Fairstone has signed up Goodman Chartered Financial and East Devon Associates to its downstream buy-out programme, Fairstone’s consolidation model which purchases a stake in the seller before integrating into the business.
The deal has contributed £215m in assets under management, as well as over a thousand new clients and six advisers, to Fairstone.
Chief executive of Fairstone, Lee Hartley said: “Our unique downstream buy-out programme is continuing to yield exceptional results, with a significant number of high-quality wealth management firms being on-boarded and coming through to full acquisition.
“These firms are showing consistent growth in performance as they take advantage of the regulatory, technical and operational support that Fairstone provides.”
Principal at East Devon Associates, Graham Salter, commented: “We feel that these core values are mirrored by the Fairstone proposition. In addition, the extra compliance and technology support that Fairstone provides will allow us more time to focus on our clients’ needs.”
Andy Smith, principal at Goodman Chartered Financial Planners, said that Goodman had taken the decision to sell their business to combat growing compliance responsibilities. “Partnering with such a strong national IFA as Fairstone will allow the business to continue to prosper and expand, with greater resources and expertise available.”