Expanding Financial Planner and wealth manager Fairstone has appointed former Abrdn MD Russell Bignall as its new group managing director.

The appointment from 1 October has been designed to support a more ambitious growth strategy through to 2030, the firm said.

Mr Bignall has more than 30 years of experience in the financial services sector, including his most recent role at Abrdn where he was managing director with responsibility for sales as well as chief executive at Abrdn Portfolio Solutions.

Lee Hartley, CEO and founder of Fairstone said: “Fairstone has reached a scale that requires a more robust organisational structure. Including the firms currently being onboarded, our pro-forma revenue has jumped by 38% since the beginning of the last year to reach £160m.

“It is essential that we have the leadership and resources to continue our expansion and capitalise on the growing market opportunities.”

In his new position Mr Bignall will lead a recently appointed team of six managing directors, each responsible for specific functions and regions across the UK. The leadership structure will focus on driving organic growth and advice standards as well as taking ownership for client proposition and the development of the next generation of advisers through Fairstone’s graduate programme.

Mr Hartley said: "Russell’s appointment is the result of an intensive year-long search during which we interviewed over 35 candidates for the role.”

Mr Bignall said: "I look forward to supporting the group’s expansion while ensuring we continue to create the best possible environment for both clients and advisers."

In June Fairstone appointed Nick Stebbing as chief operating officer as part of plans to enhance its investment management business and broaden the range of services it offers clients and advisers.

In April it appointed six new managing directors as it changed its organisational structure.

Fairstone’s M&A team recently celebrated a record 12 months of dealmaking, with 16 firms joining its DBO programme across the UK and Ireland and a further six full acquisitions.

It said its transaction pipeline looks strong into 2024, with a significant number of 'mature discussions' with firms in the UK and Ireland.

Fairstone has fee income of more than £135m and operates from more than 55 locations with a head office in Sunderland and a City office in London. It has financial management, private wealth, corporate solutions, mortgage solutions and estate planning channels.

The firm employs more than 1,200 staff and regulated advisers and oversees £15bn in funds under management for more than 55,000 wealth management clients.