Buoyant Fairstone Group 'set for new chapter'

A national wealth management firm says it has “laid the foundations for a new chapter across the next decade” after bolstering annual earnings by a third.

Fairstone Group saw revenue grow 32 per cent in its 2023 financial year, with funds under management topping £17 billion.

And bosses say the Sunderland-headquartered financial planner is primed to hit £40 billion in client assets by the end of 2030, thanks to an enhanced service strategy that will “solidify its position as a leader in wealth management”.

Led by a ‘hub network’ of operational centres “that will enable faster decision-making and closer proximity to regional markets”, the firm is also expanding its Mineral-branded remote advisory platform that supports clients’ less complex financial needs.

The update was revealed yesterday (Wednesday, October 9) in the company’s annual report, which showed pro forma fee income reached £154 million in the last quarter of 2023, and client numbers hit 109,000 across mortgage and wealth services.

The firm also enjoyed a record-breaking acquisition year, with six full takeovers complemented by 15 partnerships and the 80th agreement under its downstream buyout model, which allows operators to work towards a sale at a future date.

Hailing its progress, chief executive Lee Hartley said the firm – which has offices across the UK and has completed further takeovers in 2024 for companies including Epsom’s Grayside Financial Services and Swindon's Executive Wealth Management – has positioned itself to “thrive” in future years.

He said: “Our continued growth stands us in good stead for the implementation of the next phase of our strategy. 

“Our Mineral service is evolving to meet current demands while ensuring we maintain important intergenerational connections within our client base, and our hub strategy will also play a crucial role in our ability to scale. 

“Each hub will evolve into a fully equipped operational centre, mirroring our head office, and create a more agile and responsive organisation.

“We are confident our expanded strategy will allow us to reach £40 billion in client assets by the end of 2030.”

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