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Aviva acquires Succession Wealth in £385m deal

Aviva, the UK’s largest pension provider, has acquired Succession Wealth in a deal worth £385 million. The deal expands Aviva’s offering to the UK wealth planning market, where demand for pension advice has been skyrocketing.

Succession Wealth has 200 planners which advise on £9.5 billion assets across their 19,000 clients. The IFA will continue to operate under the Succession Wealth brand, and James Stevenson will continue as CEO. Succession Wealth is set to benefit from greater access to resources from Aviva which could accelerate consolidation, and a markedly expanded client base. Succession has a record of focusing on its external growth, having acquired Oxford Advisory Partnership and Pannells Financial Planning already this year.

The deal is expected to complete later this year, subject to FCA approval. Aviva is funding the acquisition with cash. 

Amanda Blanc, Group Chief Executive Officer of Aviva, said: “The acquisition of Succession Wealth boosts Aviva’s presence in the fast-growing UK wealth market; supports our strategy to grow sustainably; and expands Aviva’s ability to offer high quality financial advice to millions of our customers.”

Doug Brown, Chief Executive Officer of Aviva UK and Ireland Life, said: “We are excited to partner with the management team at Succession Wealth. They have built a great business over the years, and I am confident that Aviva’s scale, resources, capabilities and shared vision will enable Succession Wealth to further expand its leading client and planner proposition in the UK’s attractive wealth market. This acquisition will broaden our advice offering and will help our existing customers currently without an adviser to better secure their financial future.” 

James Stevenson, Group CEO of Succession Wealth, said: “We are delighted to become part of Aviva and to offer our independent financial planning capability to Aviva customers who don’t have an adviser. The demand for financial advice across the entire wealth spectrum has never been greater, and the opportunity to combine Succession Wealth’s holistic financial planning expertise, with the capabilities and customer reach of Aviva is hugely exciting. The Succession Wealth brand and our core independent advice proposition is fundamental in providing ongoing stability and reassurance to our existing clients and our people as we embark on this new journey as part of Aviva.”

Gunner & Co. work closely with Succession to identify excellent businesses to add to their growing advice business, speak with our Senior Broker Gwill Evans to understand more: click here.