Financial Planning-focused wealth manager Fairstone has boosted its footprint in East Anglia with the acquisition of a Norfolk-based Financial Planning firm.

The firm being acquired is Allen Tomas & Co, based in Dersingham near King’s Lynn.

Allen Thomas & Co advises more than 260 clients and manages £120m worth of client assets.

Allen Thomas is headed by whole of market Financial Planners Ben Allen, 51, and Michael Crisp, 34. The firm has provided investment, retirement planning and wealth management services to individuals and businesses since 2014.

Allen Tomas & Co first partnered with Fairstone in July 2023 through Fairstone's progressive acquisition Downstream Buy Out (DBO) programme.

Fairstone announced its 100th Downstream Buy-Out (DBO) deal in June when Richardson Premier Wealth became the 100th partner firm to join Fairstone via the DBO route.

Fairstone says it is actively seeking more DBO partners in East Anglia as it pursues its national expansion plans.

Russell Bignall, group managing director at Fairstone, said: “We’re delighted that Ben, Michael and the team at Allen Tomas & Co are now part of the Fairstone family.

“Their client-focused approach and determination to grow the business tallies perfectly with our philosophy and their location further boosts our presence in East Anglia. The acquisition underscores Fairstone’s dedication to expanding our footprint on a regional and national scale.

“With our sights firmly set on growing client assets under management from £20bn to £40bn over the next five years, we’re looking to partner with similarly ambitious, forward-thinking firms right across the UK and Ireland.”

Ben Allen, business principal and Chartered Financial Planner at Allen Tomas & Co, said: “We’re thrilled to have become part of the Fairstone group. Fairstone’s focus on putting the client first was so important for us.

“Importantly, Michael and I will retain our Chartered Independent status, meaning that we will continue to provide unbiased financial advice to clients and recommend products from the whole of market.”

Fairstone operates from more than 50 different locations, employs more than 1,250 people serving over 60,000 wealth clients and is aiming to double client assets under management to £40bn over the next five years.