Fairstone goes West for more growth

Fairstone has expanded its presence in the West Country with the acquisition of a financial advice firm in Somerset.

The fast-growing wealth management group has bought 1^st Financial Group, which is based in Taunton.

1^st Financial provides independent financial advice, investment management, estate planning and mortgage advice services to more than 4,000 clients.

With three independent financial advisers and a mortgage and equity release adviser, the firm manages £125m worth of assets for clients.

Headed by independent financial adviser Phil Higginson, 1^st Financial Group initially partnered with Fairstone in January 2022 through the unique Downstream Buy Out (DBO) programme.

Fairstone’s 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.

1^st Financial’s partnership period has completed with the firm now becoming Fairstone Taunton.

Phil Higginson, Firm Principal at 1^st Financial Group, said: “We’re very proud to become part of Fairstone.

“Since signing the DBO agreement, we’ve benefited hugely from the additional support and resources of what is one of the UK’s largest and most trusted wealth management groups in the UK.

“It has enabled us to continue to grow our business as well as providing our existing clients with reassurance and peace of mind that they are backed by a major national firm.

“Having access to cutting edge technology and an extensive IT infrastructure has also helped to drive efficiencies within the business and ensure we can do more things for more clients.

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

Rob McDonnell, Managing Director (South) at Fairstone, said: “We’re delighted to welcome Phil and the 1^st Financial Group team on board.

“The business has built an excellent reputation for delivering high-quality financial planning, investment management and mortgage advice, making it a strong strategic and cultural fit for our group.

“The addition of 1^st Financial enhances our ability to serve clients across Somerset and the wider West Country while providing additional access to a growing client market.

“The region benefits from sustained population growth, a high proportion of retirees and business owners, and increasing demand for holistic financial advice as people seek support with retirement, investments and intergenerational wealth planning.

“The acquisition also creates opportunities to broaden the range of specialist services available to clients through Fairstone’s national infrastructure, investment expertise and mortgage capabilities.”

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 1,450 people serving over 60,000 wealth clients with client assets under management of more than £23bn.

Fairstone’s 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.