Friday, 05 October 2018 10:32

Succession hires more Financial Planners as turnover rises 71%

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Succession Group Succession Group

Succession Holdings, which has a number of Financial Planning subsidiaries, increased the turnover at its advice business by 71% last year.

The firm’s latest results showed that its advice business turnover grew from £26.4m to £45.3m in 2017.

The number of Financial Planners also increased from 112 to 169 over the course of the year.

The group also boosted spending on management staff and capital last year and increased its regional hubs from nine to 12.

  

The report, which was on uploaded to the Companies House website, read: “This investment provides a strong platform to manage the significant expected future growth of the advisory business.”

Committing to further acquisitions it added: “Succession Holdings Ltd Group (Succession) continues to provide an investment platform service and to increase its standing as a UK-wide independent wealth management specialist through the acquisition and subsequent growth of regulated financial advisors.”

And, elsewhere the report, it said: “The group’s initial business plan was to make 50 acquisitions by the end of 2018.

“To date, there have already been 47 separate deals, which have resulted in the acquisition of 52 separate companies and a further 14 trade and asset deals.

“These businesses are being fully integrated and re-branded under the Succession name”

Other highlights included a 21% increase in platform funds under management to £3.5bn from £2.9bn in 2016 and staff numbers rose by 55% from an average of 254 in 2016 to 394 in 2017.

A statement on behalf of the board read: “The directors are pleased with the group's financial performance and continued improvement in 2017, which is in line with the group's business plan.”

 

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Last modified on Friday, 05 October 2018 16:39
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