Consolidator Succession has acquired four advice firms – Demontfort, Langham, MacDonald & Co and Independent Insurance Advisers – for £10.5m
The acquisitions, which remain subject to regulatory approval, take the number of firms in Succession’s wealth management business to 30.
Purchasing Demontfort Financial Advisers, Langham Pensions & Investments, MacDonald & Co Wealth Management and Independent Insurance Advisers (trading as Quintell), is set to bring combined funds under management of nearly £350m into the Succession group.
Succession chief executive Simon Chamberlain said that the regulatory and commercial pressures on advice firms looking to provide an affordable service were now “almost insurmountable”.
The latest acquisitions come from across the UK, with the firms based in Rugby, Suffolk, Gourock in the west of Scotland and Cheltenham respectively.
Demontfort has been a Succession member since 2009, Independent Insurance Advisers since 2010, and MacDonald & Co since 2014.
Succession has set a target of acquiring another 20 of its members firms over the course of next year.
The FCA began writing to consolidators requesting information on suitability processes when acquiring new firms late last year, Money Marketing revealed.
It is understood that a number of consolidators have now received feedback from the regulator but the FCA has not made this public yet.