Independent wealth management firm acquires six businesses

Succession Wealth has acquired six financial advisory businesses from around the United Kingdom.

Together, the deals add up to £800m in assets under management, bringing Succession’s total AUM to more than £8bn.

As a result of the six new acquisitions, a further 2,100 clients will join Succession Wealth, as well as 16 qualified and experienced Financial Planners.

In April, Succession Wealth announced it had secured over £100m of additional financing facilities through its existing financing arrangements, to fund an intensive acquisition plan and accelerate its national growth and presence.

As a result 55 firms have now joined Succession since 2014 – an average of one acquisition per month.

The latest six acquired companies are:

  • Mackenzie Investment Strategies, Inverness
  • Winter Financial Services, Marlow
  • Warwick Butchart Associates, Cheltenham
  • Killermont Investments, Glasgow
  • Additional Glasgow business acquired subject to FCA Change of Control approval
  • Ellaby Pollard, Bristol

James Stevenson, CEO, Succession Wealth, said: “We are delighted to welcome the proprietors and staff of these outstanding businesses on board.

“We share common values and a relentless drive to achieve excellence for our clients.

“We look forward to these acquisitions continuing to drive the growth and development of our national business.

“Since the launch of our advisory business just five years ago and the acquisitions we have completed, Succession Wealth is now in a very strong position to continue to deliver sustainable growth and become the UK’s foremost professional financial planning practice.

“The most sustainable companies prioritise their relationships with their clients and stakeholders, and our aim is to ensure everyone who is interested in benefiting from full Financial Planning and wealth management has ready access to the best possible advice.

“These latest acquisitions extend our national coverage, creating new regional offices in Inverness and Bristol and considerably strengthening our already significant presence in Glasgow and the Thames Valley.”

Duncan Mackenzie, founder of Chartered Financial Planning firm, Mackenzie Investment Strategies, said: “Succession has invested heavily in Scotland and, for us, it was essential for our clients and staff to join an established, reputable company that would allow us to foster the same level of trust and provide the same quality of service upon which we had based our reputation.”

Bristol based financial advisory firm, Ellaby Pollard’s managing director, Andy Barr, said: “Our clients will continue to receive high quality financial planning advice but will also enjoy enhanced services and an improved proposition as a result of us becoming part of a larger, national organisation.”

Mr Stevenson added: “Succession has a proven and extraordinarily successful acquisition model.

“Testament to this are the 55 highly respected Financial Planning businesses which have come on board in the last five years, as well as the pipeline of high quality, scaled IFA businesses with whom we are working towards acquiring through the year.

“We take pride in the fact that so many of our people – particularly our former business owners – remain with us.

“This ensures that our clients receive continuity of service from a local business delivered nationally.”

Clifton Asset Management plans series of targeted acquisitions

Clifton Asset Management has acquired Plan For Life Wealth Management for an undisclosed fee. The deal is the first in a series of “targeted acquisitions” planned by the company to create a network of small financial advisory businesses.

The firm said its business model aims to “disrupt the established advisory firm acquisition model by creating targeted, geographic centres of excellence”.

These regional centres will be run by Clifton Asset Management through its subsidiary Clifton Wealth Partnership.

Each regional centre will enable smaller firms in the area to compete better with larger rivals by providing access to back office services, technology and products under the Clifton umbrella.

Clifton said IFA firms will be able to join the centres either through acquisition or via appointed representative (AR) status.

Targeted Acquisitions

Clifton Asset Management group financial planning director, Anthony Carty, said of the first acquisition: “Plan For Life is a great business which has been running since 2011 in a region not known as a ‘hub’ for financial services.

“We aim to build on the excellent work that Plan For Life has delivered thus far, with a package of services to enhance the customer journey still further.

“These services include our own low-cost investment platform, in-house DFM model portfolios and highly-interactive client portal.

“We have spent years developing our capability, both with resources and technically. We believe we have a model which will appeal to advisers who simply want to concentrate on providing the best outcomes for their clients.

