Four financial services firms with combined assets under management of £400m have joined Succession Advisory Services as members.

The quartet comprises Prosperitas Financial Solutions, Independent Wealth Management Consultants, Rossmore Financial Services and Equity Invest.

The four additions to the platform and consultancy business of Succession Holdings bring total funds under management to more than £10.5bn.

Succession group chief executive Simon Chamberlain said: “There are now 80 productive and profitable IFA firms powered by Succession, representing £10.5bn of client assets”.

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Chris Cooke from Warwick-based Rossmore Financial Services says: “We have built Rossmore into a leading Financial Planning firm and are looking forward to using Succession’s established back office and investment processes, freeing up time to engage more with clients, and to prepare our own succession plan.”

Richard Hunter, founder of Wimbledon-based Equity Invest, said: “We have built a significant business based on a client-centric ethic, and were pleased to find a like-minded partner. We are a young, ambitious team and excited about contributing our experiences to building a large and successful national business. Just because we want a succession plan doesn’t mean we plan to slow down”.

Lee Pringle, co-founder of Harrogate-based Prosperitas, said: “Succession has created a compelling proposition for business owners. We looked closely at what other consolidators were offering and Succession Group was unique in its commitment to increase the value of our business both before and after acquisition. We are joining like-minded firms and are confident about our future together.”

Tim Davison, of Retford-based Independent Wealth Management Consultants, said: “A high standard of client care is an integral part of our existing business. We believe that working with Succession will help us to deliver a smarter proposition with more security for our clients, and open up additional opportunities such as fund management styles and risk management services. I believe a business of our current size could never commercially achieve these benefits alone”.

Succession said it is committed to acquiring the best 50 firms from its 80-strong membership with £7bn of assets by the end of 2017.

Mr Chamberlain said: “Our unique business model continues to appeal to a diverse range of IFA businesses who are looking to build on their existing solid foundations and capitalise on their hard work. Our proposition resonates with sector specialists and talented individuals.

“We are pleased that four more successful, well-established and respected firms have chosen to join Succession as a member firm, working with us to build value into their businesses.”