Sovereign has offices in Bath and Bristol and is a whole-of-market advice firm specialising in investment and retirement portfolios.
The deal is the second in the South West this month. Earlier in December Fairstone acquired Sabre Financial based in Kingsbridge in South Devon.
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Sovereign Wealth Management, having worked hand-in-hand with them throughout the integration phase.
“The team are a strong cultural fit for Fairstone, with high quality individuals who really care and put clients at the heart of what they do.”
Company principal at Sovereign, Marcus Harris, said: “I am pleased to have integrated the company with such a forward-thinking and client-focussed firm as Fairstone. “We look forward to continuing to deliver first-class service to our clients as part of the Fairstone family.”
Fairstone continues to expand and says it is looking for further acquisitions in the near future. It says nine firms have joined its progressive acquisition Downstream Buy Out programme in 2020 and 48 firms since 2011.
Fairstone has 380 regulated advisers and 275 operational staff, acting for over 69,000 clients and overseeing a total of £9.5bn in funds under management.