My Wealth Management

Three years ago, Fairstone acquired Leicester-based My Wealth Management.

Here business principal Ian Morris, talks about the acquisition process and life after the sale.

Business highlights – post transaction
Clients numbers +25%
Number of advisers & support staff Increased
Fee income + £400k
Profitability Increased

 

“Since being acquired by Fairstone, we have seen a 25% increase in client numbers and we have grown our turnover, FUM and our net profits significantly,” says Ian Morris.

Fairstone framework

“Profitability is up 55% by being smarter and more efficient using the Fairstone framework.”

Ian explained that the company, which specialises in investments, retirement and estate planning, first joined Fairstone’s Downstream Buy Out (DBO) process in 2013 and was fullyacquired by Fairstone three years later.

Ian said: “Before entering into the DBO process, we spent a lot of time assessing how we could grow our business effectively whilst enhancing client service.

Client-focused

“Fairstone stood out as a group with a crystal clear vision as to what financial services should look like and how best this is delivered to clients.

“Also, as a business we were completely clientfocused, which dovetailed perfectly with Fairstone’s ethos of putting clients at the heart of everything.”

Fairstone, one of the UK’s largest Chartered financial planning firms, integrates high quality financial advisory firms through its unique DBO model, which has led to the acquisition of 26 firms since 2011.

Ian added: “When we first met Fairstone, we were looking to sell the business but remain in the industry, which fitted in perfectly with Fairstone’s proposition of ‘sell and stay’.

"Very quickly it created the opportunity to work ‘in’ the business rather than ‘on’ the business, which allowed us more time to see clients and write business."

Creates opportunities

“In turn this has enabled us to grow our client numbers as well as FUI and FUM and being part of a bigger team definitely creates opportunities.”

Today, Fairstone is a national firm with 48 locations, made up of 345 regulated advisers and 220 operational staff, acting for over 59,000 clients and overseeing £10.8 Billion in client investment assets.

Countrywide, Fairstone is seeing an 11% out performance across its entire portfolio of acquired businesses, which means the firms it is acquiring are delivering more revenue, profits and growth than either their forecasts or buy out agreements are based on.

Financially secure

Ian added: “Over the past three years since acquisition, we have seen turnover, FUM and FUI increase by more than a third, while costs have reduced during this time and net profits risen significantly by 55%.

“Fairstone has enabled us to be financially secure, remain working in the industry we love, and spend more time with our clients.”