Fraser Heath has assets under advice of £352m and 23 employees including seven Financial Planners and five Paraplanners. The company was formed 15 years ago and offers clients wealth management, retirement planning and workplace pensions.
The deal will boost 1825’s total number of Financial Planners to 70, advising around 8,500 clients on around £3.7bn of assets.
Fraser Heath’s long-established leadership team of Jim Collier, Alan Loomes and Mark Fletcher will continue the day to day running of the business post completion of the acquisition. In addition Mr Collier becomes managing director for the South West Regional office of 1825 and will join the 1825 Executive Committee.
Mr Collier, managing director at Fraser Heath, said: “In coming to this decision, we’ve undertaken a full due diligence process on 1825 and through this we’ve found that we share a number of core beliefs, including a focus on long-lasting client relationships, a similar culture and comparable investment solutions.
“We’re also looking forward to benefiting from being part of a larger group, from sharing and accessing resource, to further development of our people and fantastic career opportunities.”
Julie Scott, 1825 chief executive, said: “Fraser Heath is a great addition to our business and we welcome them to 1825. Establishing a regional office in the South West extends our Financial Planning footprint even further across the UK.
“It’s just over two years since we launched 1825 in response to the growing demand for financial advice and there are many more exciting opportunities out there as we continue to create a Financial Planning business of significant scale. We remain focused on growing 1825 and helping our clients plan to live the life they choose.”
The transaction is expected to complete in Q1 2018 subject to certain conditions being satisfied, including receipt of regulatory approvals, says 1825.