Three Financial Planners who started their OPW Chartered Financial Planners firm in Bristol three years ago have grown their business by acquiring Ledbury-based IFA firm Winnell Douglas for an undisclosed sum through the ValidPath Succession Solution.

Winnell Douglas was established in 2001 in the Herefordshire area.

The Validpath transaction allowed the seller to transfer regulatory responsibilities as a directly authorised firm, access liquidity through the business sale and retire from the industry. 

The firm’s management and client servicing has been transferred to Chartered Financial Planners Tori Passmore and Damien Hopkins and Financial Planner David Parry.

They have taken over the firm management as company directors, financial advisers and shareholders and added Alex Walling to their team as a new adviser to support Winnell Douglas clients and the broader Ledbury area.

Tori Passmore, company director at Winnell Douglas, said: “We set up our IFA business just over three years ago with support from ValidPath having come from a wealth management background with big banks. 

“Our business is growing organically, however, the opportunity to utilise the ValidPath Succession Solution to accelerate the growth of our overall business via the Winnell Douglas acquisition was unique.”

Tory Passmore is a Chartered Financial Planner and a chartered accountant and has worked in financial services for more than 22 years. Damien Hopkins is a Chartered Financial Planner and has worked in financial services for more than 20 years. David Parry has spent more than 23 years in the financial services industry working for some of the largest financial institutions in the UK as both an adviser and also in a senior management capacity. 

Angus MacNee, chief executive at ValidPath, said: “We want to support vendors to retire and provide the next generation of financial advisers with the opportunity to expand their business while preserving independence for clients. 

“The consolidator model often requires clients and assets to move platforms and providers as the basis for underwriting a deal.  This is not great for clients and many vendors feel uncomfortable that selling up to facilitate their retirement requires them selling out their values and independence. 

“The ValidPath Succession Solution was built as the alternative to consolidation, and it is independent and platform and provider agnostic. We facilitate the process from planning to transaction and then financing and all ongoing deal administration so the vendor can transition responsibilities, get their payday and retire, and the successor managers can take over management as directors and shareholders.”