Succession Advisory Services has confirmed its first five acquisitions as part of its drive to create a national proposition .
Westpoint Financial Consultants, Campbell Dallas Financial, Smart Wealth Management, The Financial Management Group and Westminster Financial Planning, will merge to create a single entity, Succession Wealth Management (SWM).
SWM will be created in April and will take in any firms which are acquired, while the remaining 40 members will continue to work within Succession Advisory Services.
Simon Chamberlain, chief executive of Succession, said: "We're going to provide working capital to the five businesses to go and buy the rest of the membership and create a national businesses.
"We believe if we can build a business with £7bn worth of assets and 30% EBITDA target, we would have a business valued at over £500m."
SWM will cater to clients with assets of more than £100,000, dealing with investments through the company's own platform.
However, advisers will also offer transactional services through a second proposition, Succession Financial Management.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till