September 13, 2019 @ 9:48 by Steven Hugill
A chartered financial planning firm has seen its expansion plan deliver immediate reward after recording a rise in clients.
Fairstone says client numbers now stand at 59,000 – a five per cent increase over the past six months.
The Boldon Business Park-based company has benefited from three firms joining its downstream buyout (DBO) programme and the acquisition of a further four operators.
Bosses said latest figures also show 11 per cent outperformance across its entire portfolio of acquired businesses, with these firms delivering more revenue, profits and growth than either their own forecasts or those upon which the buyout agreements are based.
Berkshire-based Chiltern House, Scotland’s East2West Financial Services and Rochdale’s Norden and Bamford all joined Fairstone’s DBO programme in the last six months.
Furthermore, Bankfield Financial Advisers, South West Financial Planning, Brett & Randall, and Pensions and Wealth Management Services were fully acquired, which officials said has brought more than 3500 clients and 37 advisers and support staff into the business.
They added the deals have also brought £4 million in gross fee income to the wider business.
In addition, Fairstone’s Individual Buy Out programme, a retirement proposition for advisers that launched in early 2018, has brought Chartered financial planner Mark John Crichton to the business.
Lee Hartley, Fairstone chief executive, said: “We are a full-service wealth management house delivering intelligent solutions to clients across a lifetime financial journey.
“We have continued to see impressive growth across all of our business streams, and we remain fully on track to delivering our growth plans in 2019,” added Lee, pictured left.
“The structure of our DBO programme ensures we partner with firms with an appetite to grow and develop.
“The firms we have partnered with in the last six months have shown consistent growth and we are delighted to offer our support in all areas of regulation, technology and operations.”
Lee also hailed Fairstone’s Trustpilot score, which shows a client satisfaction rate of 98 per cent.
He added: “Clients are at the centre of everything we do and our Trustpilot score is testament to our commitment to ensuring client relationships underpin all aspects of our business.”