The acquisition accelerates Fairstone’s growth plans for 2023 and creates a foundation for further deal-making in the region. The transaction brings funds under management of £450 million into the Fairstone group along with 1,200 clients who are supported by Sacre’s 12 advisers and 19 support staff.
Commenting on the deal, CEO of Fairstone, Lee Hartley, said:
“We are delighted to welcome Sacre Associates to the Fairstone family. Their innovative approach, unwavering commitment to exceptional client service and focus on developing internal talent make them the perfect partner for us.
“At Fairstone, we pride ourselves on being the proven home for dynamic IFA firms seeking growth while maintaining exceptional, independent service for their clients.
“We look forward to continuing to work with the team at Sacre, investing both capital and resource into the business, as we continue to increase our footprint across the Home Counties, an area of high net worth and significant opportunity for expansion.
“The collective power of Sacre’s local expertise and reputation and our national infrastructure and status will enable us to achieve our shared vision for strategic growth and success.”
Fairstone’s acquisition model targets ambitious IFA firms who are committed to working with Fairstone on a proven approach that delivers premium capital value for business owners with no detriment to their staff, advisers or clients. This people-centric approach has been intelligently structured to provide opportunities to share ongoing value post-acquisition, aligning the interests of all stakeholders.
Sacre principal Steve Rainer said:
that the Fairstone proposition appealed because of the firm’s ‘genuine desire to identify a partner with a long-term approach who were committed to delivering great client outcomes.’
He added: “In an ever-changing regulatory landscape which includes the most recent requirements in relation to Consumer Duty, running a directly authorised regional advice firm was becoming increasingly time consuming and onerous.
“We talked to a number of businesses before deciding to join Fairstone as we wanted to feel completely confident that we were joining a firm that mirrored our ethos and who would protect our clients and team for the long term.
“Fairstone’s proposition really appealed as our clients do not have higher costs forced upon them nor are they obligated to move into different investment solutions, allowing us to continue to strive for excellence in the advice market while remaining independent.
“By joining forces with what we see as the leading whole-of-market player in the UK, we will be able to increase the scope and depth of the services we provide for our clients, while at the same time securing and strengthening our long-term relationships with them, future-proofing the business and everyone connected to it.”
Fairstone, which incorporates one of the UK’s largest Chartered financial planning firms, is independently ranked the number one wealth management house on Trustpilot. The group has 46 locations across the UK with a head office in Newcastle and a London City office, overseeing £14.5 Billion FUM for over 45,000 wealth clients.
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