Fairstone add Goodman Chartered Financial Planners and East Devon Associates to its DBO programme


23 April 2020



Fairstone, one of the UK’s largest Chartered Financial Planning firms, today announces that it has signed up two new firms to its unique Downstream Buy Out (DBO) programme.

The deals bring 1,000 clients, 17 advisers and support staff to the wider business as well as gross fee income of over £2 million and Funds Under Management of £215m, marking another significant step forward in Fairstone’s growth plan for 2020.

Goodman Chartered Financial Planners, based in Tunbridge Wells, Kent, specialise in investments and IHT planning, with four advisers, eight support staff and 520 clients. The firm brings a total fee income of £1.6m and more than £150m FUM.

Based in Sidmouth, East Devon Associates specialise in pensions and investments, with two advisers, three support staff and 475 clients. The firm brings a total fee income of £500,000 and more than £65m FUM.

Fairstone CEO Lee Hartley said:

“We are delighted to bring another two quality businesses into our Downstream Buy Out programme. Both Goodman and East Devon Associates have a strong focus on providing their clients with first-class service, making them an excellent fit with Fairstone, both commercially and culturally.

“Their focus on quality and superior service is exactly what we are looking for in a business and we look forward to working with both companies to help them grow their businesses further.

“Our unique DBO programme is continuing to yield exceptional results, with a significant number of high-quality wealth management firms being onboarded and coming through to full acquisition. These firms are showing consistent growth in performance as they take advantage of the regulatory, technical and operational support that Fairstone provides.”

Fairstone is a full-service wealth management house delivering integration-led growth and its unique DBO approach ensures that companies are fully integrated with Fairstone prior to final acquisition, ensuring a seamless transition for clients and staff.

Significantly, many companies which have successfully reached full acquisition have enjoyed increased organic growth and a higher valuation than expected on purchase. Figures released at Fairstone’s Annual Conference in Newcastle earlier this year showed 15% outperformance across its entire portfolio of acquired businesses, with these firms delivering more revenue, profits and growth than either their own forecasts, or those upon which the buy-out agreements are based.

Graham Salter, principal at East Devon Associates said:

“As a business we have always offered independent financial advice with the emphasis on providing a professional approach and a very personal service.

“We feel that these core values are mirrored by the Fairstone proposition. In addition, the extra compliance and technology support that Fairstone provide will allow us more time to focus on our clients’ needs.”

Goodman Chartered Financial Planners principal Andy Smith explained that the company was attracted to the Fairstone proposition as compliance related to direct authorisation was becoming time consuming and costly, taking advisers away from their role of supporting clients with their goals and objectives.

He added: “Fairstone is aligned with our ethics, ethos and client focus, placing clients at the centre of all planning. Partnering with such a strong national IFA as Fairstone will allow the business to continue to prosper and expand, with greater resources and expertise available.”

Fairstone’s DBO programme continues to be a core driver of growth for the business, reversing the traditional buy and build approach, with integration playing a key role in a firm joining the programme.

Fairstone CEO Lee Hartley added: “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.

“Collectively Fairstone is in a good place to deliver continued growth and excellent client service throughout 2020 and beyond.”

Interested in becoming part of the Fairstone family?

To find out more about how our unique acquisition model could work for you and your organisation, speak to a member of our M&A team today.

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