Building Society-owned Newcastle Financial Advisers acquires Openwork firm
First of a number of acquisitions
Newcastle Financial Advisers has purchased North Yorkshire-based adviser firm Fidelis Financial Solutions.
The acquisition of Fidelis is part of the firm's growth strategy and part of a wider commitment from the firm's parent company, Newcastle Building Society, to make financial advice accessible on the high street. It has brought £14m assets under management to the firm along with two financial advisers.
Newcastle Financial Advisers was established by Newcastle Building Society more than 16 years ago and has 25 qualified financial advisers located across its branch network.
Fidelis, meanwhile, was founded by the firm's director Andy Sharp and has served a North Yorkshire customer base of more than 2,000 since 2005 within the Openwork network. Sharp will continue to work as an adviser in the area.
Newcastle FA also works in partnership with Openwork to support an adviser academy training programme dedicated to developing the next generation of financial advisers.
Sharp said: "I've been proud to provide financial advice to the people of this area for over 14 years. I'm pleased to be joining Newcastle Financial Advisers as we share a focus on customer service and recognise the value of supporting local communities. I'm looking forward to giving my customers and clients access to an even wider variety of products and services."
Newcastle FA managing director Stuart Dodson, who led the acquisition, added: "We're delighted to welcome Andy and his team to Newcastle Financial Advisers and to our society. We have an ambitious growth strategy across our North East region and anticipate that this will be the first of a number of strategic acquisition opportunities we will realise."
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