Aviva-owned Financial Planning-focused Succession Wealth has acquired Leeds-based Financial Planning and wealth manager True Wealth Group, for an undisclosed amount.

True Wealth has £1.1bn in assets under advice.

It has its head office in Leeds but operates in five offices across the UK, including in Belfast, which will represent Succession Wealth’s first entry into Northern Ireland. 

True Wealth’s management team, led by co-founders John Baxter and Tim Crew, have been providing Financial Planning, wealth management, and consultancy services together for 20 years. In 2017, the team began acquiring financial advice firms, as well as businesses that provide services to financial advisers. 

The takeover marks Succession’s fifth acquisition since being taken over by Aviva in 2022 and its third of 2024, following the purchases of DFP Health & Wealth Management and London Wall Partners. Together, the three acquisitions in 2024 have brought in £2.2bn of client assets.   

Roger Marsden, CEO at Succession Wealth, said: “This acquisition enhances our presence in the north of England and marks our expansion into Northern Ireland, areas key to our long-term strategic growth plans.    

“We currently see a large number of high-quality firms looking for a partner who can offer long term security for their clients, together with a proven track record of making integrations work. We will continue to actively pursue opportunities where we think there is value for both parties.”

John Baxter, co-founder and owner of True Wealth Group, said: “After years of growth, partnering with a well-capitalised national firm felt like the natural next step for our business. We spoke to dozens of firms, and only a deal with Succession gave us confidence that we wouldn’t be compromising on our proposition and our core value.”

Tim Crew, co-founder and owner of True Wealth Group, said: “Since day one, our mission has been to build a national Financial Planning firm that serves as a force for good in the lives of its clients.”   

Daniel Jones, head of M&A at Succession Wealth, said: “Acquiring firms of this quality is at the heart of our M&A strategy and speaks to our position of not simply building scale at any expense.”  

Succession was established in 2009 and has grown rapidly in recent years, organically and through acquisitions. It is a national IFA with approximately 230 Financial Planners advising on about £9bn of assets. It has more than 19,000 clients in the UK, including families and corporations. It has acquired 60 Financial Planning or financial advice firms.

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.

Aviva added that the Succession deal would give it the scope to offer “high-quality advice” to its approximately 4 million workplace pension customers as well as approximately 2 million individual pensions and savings customers, focusing on customers who do not currently have an adviser.