UK financial planning firm Fairstone has signed up pension and investment specialists Financial Concepts to its downstream buy out (DBO) programme.
The deal brings more than 5,000 clients, six advisers and five support staff to the wider business, as well as gross fee income of £1m ($1.23m, €1.12m) and funds under management of £104m.
Financial Concepts has offices in Carlisle and Whitehaven.
This latest DBO deal is the fifth announced so far this year.
The programme continues to be a core driver of growth for the business, reversing the traditional buy and build approach, with consolidation playing a key role in a firm joining the programme.
The scheme integrates advice businesses into the group within a two-year period.
Lee Hartley, chief executive of Fairstone, said: “We are always looking for strong, high quality businesses with ambitious growth plans to join Fairstone and whilst we recognise that we are all moving into a different climate with challenges ahead, we are in a strong position and we will continue to onboard new DBO firms at our forecasted volume.”
Most recently, Fairstone brought Brantwood Financial Planning and Advanced Financial Services into the scheme.