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UK financial planning firm makes fifth acquisition of 2020

By Robbie Lawther, 17 Nov 20

Deal adds around £150m to the group’s assets under management

Fairstone has acquired Hampshire-based Cube Financial Planning for an undisclosed sum.

Based in Romsey, Cube Financial Planning is a whole-of-market advice firm specialising in advice and management of investment and retirement portfolios.

The acquisition brings an additional 153 clients into the group together with Cube Financial Planning’s two advisers and one support staff, as well as securing gross fee income of £800,000 ($1.05m, €891,736) for Fairstone together with funds under management of more than £150m.

This is the firm’s fifth acquisition of 2020 after it bought Andrew Cohen Associates in September for an undisclosed sum.

Lee Hartley, chief executive of Fairstone, said: “Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence.

“Finalising this deal with Cube marks a valued addition to our group and continues our scheduled growth plan for 2020.”

DBO scheme

Further supporting Fairstone’s measured growth plan, eight firms have joined its unique downstream buy out (DBO) programme so far this year, bringing more than £1.2bn in funds under management to the wider business.

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.

Most recently, Fairstone signed up advice company Mantle Financial Planning to its DBO programme.

Hartley added: “I can say with confidence that Fairstone remains in a superb position to deliver continued growth throughout this year and far beyond.

“Our strategy is the exact opposite of the traditional ‘consolidator’ model and our underlying numbers – from client satisfaction and client retention through to earn-out performance – fully back this up.”

Tags: Fairstone | UK Adviser

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.