Fairstone acquires two more advice firms, adding £120m FUM

The deals are the third and fourth outright acquisitions Fairstone has made this year through its downstream buy-out (DBO) model, which the group says reverses "the traditional buy-and-build approach" to integrating IFA firms in its business. Both Bankfield and SWFP specialise in holistic financial planning and wealth management and bring with them a combined 2,700 clients, along with 12 advisers and seven support staff. The acquisition also secures Fairstone a gross fee income of £1.5 million. Fairstone CEO Lee Hartley said: "Both Bankfield and SWFP are dedicated to quality service a...