment in people, which is crucially important. 

"Fairstone has a highly differentiated offering which is very attractive to a sector that is undergoing very significant change. To be joining such a well-established and forward-thinking business is hugely exciting and I’m extremely pleased to play a part in Fairstone’s ongoing growth and success.”

Fairstone is based in Newcastle and incorporates one of the UK’s largest Chartered financial planning firms. It operates from 42 offices and has 400 regulated advisers and 410 operational staff. The business oversees £13 billion in investment assets on behalf of 40,000 wealth clients.