The firm says the two purchases highlighted the strength of its proprietary Downstream Buy Out (DBO) model, which it says “reverses the traditional buy-and-build approach in integrating ambitious IFA firms into the group”.
The deals mark a total of four outright acquisitions so far this year.
Leicester-based Bankfield and Devon-based SWFP, both specialise in holistic Financial Planning and wealth management.
The deals bring an additional 2,700 clients into the group together with 12 advisers and seven support staff and the acquisition also secures gross fee income of £1.5 million for Fairstone, together with funds under management of more than £120m.
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisitions of Bankfield and South West Financial Planning, having worked closely with them through our proprietary DBO programme.
“Both Bankfield and SWFP are dedicated to quality service and like Fairstone, take a client centric approach to business.
“Fairstone also places a focus on firms with an appetite to grow and develop and this is an ambition shared by both Bankfield and SWFP.
“We are delighted to finalise these two deals and bring two further respected businesses into the group.”
Company principal at Bankfield, Naren Naik, said: “Having been in the business for some 44 years and been a senior member of the corporate team at AIG, I realised many years ago, an organisation is only as good as its people.
“Having spent time with the most senior members of Fairstone I was satisfied that these were people I could trust to honour their commitment to do the best for my clients and staff.
“I am pleased to say that the trust was well founded.”
Company principal at South West Financial Planning Ltd, David Roberts, said: “The Directors of SWFP Ltd wanted to enhance the service offering available to our clients by tapping into the additional resources available to a national firm of independent advisers such as Fairstone.”