“This is the first in a series of targeted acquisitions.”

If you would like to find out more information about Clifton Asset Management, please visit https://www.clifton-asset.co.uk/

JLL expands logistics advisory business with Vincia acquisition

Real estate services firm JLL has expanded its supply chain and logistics advisory platform with the acquisition of Vincia in France.

JLL acquired the French supply chain consulting business for an undisclosed sum and said the deal supports JLL’s plans to expand its industrial and logistics business and strengthen its supply chain platform by investing in markets across Europe, the Middle East and Africa (EMEA).

The deal will expand JLL’s supply chain and logistics platform which currently provides services to landlords, occupiers and developers with more than 250 dedicated experts across 18 locations in EMEA.

Established 20 years ago, Vincia specialises in helping clients in the manufacturing and distribution services sectors to enhance their performance in the areas of service, cost and quality.

The acquisition of Vincia strengthens JLL’s capabilities in the sector which follows the acquisition of logistics and supply chain firm GCL Europe in 2014.

Charles Boudet, managing director, JLL France, said: “At a time of changing purchasing behaviour and the widespread introduction of omni-channel services, the logistics and supply chain market presents new opportunities for our clients.

“This acquisition strengthens our expertise in the sector and is key to enhancing our ambitions to grow our supply chain and logistics operations in France and beyond.”

Laurent Vallas, regional director and industrial and logistics assets sponsor, JLL France, said: “The acquisition of Vincia enables us to respond to the growing market demand for supply chain consulting services.

“It is an expansion of our capabilities in the sector which follows our acquisition of GCL Europe in 2014.”

Fabrice Mattei and Pascal Querro, co-founders of Vincia, said: “We have worked with JLL for a number of years on key projects.

“These shared experiences have always delivered great value to our clients and have proven that we share the same principles and culture of excellence.”

BSI PHOTO

BSI announces acquisition of US firm AppSec Consulting

BSI, a business improvement company, today announced the acquisition of AppSec Consulting – a cybersecurity and information resilience (CSIR) company – located in San Jose, California. This will see AppSec Consulting become a part of BSI’s CSIR offering and will operate under the name “AppSec Consulting – a BSI Professional Services Company”.

The acquisition of AppSec Consulting further strengthens BSI’s CSIR services in the United States – one of the company’s key markets.

Established 14 years ago, AppSec Consulting focuses on the US cybersecurity sector, servicing a wide range of clients across the country. The business was initially focused on web application security, penetration testing, and developer training and has since successfully diversified into providing strategic cybersecurity, data privacy, and a range of governance, risk and compliance advisory services.

Howard Kerr, Chief Executive at BSI, said: “This acquisition is reflective of our key strategic aim to expand our cybersecurity and information resilience offering, building a centre of excellence for organizations globally. AppSec Consulting is one of the most professional companies to emerge in the last 20 years. Their services perfectly complement those offered by the BSI Cybersecurity and Information Resilience teams in the UK and Ireland, which together with their reputation for excellence in client service, makes this a perfect match.”

Brian Bertacini, President at AppSec Consulting, commented: “Merging with BSI is the natural next step for AppSec Consulting, providing huge opportunity for both our clients and employees alike. We are delighted to benefit from BSI’s global reach and broader range of services, which – when combined with our proven cybersecurity expertise – will allow us to further expand and flourish.”

ACQ PHOTO

Canaccord Genuity acquires UK advisory firm McCarthy Taylor

Canaccord Genuity Wealth Management, the UK and Europe wealth management arm of Canada’s Canaccord Genuity Group, has bolstered its national presence by taking over Worcester-based financial advisory business McCarthy Taylor.

McCarthy, set up in 1998, offers bespoke financial planning and discretionary investment management services. The firm services clients across the Midlands.

Canaccord Genuity Wealth Management CEO David Esfandi said: “The acquisition of McCarthy Taylor represents an opportunity to expand our Midlands presence and creates a regional financial planning centre of excellence, which will be fully supported by our broader UK team.

