Milton Keynes-based Financial Planning firm Boosst is transitioning to an Employee Ownership Trust (EOT), the so-called John Lewis model.

Following the move to employee ownership, the firm will be 100% owned by the 14 staff.

Employee ownership via an EOT has become an increasingly popular route for some Financial Planning firms.

In 2023 South West-based Chartered Financial Planning firm Goodmans moved to employee ownership. Bristol’s Ovation Finance and Paradigm Norton businesses and Darlington's Eldon Financial Planning are also employee owned.

Boosst says the move will secure its “long-term independence and commitment to clients.”

Boosst was launched as a business in 2018. From 2005 to 2018 the firm was know as Financial Aspirations Ltd.

Keith Butten, owner of father and son-managed Boosst, said he had made the move after ruling out selling the business to an external buyer.

He said: “Although it has become the industry norm, selling our team and our clients to an external entity would never sit right for the family. This transition to a trust allows us to stay true to our values and our commitment to our clients.”

Boosst says it will continue to focus on providing an exceptional client experience, employee development and sustainability. Significant milestones for the firm have included building an eco-friendly office and winning the CISI’s Accredited Financial Planning Firm of the Year award in 2020.

Keith Butten’s son Josh Butten, effectively the firm’s managing director, will continue in the role and take on additional responsibilities. He will also be issued share options.

Josh Butten said: “This decision secures our independence and makes Boosst an infinite entity. The client families we support don’t have an expiry date, and now we don’t either.”

Keith Butten added: “With Josh as a second-generation owner aged 32, Boosst was already in a strong position when it comes to longevity. This change to employee-ownership shows our commitment to our employees and our clients that Boosst truly exists for their benefit.”

Keith, Linda and Josh Butten says they have transferred 100% of their shares to the EOT without imposing any third party debt on the business. The new independent trustee is Steve Hardy, retired, one of Keith Butten’s first clients some 35+ years ago and someone who knows the firm well.

Keith Butten says he will remain remains actively involved as a Financial Planner and trustee to ensure continuity and stability.

He said: “Becoming employee owned is the best possible news for clients as they will be dealing with the same people, same ethos, same values and now know that their favourite boosst team members have a confirmed stake in Boosst's future success.”