Fairstone has reached a “milestone” as Richardson Premier Wealth becomes the 100th firm to join the network via its downstream buy out (DBO) programme.

Richardson Premier Wealth is based in Halifax, West Yorkshire, and is a family-owned business run by Paul Richardson. The firm also has a presence in Glasgow. It advises more than 200 clients with assets under management of just over £50m.

The deal marks a significant milestone in Fairstone’s acquisition-led growth strategy, as well as reinforcing its consolidation position in the financial advice market.

The DBO model offers capital investment, operational resource, and regulatory support to partner firms, allowing them to focus on developing their performance without being restricted by back-office or compliance workload. It also gives firms the ability to sell at the optimum time, ensuring they realise maximum value when the time is right for them and they share in the proceeds of their growth.

Lee Hartley, CEO of Fairstone, said: “We are absolutely delighted to welcome Richardson Premier Wealth Ltd as the 100th DBO firm to join Fairstone.

“It is a high quality, trusted independent financial adviser which really looks after its clients and is firmly focused on sustainable growth, making it a perfect partner for us.

“Reaching our 100th DBO is a proud moment, not just for Fairstone, but for every partner firm that has trusted in our model. However, this is very much a staging post, and nowhere near a final destination.

“We’re determined to grow our business far beyond this point as we pursue our vision of being the most trusted wealth management firm in the UK and Ireland.

“We are in active discussions with a number of other potential DBO partners as we strategically select companies to expand our footprint and work towards our next milestone of £40billion in client assets.”

Steve McNicol, Chief Development Officer at Fairstone, added: “The DBO programme is all about integration, not consolidation.

“It gives firms the capacity and resources to grow at a faster pace than they would be able to under their own steam while retaining control of the business.

“This is very much a long-term relationship too. We want principals and advisers to stay on once they become part of Fairstone and continue to grow the business – to date, every principal who has joined Fairstone from the DBO programme has stayed with us, as have the vast majority of advisers.”

Paul Richardson said: “We’re thrilled to be joining Fairstone. From the first conversation we had with their team, it was clear that their focus on putting the client first and creating long-term, sustainable growth was a perfect fit for us.

“By helping us with regulation, compliance, resources and technology support and innovation, Fairstone will enable us to spend more time focusing on clients and pursuing our growth plans for the business. It’s a real win-win for us and for our clients.”

If you are looking to sell your business, find out more about the selling your business to Fairstone (or others) Gunner & Co. can help you. Book a meeting with our Head of Brokerage Gwill here