Chartered Financial Planning-focused Fairstone has acquired Taunton-based £125m AUM financial adviser 1st Financial Group in a boost to its footprint in the West Country.
1st Financial, based in Taunton, Somerset, provides independent financial advice, investment management, estate planning and mortgage advice services to 4,000 clients.
The firm has three independent financial advisers and a mortgage and equity release adviser.
The company is led by Phil Higginson and initially partnered with Fairstone in January 2022, joining its progressive acquisition model.
1st Financial will now become Fairstone Taunton.
Phil Higginson, principal at 1st Financial Group, said: “We’re very proud to become part of Fairstone. It has enabled us to continue to grow our business as well as providing our existing clients with reassurance and peace of mind that they are backed by a major national firm.
“Having access to cutting edge technology and an extensive IT infrastructure has also helped to drive efficiencies within the business and ensure we can do more things for more clients.
Rob McDonnell, managing director (South) at Fairstone, said: “We’re delighted to welcome Phil and the 1st Financial Group team on board. The business has built an excellent reputation for delivering high-quality Financial Planning, investment management and mortgage advice, making it a strong strategic and cultural fit for our group.
“The addition of 1st Financial enhances our ability to serve clients across Somerset and the wider West Country while providing additional access to a growing client market.
“The region benefits from sustained population growth, a high proportion of retirees and business owners, and increasing demand for holistic financial advice as people seek support with retirement, investments and intergenerational wealth planning."
Fairstone has expanded rapidly and has 50 locations and employs more than 1,450 people serving 60,000 wealth clients. The firm looks after assets of more than £23bn for clients.