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Business & Economy

Fairstone expands with Findlay & Company Financial Services deal

A Chartered financial planning firm has expanded after making its third acquisition this year.

Fairstone has taken on Dundee-based Findlay & Company Financial Services.

The move comes after the Newcastle-headquartered business was named most acquisitive wealth management firm in the UK for 2020 and the second most acquisitive firm overall in the ICAEW Corporate Financier annual review.

Bosses say the deal for Findlay, which specialises in advice and management of investment and retirement portfolios, brings an additional 1000 clients into the Fairstone group, secures funds under management of more than £100 million, and adds five advisers and four support staff.

They also say it further highlights the strength of Fairstone’s proprietary downstream buyout (DBO) model, which integrates ambitious IFA firms into the group, typically over a two-year period, prior to final acquisition.

Lee Hartley [pictured], Fairstone chief executive, said: “Findlay & Company Financial Services are a great firm and share our core values of placing clients at the heart of everything we do.

“The manner in which integration has been handled demonstrates they are an excellent fit for us.

“Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence.

“Finalising this deal with Findlay brings a valued addition to our group.”

Findlay principal Steve Race said one of the main reasons it chose to join Fairstone was the firm’s professional approach and financial strength, combined with its client-centric ethos.

He said: “Joining Fairstone provides our clients with the comfort that we will be around for years to come to provide them with first-class, independent financial advice.

“Having listened to several propositions from buyers, Fairstone stood out from the crowd with their professional approach and their commitment to our customers and our company.”

Lee added: “Our approach is the exact opposite of the traditional ‘consolidator’ model and our underlying numbers – from client satisfaction and client retention through to earn-out performance – fully back this up.

“Buying businesses is easy, integrating multiple firms into one organisation that can deliver sustainable growth is far more difficult.

“That is exactly why we developed the DBO model and why we work with quality firms that are confident about the future.”