February 28, 2019 @ 11:42 by Richard Dawson
Fairstone, one of the UK’s largest chartered financial planning firms, today announces that Pensions and Wealth Management Services Ltd (PWMS), has been fully acquired by the business.
The purchase further highlights the strength of Fairstone’s proprietary Downstream Buy Out (DBO) model in integrating ambitious IFA firms into the group.
PWMS, which specialises in the management of investment and retirement portfolios, has two offices; one in Harpenden, Hertfordshire and another in Burscough, West Lancashire.
The acquisition brings an additional 400 clients into the group together with PWMS’s four advisers and four support staff. The acquisition secures gross fee income of £1m for Fairstone together with funds under management of almost £200 million.
Commenting on the deal, Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition with Pensions and Wealth Management Services having worked with the firm throughout the integration phase of the DBO programme.
“Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction. Both David and Robert Halsall, in common with all of their team, have been a joy to partner with and they really are first-class professionals in their field.
“PWMS has a reputation for excellent client service which makes the firm a strong cultural fit with Fairstone. This marks a great start to the year and reinforces our intent to partner with the highest-quality firms who share our culture as well as our commitment to ensuring client interests are never compromised as a result of a sale.”
Company principal at Pensions and Wealth Management Services Ltd, David Halsall, said: “Joining Fairstone allows us to concentrate on working with our long-standing clients, safe in the knowledge that we are part of a company which has clients as its main focus.
“After considerable due diligence, it was clear that Fairstone was the standout offering. We wanted to work with a Chartered business that believes in independence and whole-of-market choice.
“We felt that the Fairstone proposition was quite unique in its construct and provides an outstanding support framework which takes care of all the business quality and regulatory requirements. Ultimately this provides us with the platform to build from over the coming years.”