Aviva completes the acquisition of Succession Wealth

Aviva has announced that it has completed the acquisition of Succession Wealth. The acquisition significantly enhances Aviva’s presence in the fast-growing UK wealth market and expands Aviva’s ability to offer high-quality financial advice to a significant number of its 6 million pension and savings customers without an existing adviser. The acquisition was originally announced in March.

Through Succession Wealth, Aviva will have the capability to offer high-quality advice to its approximately 4 million workplace pension customers, where Aviva is the UK’s largest provider with £96 billion of AuM, as well as approximately 2 million individual pensions & savings customers with £139 billion of AuM, focusing on customers who do not currently have an adviser. The addition of an advice offering will allow Aviva to better support its customers as they go through critical life decisions, helping to retain more of the c.£6 billion of pension and heritage assets that leave to be invested with competitors each year. Combined with Aviva’s existing market leading investment management capabilities and strategically core adviser platform, Aviva will have a complete set of solutions to support the planners of Succession Wealth in serving their existing clients.

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.”

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