Leeds-based Howton Financial Services has become the third firm to be acquired by consolidator the Fairstone Group in 2016.
Fairstone announced it fully acquired Howton today, though the consolidator’s model means it will initially take only a minority stake in the IFA and integrate it into Fairstone over a number of years.
Fairstone first partnered with Howton three years ago. Another 22 adviser firms currently have a similar partnership with Fairstone with a view to complete acquisition at a later date.
Howton Financial Services managing director Paul Howard says: “In joining Fairstone we were able to transfer the somewhat onerous compliance and regulatory responsibilities to them which allowed us to commit greater time and resource to client care and service.”
Fairstone Group chief executive Lee Hartley says: “Having joined Fairstone, we have given Howton back the time previously spent on compliance and regulatory issues allowing Paul and his team to fully focus on their clients.”
In November, Fairstone announced it was buying Bankfield Financial Advisers through the same model as Howton and, earlier this month, it confirmed its acquisition of Leicestershire-based My Wealth Management.