Consolidator Succession has announced the acquisition of two member firms for a combined £3m.
Cornerstone Financial Planning and Hopkinson Associates become the sixth and seventh firms acquired by the business, adding around £100m in assets under advice.
Succession declined to provide a breakdown of the asset split between the two firms or the price paid for each business.
Both have been members of the business for three years. Succession operates an ‘integration model’, prompting member firms to adopt the consolidator’s systems and processes before being acquired.
Succession chief executive Simon chamberlain says: “These acquisitions create long-term continuity for clients and offer outstanding career opportunities for staff.
“Succession group plans to rapidly acquire businesses that have completed its comprehensive transition programme, designed to maximise the volume of recurring income and improve the sustainability of income with bespoke systems and processes.
“We have 13 more acquisitions in the pipeline that we intend to conclude over the next 12 months and 30 more firms in a landing pattern to be acquired as we move to our target of acquiring the best 50 firms from the membership with £7bn of assets by 2017.”
Cornerstone Lifestyle Financial Planning managing director Malcolm Stone says: “I am looking forward to the next phase of my career, creating a lasting legacy for Succession group by heading up and developing a cash flow forecasting proposition”.
Hopkinson Associates principal Terry Hopkinson adds: “This acquisition will enable us to spend more time with clients, focusing on the things that matter for them, and preparing for their long term future with financial planners who share the same philosophy and use the same processes and systems, ensuring the same level of client care and seamless continuity when the time comes for my own retirement.”