Thinc Group has acquired Southampton-based IFA firm FS3 as it continues its financial planning acquisition spree.
FS3 has around £100m of funds under management – £75m of personal wealth management and the rest on behalf of corporate clients.
The firm was set up in 2001 by certified and chartered financial planner Mike Godfrey, who will continue at the firm and the brand will disappear.
Godfrey says: “The similarities between the way we have been doing things and the way Thinc operates were uncanny.
“I have become a restricting factor on the business. There are only so many hours in the day and particularly with the employee benefits – the City market – you have to stay at the top of your game. Now I will be freed up from the running of the business in order to focus on advising my clients.”
He joins financial planners Marlene Shalton and Julie Lord, who also recently sold their businesses to Thinc.
Thinc chief executive John Simmonds says: “The acquisition further bolsters our strength, client base, expertise and geographical reach.”