A national Financial Planning firm has bought out a Devon-based company to add over three thousand clients and £50 million of funds under management.

Fairstone Group has announced the acquisition of Devon-based, South West Financial Planning, in a deal aimed at broadening its operations within the South West. The fee for the takeover has not been disclosed.

Funds under management for the group has risen to £2.1 billion. Over three thousand clients will join the firm’s existing portfolio of thirty thousand, and ten advisers will add to its growing adviser base of over two hundred and forty.

David Roberts, director at South West Financial Planning, said: “Fairstone’s proposition is undoubtedly an attractive one. It doesn’t just focus on the traditional proposition of saving on compliance and regulatory workload. It’s much more than that; it’s about investing in the future and providing long term benefits for clients, advisers and principals alike.

“We note a real commitment within Fairstone to create a financial services organisation that stands out from the crowd. Their progressive commitment to technological advancement was also critical.”

Lee Hartley, chief executive of Fairstone, said: “We’re delighted to welcome South West Financial Planning to the Fairstone Group. The team represents a great cultural fit with us, and we’re looking forward to working together to grow our combined client base over the coming years.

“Fairstone has seen very significant growth over the past few years, both organically and through acquisition. Since 2011, 35 advisory firms have joined the business and it continues to seek high quality financial services companies to partner with and ultimately acquire.”

The acquisition was instigated using what Fairstone called its “Downstream Buy-Out” model.

This “allows firms to fully integrate with Fairstone’s systems over a period of time” with the aim of helping both advisers and clients, it said.

Advisers joining Fairstone are able to use its core technology platform to bring about greater efficiency in the back office.