Friday, 30 May 2014 11:58
Two Financial Planning firms acquired in £3m deals
Succession Group has announced two deals worth £3m in total to buy Cornerstone Lifestyle Financial Planning and Hopkinson Associates.
Both IFA firms are regional family offices, with clients largely based in the North of England, which they launched in 2009. They have both been members of Succession Advisory Services for three years and recently completed Succession's integration programme. The two firms have in excess of £100m of funds under management.
Succession Group chief executive Simon Chamberlain said: "These acquisitions create long-term continuity for clients and offer outstanding career opportunities for staff. Our proven model is perfect for IFAs who wish to continue to look after their clients and develop further their own value.
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"Succession Group plans to rapidly acquire businesses that have completed its comprehensive transition programme, designed to maximise the volume of recurring income and improve the sustainability of income with bespoke systems and processes.
"We have 13 more acquisitions in the pipeline that we intend to conclude over the next 12 months and 30 more firms in a landing pattern to be acquired as we move to our target of acquiring the best 50 firms from the membership with £7bn of assets by 2017".
Terry Hopkinson, principal of Hopkinson Associates, said: "This acquisition will enable us to spend more time with clients, focusing on the things that matter for them, and preparing for their long term future with Financial Planners who share the same philosophy and use the same processes and systems, ensuring the same level of client care and seamless continuity when the time comes for my own retirement."
Both IFA firms are regional family offices, with clients largely based in the North of England, which they launched in 2009. They have both been members of Succession Advisory Services for three years and recently completed Succession's integration programme. The two firms have in excess of £100m of funds under management.
Succession Group chief executive Simon Chamberlain said: "These acquisitions create long-term continuity for clients and offer outstanding career opportunities for staff. Our proven model is perfect for IFAs who wish to continue to look after their clients and develop further their own value.
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"Succession Group plans to rapidly acquire businesses that have completed its comprehensive transition programme, designed to maximise the volume of recurring income and improve the sustainability of income with bespoke systems and processes.
"We have 13 more acquisitions in the pipeline that we intend to conclude over the next 12 months and 30 more firms in a landing pattern to be acquired as we move to our target of acquiring the best 50 firms from the membership with £7bn of assets by 2017".
Terry Hopkinson, principal of Hopkinson Associates, said: "This acquisition will enable us to spend more time with clients, focusing on the things that matter for them, and preparing for their long term future with Financial Planners who share the same philosophy and use the same processes and systems, ensuring the same level of client care and seamless continuity when the time comes for my own retirement."
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