News

5
Dec

Fairstone completes acquisition of advice business through DBO

Fairstone Group, incorporating the largest Chartered Financial Planning firm in the UK announces that it has now fully-acquired Leicestershire-based My Wealth Management.  The deal follows the recent announcement of the acquisition of Angela Murfitt Financial Services, and finalises the purchase of the company under Fairstone’s downstream buyout (DBO) model.

The DBO model sees Fairstone take an initial minority stake in an IFA business and integrate the firm over a number of years.  This helps to minimise Fairstone’s exposure to integration risk and allows the acquired company to profit from their own success upon final acquisition.  These companies can leverage the Group’s technology platform and benefit from significant support in marketing, new client acquisition and reactivating dormant clients. There are currently 22 adviser firms under this type of arrangement with Fairstone.

Led by Ian Morris, My Wealth Management specialises in investments, retirement and estate planning and represents some 1,500 clients.  It also provides a bespoke financial management service through ActivePlan and ActivePlan+, an on-going review of a client’s financial portfolio.  Fairstone first partnered with the company three years ago, since when revenues have grown by 35% with funds under management currently standing at £140 million.

Lee Hartley, CEO of Fairstone Group, said:

“With the best interests of their clients as its driving influence, My Wealth Management is another example of the type of company Fairstone is looking to partner with.   Ian and the team at My Wealth Management take time to listen and understand their clients before presenting a holistic wealth planning solution that’s driven by individual client needs providing peace of mind and value for money.  We look forward to an ongoing relationship with the team, supporting their marketing, front and back office and client acquisition strategies in order to help them to grow the business.”

Ian Morris, Independent Financial Adviser and Financial Director at My Wealth Management added:

“Before entering into the DBO process, we spent a lot of time assessing how we could grow our business effectively whilst enhancing client service and Fairstone stood out as a group with a crystal clear vision as to what financial services should look like and how best this is delivered to clients.  We are, therefore, extremely excited to be joining Fairstone.  We believe, that by integrating into the Fairstone Group structure, we will ensure that our clients will continue to receive a sustainable advice service from a modern and comprehensive client-centred proposition.”