Expanding Chartered Financial Planner Fairstone has acquired two Financial Planning firms managing a total of £183m AUM/A near its North East base.
The acquisitions are: Grainger Financial Planning, based in Sunderland, and Riverstone Wealth Management, based in Morpeth in Northumberland.
The cost of the acquisitions has not been disclosed.
According to Sunderland-based Fairstone, Grainger Financial Planning provides Financial Planning and wealth management services and has been advising clients for more than 15 years. The firm serves 400 clients and has £120m of client assets under management.
Riverstone Wealth Management was set up in 2009 and advises more than 65 clients with £63m of client assets under management.
Both firms first partnered with Fairstone in May 2024 through the firm’s progressive acquisition model and have now become a full part of Fairstone.
Paul Clough, principal at Grainger Financial Planning said: “We’re really pleased to be joining Fairstone. As a company based in Sunderland, like ourselves, it genuinely feels like we’re coming home. Joining Fairstone gives us the opportunity to grow the business while maintaining our commitment to providing trusted, independent financial advice."
Mark Wiseman, founder and firm principal at Riverstone said: “Working with the Fairstone team over the past two years has been great and we’re looking forward to a really bright future. One of the big benefits which we have found is the ability to grow our client base by using the resources, experience and expertise which Fairstone offers us."
Steve Easter, managing director for Fairstone’s Northern region, said: “The acquisition of both firms demonstrates our commitment to further growth in our North-East heartland and to bringing on board ambitious, growing financial advice and wealth management firms.”
Fairstone has expanded strongly in recent years with a rapid series of acquisitions. Earlier this month it established an Aberdeen hub to boost its footprint in Scotland following the acquisition of two local Financial Planning firms. The wealth manager bought independent financial advice firms City Gate Aberdeen and Albyn Associates, both based in Aberdeen.
Fairstone is a fast growing advisory firm with bases in the UK and Ireland. It operates from more than 50 different locations in the UK and Ireland and employs over 1,350 people who advise 60,000 wealth clients. Client assets under management are over £22bn.