Two Financial Planning businesses have been acquired by Succession Group in a double deal worth £7m.
The takeovers of member firms Lymington-based Highcliffe Financial Management, and Worcester-based Highgrove Financial Planning were announced this morning.

Gerald Bennett, founder of Highcliffe Financial Management, said: “We joined with an accelerated acquisition timetable to build on our strong foundations, and create a realistic succession plan, giving certainty to our clients and employees.

“Being acquired provides fantastic career and professional opportunities for our already highly qualified staff, underpinned by Succession Group’s recent commitment to Level 6”.

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Simon Chamberlain, Succession's group chief executive, recently told Financial Planner in an exclusive interview that the push for Level 6 qualifications was 'morally right'.

His firm has been begun a pilot scheme with the IFP, with 44 staff training for Level 6 qualifications. These include advisers, Paraplanners and compliance staff and the company anticipates it will be completed within two years.

Mr Chamberlain said it was “imperative” that there was a “cultural experience of on-going education for advisers”. 

Steve Gore, MD of Highgrove, said: “We joined as a member in 2011 to prepare for the rigours of RDR, and stayed for the journey. Our expectations were exceeded at every stage: in particular Succession’s investment strategy and investment in technology supported our strong asset growth. We know that the Succession Group operating model suits our clients and having worked with the team for a number of years, there is already a strong cultural fit from our shared commitment to Financial Planning.”

Mr Chamberlain said: “Succession Group is the fastest-growing wealth management firm in the UK because uniquely, our proven consolidation and acquisition model builds value and capital into already successful businesses.”

Next month Succession said it will expand its network of client servicing hubs into Glasgow’s West End and Eastleigh on the south coast.