“Together we share an unwavering commitment to expanding our offering of best-in-class fully integrated investment management and wealth planning services to discerning investors across the UK.”

The acquisition, whose financial terms were not disclosed, adds around £171m to Canaccord’s books.

McCarthy CEO Paul Taylor said: “Today marks an exciting chapter in the evolution of our business, and I am confident that joining Canaccord Genuity Wealth Management will bring significant benefits for our clients and our employees as we expand our services and opportunities.”

Paul Taylor will remain actively involved in the business to ensure a smooth transition.

In 2017, Canaccord Genuity Wealth Management snapped up British wealth manager Hargreave Hale.

For more information about Canaccord Genuity Wealth Management, please visit https://www.canaccordgenuity.com/wealth-management-uk/

SAV PHOTO

Savant Capital Management expands footprint through acquisition

Savant Capital Management, a nationally-recognised, fee-only wealth management firm headquartered in Rockford, Illinois, and one of the nation’s largest independent registered investment advisory (RIA) firms, today announced it has acquired Chicago-based D3 Financial Counsellors, a $290 million RIA firm.

Founded in 1997 by Donald Duncan, D3 Financial Counsellors is an independent, fee-only fiduciary financial planning firm based in downtown Chicago, with additional locations in Downers Grove, Illinois, and Santa Fe, New Mexico. D3 Financial Counsellors offers financial planning, portfolio management, and wealth management services to individuals and families, corporate executives, medical professionals, and business owners. This acquisition further strengthens Savant’s Chicago footprint by increasing its presence to six offices located in downtown Chicago, Downers Grove, Hoffman Estates, Naperville, St. Charles and Wilmette.

“As we continue to expand and identify future growth opportunities in Chicago and beyond, we look for RIA firms that are committed to the fiduciary standard – always acting in clients’ best interest,” said Brent Brodeski, Savant CEO. “D3 Financial Counsellors is an RIA firm that embodies fiduciary excellence and we are proud to welcome the entire team and their clients to the Savant family.”

Duncan, founder of D3 Financial Counsellors, added, “Our fiduciary standards, business philosophies, and team-orientated approach are well-aligned with Savant’s, making for an excellent match for the two firms and our clients. The partnership allows us to offer more comprehensive financial planning services to our clients, while continuing to do what we do best – helping to build ideal financial futures for our clients, team, and the communities we serve.”

The Savant and D3 Financial Counsellors acquisition became official at the end of September. The D3 Financial Counsellors team will continue to serve clients at its current locations in downtown Chicago, Downers Grove, Illinois, and Santa Fe, New Mexico. Savant remains committed to growth by supporting future M&A opportunities, both in Chicago and nationwide. For more information, please visit: https://www.savantcapital.com/

About Savant Capital Management

Savant Capital Management is a leading independent, nationally-recognised, fee-only firm serving clients for 30 years with nearly $6.3 billion in assets under management. As a trusted advisor, Savant Capital Management offers investment management, financial planning, retirement plan and family office services to financially established individuals and institutions. Savant also offers corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting.

Savant is regularly recognised among the top wealth managers in the United States. Savant was the recipient of the 2015 Best-in-Business IMPACT Award™, part of Schwab’s IMPACT Awards® program to recognise excellence in the business of independent financial advice. Savant has consistently received other industry recognitions including recently being featured on the Forbes’ top 200 financial advisors list, the Barron’s top 40 independent advisory firms list, being named the #9 rated RIA firm by Financial Planning magazine, and included in additional top advisors lists by Financial Advisor magazine and InvestmentNews.

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Savant Capital Management and its employees are independent of and are not employees or agents of Charles Schwab & Co., Inc. (“Schwab”). Schwab does not prepare, verify or endorse information distributed by Savant Capital Management. The Best-in-Business IMPACT Award™ is not an endorsement, testimonial endorsement, recommendation or referral to Savant Capital Management with respect to its investment advisory and other services.