Aviva-owned wealth manager and Financial Planning group Succession Wealth has acquired Plymouth-based DFP Health & Wealth Management which has more than £165m in AUM.   

Founded in 2002, DFP has 11 staff, all of whom will be joining Succession.

DFP provides advice on retirement planning and investments to clients across the south and south-west of England. 

The deal for an undisclosed amount is Succession’s 63rd acquisition since 2014 and the third under Aviva ownership, following the purchases of G+E Wealth Management in October 2022 and Spence & Spence in May 2023. 

James Stevenson, chief executive at Succession Wealth, said: “Succession Wealth was founded in Plymouth, and we remain as committed as ever to helping clients and high-quality IFA businesses fulfil their financial aspirations  right across the UK.  

“Our approach to M&A remains the same: only pursuing opportunities where we believe there is genuine strategic value for both parties, not building scale for its own sake.” 

He said that in the current environment a number of high-quality advice firms are looking for a partner.

Glynne Dunn, founding director at DFP, said: “The key for us is independence. When meeting potential partners to take the business forward, we wanted to ensure clients would have access to the best solutions on the market.”

He added that the firm had been attracted by “the financial security of Aviva in the background.” 

Succession Wealth was established in 2009 and now has 16 offices across the UK. It has 800 staff, including 230 wealth planners, and looks after the finances of more than 19,000 individuals, families and corporations with more than £9bn AUM.

It was acquired by Aviva for £385m in March 2022. At the time of the takeover, Aviva said that by 2039 it is expected that one in four people in the UK will be over 65 and millions more will need advice.