Sims Financial Planning has become the third adviser acquisition this year for consolidator Fairstone.
Three staff will join Fairstone, bringing funds under management to more than £90m along with total fee income of almost £500,000.
Sims is the latest firm to be fully acquired by Fairstone after joining its downstream buyout programme in July 2015.
The acquisition follows Fairstone’s buyout of Lincolnshire-based Zimb Johnson Bespoke Financial Planning in March.
Neil Sims says the downstream buyout model was a drawcard.
Sims says: “The downstream buyout process has been a vital part of integrating successfully and it has ensured that there were no sudden shocks upon acquisition.”
Fairstone chief executive Lee Hartley told Money Marketing in February the group has between eight and 10 acquisitions in the pipeline for 2018.
He says: “It has been an excellent start to 2018 as we absorb further quality firms into the wider business.”
Hartley says Fairstone has been able to help its firms achieve good organic growth.
He adds: “Because of this, many ambitious [downstream buyout] firms have received a higher valuation for their business on final acquisition than expected.”