Succession Wealth has bought Yorkshire-based advice firm G+E Wealth Management, marking the first acquisition under Aviva’s ownership.
G+E Wealth Management was founded in 2006, manages around £800mn for clients across Yorkshire and has three offices: one in York and two in Leeds.
Succession Wealth said this latest purchase is an important expansion in the north of England.
Succession Group chief executive officer James Stevenson, said: “We felt a genuine synergy when we met G+E Wealth Management.
“The importance they place on creating a positive culture and building long-term client relationships resonated with us, and we are excited to welcome them to Succession Wealth.”
G+E Wealth Management is Succession Wealth's first purchase since it was bought by Aviva in March.
Aviva acquired the group in a deal worth up to £385mn and at the time said it “significantly enhances” its presence in the wealth market as more people seek advice for their retirement and savings options.
The company said through Succession Wealth, Aviva will be able to offer advice to approximately six million of its customers.
Stevenson said: “We remain focused on organic growth and strategic acquisitions where we believe they create value for our clients.
“As part of Aviva, we will continue to be judicious about who we partner with and are not looking to build scale for its own sake, but are pleased to be in advanced acquisition discussions with several high quality independent financial planning firms.”
The purchase of G+E Wealth Management takes Succession Wealth’s total assets under administration to over £10bn.
G+E Wealth Management offers guidance on areas of financial need, including investment advice, retirement planning and estate planning for individuals.
Meanwhile, for business owners, it provides tailored advice to safeguard their own financial futures as well as those of their businesses, through the implementation of pension plans, succession planning and inheritance tax planning.
Robert Simpson, managing director at G+E Wealth Management, said: “After 16 years of building G+E Wealth Management, this is an exciting new chapter for us.
“When speaking to potential partners, our priority was always what was going to be best for our clients and staff. Succession Wealth has a track record of making integrations work to the benefit of clients, and that stood out.”
Simpson added: “We look forward to joining Succession Wealth and want to thank James and the team for making it a smooth process.”
In January, Succession Wealth made its 60th adviser acquisition to date with Oxford-based firm Oxford Advisory Partnership (OAP).
The acquisition was Succession's second this year, after Pannells, which it acquired earlier that month.
sonia.rach@ft.com
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