Wealth manager bolsters portfolio with West Country deal

A national wealth management firm has expanded with a takeover.

Fairstone has bought 1st Financial Group.

Officials say the move for the Taunton-based operator will provide access to a “growing client market” across Somerset and the wider West Country.

Known for supporting more than 4000 clients and managing £125 million of assets, 1st Financial Group’s services include financial and mortgage advice, investment management and estate planning.

The deal comes after 1st Financial Group joined Fairstone’s downstream buyout programme in early 2022 – which allows owners to work with the company and grow operations while planning for a sale – with the business now rebranded as Fairstone Taunton.

It follows Fairstone moves for West Sussex’s Foundation Financial Planning, Grainger Financial Planning, Riverstone Wealth Management and two Aberdeen businesses.

Rob McDonnell, managing director (South) at Sunderland-headquartered Fairstone, said: “1st Financial Group has built an excellent reputation, and its addition provides access to a growing client market.

“The West Country benefits from sustained population growth, a high proportion of retirees and business owners, and increasing demand for financial advice.”

Phil Higginson, 1st Financial Group firm principal, added: “We’re very proud to become part of Fairstone.

“Since signing the downstream buyout agreement, we’ve benefited hugely from additional support and resources.

“We’re looking forward to a really bright future.”

Operating from more than 50 bases across the UK, 1450-plus-staff Fairstone manages client assets in excess of £23 billion.

Earlier this month, the firm said it was in a “strong position” to hit a £40 billion landmark after revealing earnings had climbed 17 per cent year-on-year to £179.3 million in the year to December 31.

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