deVere Group believes its new private bank is the first in the world to be owned by an independently-owned financial adviser firm.

A Chartered Financial Planning firm has announced the latest in a long line of takeovers.

Fairstone Group has entered into a downstream buyout agreement with Wakefield-based Lofthouse Gate. 

Fairstone said this was the 12th takeover deal announced in the last year, comprising four full acquisitions and eight downstream buy out deals entered into.

No fee was revealed for the acquisition.

The deal brings total revenue of £850,000 to the Fairstone Group and additional funds under advice of approximately £90million.

Fairstone pledged to work with Lofthouse to acquire new clients and ‘reactivate’ dormant clients.

Lofthouse, founded in 2005, offers specialist pension and investment planning for SMEs and their staff and is run by Principals Roger Fayle, Kirk James and Andrew Kealey.

Mr Fayle said: “Our decision to join Fairstone was based on their market leading support and resources, which will enable us to offer a more efficient client proposition. Making use of Fairstone’s core technology platform and their effective client acquisition programme will enable us to spend more time helping our clients to achieve their financial goals.”

Lee Hartley, CEO of Fairstone Group, said: “With three decades of experience in financial services, Roger and his team bring a clear and efficient approach to his work, incorporating regular meetings and contact to build long-term client relationships. We are very pleased to have a company of this quality join the Fairstone Group.

“Lofthouse Gate’s team of advisers and support staff will now be able to leverage the strength of Fairstone’s system efficiencies, which will benefit both the front and back office, saving valuable time for the advisers and ensuring clients receive the very best financial advice.

“For us it is vital to have both a business and cultural fit with the companies who decide to join us. Having spent time with the team at Lofthouse Gate we are incredibly excited about our future working together.”

Final salary pensions are at risk, due to the ‘new normal’ of a sluggish economy and low returns.

A Sussex company has been awarded the title of CISI Accredited Financial Planning Firm^TM.

Increasing numbers of advice firms are actively planning to hire more staff this year, according to a report.

Financial Planners must have been warned that risk profiling is a critical area and they must be clear over the pros and cons of the tools they are using.

The FCA has warned that “increasingly sophisticated” scams are using DFMs.

The regulator has this morning stressed how advisers must handle insistent clients.

The FCA fears that consumers have been getting advice which may lead to transfers into unsuitable investments, it said this morning.

Many asset managers are set to re-examine their sources of research as new regulations kick in, research suggests.