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IFA firm makes double acquisition

Company has now bought 58 advice businesses since 2014

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UK financial planning group Succession Wealth has acquired advice firms JCF Financial Services and Bankhouse Financial Management for an undisclosed sum.

The deals bring £211m in client assets, taking Succession’s assets under administration to £8.4bn ($11.1bn, €9.83m). The acquisitions will complete subject to regulatory approval.

JCF Financial is a Winchester-based IFA, which specialises in investment advice, retirement planning, generating income in retirement, trust fund investment and inheritance tax planning. Founded in 1998, the firm administers £151m of client assets.

Bankhouse is a Chippenham-based IFA, founded in 2004, which offers financial planning services to a range of clients, including individuals at or near retirement, small business owners, entrepreneurs, high net worth individuals and trustees. It administers £65m of client assets.

The deals take the total number of firms acquired by Succession to 58 since 2014, which has included £5.1bn of assets.

Plenty of interesting opportunities

James Stevenson, chief executive at Succession Group, said: “Acquisitions are about partnerships. We look for firms whose client propositions, unique selling points and cultures fit well with ours – factors like location and size are considered, but they are of secondary importance.

“Our growth strategy remains jointly focused on continued organic growth and strategic acquisitions where we believe they add value to both parties. There are plenty of interesting opportunities in the market right now, and we will be making further announcements in the new year.

“However, we’re not focused on building scale for its own sake. In fact, in order to acquire the right quality businesses, we only develop more detailed conversations with around one in eleven of the firms we hold initial exchanges with.

“While the growth is exciting, our primary focus will always be on meeting the needs of our clients. We believe Succession is well placed to meet the growing demand for personalised, holistic and truly independent advice, with these being at the heart of what we do.”

This double acquisition comes several weeks after International Adviser reported on media speculation that Succession’s private equity firm Inflexion would launch a formal auction of the IFA firm during the early part of 2022.

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