IFA consultancy and consolidation vehicle Succession has signed up another three firms as it prepares to acquire a quarter of its 35 members ahead of schedule.
Plymouth-based WestPoint Financial Consultants, Kidderminster investment specialists Prosser Knowles Associates and Corporate Chartered Financial Planners Jacobs Financial Group have joined the company launched last year by former Thinc CEO Simon Chamberlain.
Together, the businesses bring more than 50 advisers, almost 7,000 clients and about £500m worth of funds under administration to Succession.
The Succession model invites adviser firms to join the business and adopt its "RDR-ready" processes, including its Investment Matrix which is designed to maximise firms' renewal income. Member principals are also offered an exit strategy as part of the tie-up.
Succession chief executive, Simon Chamberlain, says: "I am delighted that Succession's unique proposition continues to attract such high calibre financial planning firms looking to create a truly valuable business for the future."
Barry Martin-Pitt, managing director of WestPoint, says the company already operates many of Succession's processes, but was intrigued by the company's exit strategy solution.
Prosser Knowles director Andrew Prosser says: "We firmly believe the Succession team and their processes will enhance the service offering to our existing and potential new client bank.
"It will become increasingly important in the new financial advisory world to have systems in place to produce a clear path to managing clients' current assets and future financial aspirations."
More than 30 member firms, representing more than £5.5bn funds under management, have joined with Succession since its launch in 2009.
Earlier this month, Succession announced plans to begin the consolidation process of member firms earlier than expected, following further investment by Spearpoint.
CEO Chamberlain estimates the business will spend about £100m consolidating the businesses.
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