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SJP partner firm buys Scottish financial planning company

It hopes to complete a ‘series of deals’ in the coming months

Magnifying glass over map of Scotland


The advice arm of Scottish law firm Gilson Gray has acquired North Berwick-based Wallace Financial Planning for an undisclosed sum.

As part of the deal, Wallace Financial Planning will rebrand to become part of Gilson Gray Financial Management (GGFM), but it will retain its current office in North Berwick.

The acquisition increases GGFM’s assets under management by 20%.

Scott Wallace, the former owner of Wallace Financial Planning, joins GGFM as a financial adviser. He will be responsible for advising existing and new private clients.

GGFM offers financial advice to private and corporate clients across the UK and is a senior partner practice of St James’s Place (SJP). Wallace Financial Planning also operated under the SJP umbrella.

More deals on the horizon

Steve Herkes, managing director of GGFM, said: “Scott’s success in establishing a trusted and client-focused service shows his dedication to helping his clients achieve their financial objectives. This approach is a perfect match to Gilson Gray’s business philosophy.

“We are looking forward to delivering even stronger service to our clients and cementing our position in East Lothian as the go-to adviser for legal, property, and financial services. Our aim is to offer the local community a full range of services that would typically only be available in cities.

“The acquisition of Wallace Financial Planning is the first of what we hope will be a series of deals in the months ahead that will significantly enhance our wealth management footprint across Scotland.”

The deal comes a year after GGFM completed the purchases of Dunblane-based financial planning firm GCR Financial and Glasgow-based advice company Westbourne Wealth Management for an undisclosed sum.

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