Consolidator Fairstone has added £120m of funds under management (FUM) after fully acquiring Leicester-based Bankfield Financial Advisers and Devon-based South West Financial Planning (SWFP).
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...
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