Fairstone has signed the deal with Chartered Financial Planner firm Financial Concepts, adding Funds Under Management of £104m.
Financial Concepts has two offices, in Carlisle and Whitehaven, serving 5,000 clients. It has six advisers, five support staff and gross fee income of £1m.
The firm offers a range of services including savings, investment, retirement planning and mortgage advice.
The new deal, using Fairstone’s Downstream Buy-Out model (DBO), is the fifth announced by Fairstone so far this year.
Earlier this month Fairstone announced the planned acquisition of Brantwood Financial Planning and Advanced Financial Services and in April added Goodman Chartered Financial Planners in Kent and East Devon Associates to its DBO scheme.
Fairstone’s DBO acquisition model means steady integration of Financial Concepts over the next two years followed by full acquisition.
Fairstone chief executive Lee Hartley said: “We are pleased to welcome Financial Concepts into our Downstream Buy Out programme. The business has a strong focus on providing quality, first-class service and has a client-centric ethos, making them an excellent fit for Fairstone.
Financial Concepts principal Nigel Shackleton said: “We wanted the opportunity to join a national Chartered IFA and joining forces with one of the largest Chartered Financial Planning firms in the UK makes very good sense.
“Fairstone share the same high business standards and are like-minded in approach and priorities – clients must come first. We look forward to developing our businesses together.”
Fairstone is a national firm with 345 regulated advisers and 265 operational staff. It has 65,000 clients and £10.8bn in client investment assets.