Fairstone expands in East Anglia with latest acquisition

Fairstone has further expanded its presence in East Anglia with the acquisition of a Norfolk-based financial adviser.

The fast-growing wealth management group, which announced its 100th Downstream Buy-Out (DBO) deal in June, has bought Allen Tomas & Co.

Based in Dersingham near King’s Lynn, Allen Tomas & Co currently advises more than 260 clients and manages £120m worth of client assets.

Headed by independent financial planners Ben Allen, 51, and Michael Crisp, 34, the firm has been providing a range of investment, retirement planning and wealth management services to individuals and businesses since 2014.

Allen Tomas & Co first partnered with Fairstone in July 2023 through its unique Downstream Buy Out (DBO) programme.

The DBO model is designed to unlock the full potential of independent advisory firms by investing in their growth during a period of partnership, before fully acquiring the business at a point in the future.

During the partnership period, Fairstone provides comprehensive infrastructure, regulatory, and compliance support, allowing firms to focus on their clients while maximising business value, prior to being fully acquired by Fairstone.

Allen Tomas & Co’s partnership period started in July 2023 and has now completed with the firm now becoming a full part of Fairstone.

Fairstone is actively seeking more DBO partners in East Anglia as it pursues its national expansion plans.

Russell Bignall, Group Managing Director at Fairstone, said: “We’re delighted that Ben, Michael and the team at Allen Tomas & Co are now part of the Fairstone family.

“Their client-focused approach and determination to grow the business tallies perfectly with our philosophy and their location further boosts our presence in East Anglia.

“The acquisition underscores Fairstone’s dedication to expanding our footprint on a regional and national scale.

“With our sights firmly set on growing client assets under management from £20bn to £40bn over the next five years, we’re looking to partner with similarly ambitious, forward-thinking firms right across the UK and Ireland with increased valuations on offer for growth-focused wealth advisers.

“Our DBO model remains a compelling choice for ambitious firms pursuing sustainable growth and improved client outcomes. In the past two years, the average value received by firms after earn-out has been 120%, with the most successful firm hitting 180%.”

Ben Allen, Business Principal and Chartered Financial Planner at Allen Tomas & Co, said: “We’re thrilled to have become part of the Fairstone group.

“Fairstone’s focus on putting the client first was so important for us – joining Fairstone means that our current clients will be able to benefit from the support, reassurance and IT capabilities of a major national firm while still getting personalised advice informed by our local knowledge and understanding of the area.

“Importantly, Michael and I will retain our Chartered Independent status, meaning that we will continue to provide unbiased financial advice to clients and recommend products from the whole of market.

“And with Fairstone’s head office team providing support on compliance and regulatory matters, it frees up more of our time to concentrate on advising clients, growing the business and working closely with professional connections.”

Fairstone is one of the fastest growing financial services organisations in the UK and Ireland.

It operates from more than 50 different locations, employs over 1,250 people serving over 60,000 wealth clients and is aiming to double client assets under management to £40bn over the next five years.

In June, Richardson Premier Wealth Ltd became the 100th partner firm to join Fairstone via the DBO route, reinforcing Fairstone’s position as one of the most established and proven acquirers in the financial advice sector.

The innovative DBO model offers capital investment, operational resource, and regulatory support to partner firms, allowing them to focus on developing their performance without being restricted by back-office or compliance workload.

It also gives firms the ability to sell at the optimum time, ensuring they realise maximum value when the time is right for them and they share in the proceeds of their growth.