Fairstone, one of the UK’s largest chartered financial planning firms, has announced the acquisition of Cheshire-based Hammond McNulty Wealth Management, marking the first major acquisition for Fairstone in 2018.
Hammond McNulty joined Fairstone’s DBO programme in 2012 and during this period has fully integrated into the group, taking advantage of Fairstone’s technology, marketing services and financial support to boost revenue and growth prior to completion of the acquisition process.
Lee Hartley, CEO of Fairstone Group, said: “This marks another significant step in our growth strategy and we are thrilled to have started the year so strongly. Our model ensures businesses are fully integrated before the point of sale, securing a positive impact from the start for quality firms like Hammond McNulty. Our research shows that partner firms which have undergone our DBO integration process enjoy on average 15% organic growth per year.
“Mark has built a team that is completely dedicated to providing the highest levels of service and impartial advice to clients and we are certain the business will continue to do so. We look forward to working with them and helping to grow as part of Fairstone financial management.”
The deal adds funds under management of approximately £50 million and Hammond McNulty hope to grow this figure to £100 million in the next 5 years. A total of five staff will also join the group as part of the deal.
Hammond McNulty offers independent whole-of-market advice, specialising in pensions and IHT planning as well as savings, investments, critical illness, life assurance and mortgages for clients throughout the North West of England.