North East-based Chartered Financial Planning-focused wealth manager Fairstone has appointed six new managing directors as it changes its organisational structure across its wealth advisory, training and central paraplanning functions.

It said the changes will bring the group’s national and partnership functions into one advisory business.

The six new managing directors will each have dedicated functional responsibilities, with three appointed to the northern, central and southern regions of the UK.

After seven years serving as managing director within the group, Mike Slater will become managing director for the central region.

Shona Lowe, former managing director of the private client division at Abrdn will join Fairstone as managing director, north.

Tony Hanlon, previously chief operating officer at WH Ireland, will become managing director, south.

Lee Hartley, chief executive at Fairstone, said: “It’s a pleasure to welcome Shona and Tony as we gear up for our next stage of growth. We have been looking for a particular set of characteristics to ensure we continue to foster an agile, performance driven culture.”

The changes also mean three new roles dedicated to client experience, adviser development, and growth. Mortgage and protection will remain under Steve Easter, who has been appointed as managing director, mortgage and protection.

Peter Donaldson will switch from being managing director of the partnership business to spearhead the growth function, concentrating on adviser recruitment, retention, and development.

Marguerite Peyton becomes managing director for the group’s Financial Planning function, overseeing the advice journey, training, and central paraplanning.

The wealth advisory function has been strengthened with the appointment of Nick Stebbing as chief operating officer. With more 25 years of experience with European wealth management firms, Mr Stebbing will lead Fairstone's investment management proposition, Fairstone Private Wealth.

That means former chief commercial officer, Adam Smith will leave to pursue opportunities outside of Fairstone.

Fairstone’s M&A team recently celebrated a record 12 months of dealmaking, with 16 firms joining its DBO programme across the UK and Ireland and a further six full acquisitions.

It said its transaction pipeline looks strong into 2024, with a significant number of 'mature discussions' with firms in the UK and Ireland.

Fairstone has fee income of more than £135m and operates from more than 55 locations with a head office in Sunderland and a City office in London. It has financial management, private wealth, corporate solutions, mortgage solutions and estate planning channels.

The firm employs more than 1,200 operational staff and regulated advisers and oversees £15bn in funds under management for more than 55,000 wealth management clients.