Marlborough has made a ‘significant’ investment in First Wealth to support the financial planning firm’s ambitious growth strategy.
The 20% stake gives Marlborough a minority shareholding in the business, which employs 25 staff, including eight financial planners, and manages approximately £480m of assets for around 600 clients and their families.
First Wealth’s offices are in London’s Marylebone and clients are primarily business owners and entrepreneurs based in the capital and across the South East.
The firm was named Chartered Financial Planning Firm of the Year in 2021 by the Personal Finance Society and has certified B Corp status, which is awarded to companies that meet high, independently verified standards for their social and environmental impact, transparency and accountability.
First Wealth will use the investment to recruit additional staff and invest in technology, further enhancing the service provided for clients, while also accelerating the firm’s growth plans. In addition, it will invest in First Wealth Private Office, which is the firm’s service for high-net-worth individuals, where it sees an “exceptional opportunity” for growth.
Richard Goodall (pictured below), CEO of Marlborough, said: “We’ve known First Wealth for a number of years and the team have greatly impressed us. They’re a high-calibre business with a clear, positive vision for the future of financial planning.
“Their ambitious plans for growth are rooted in a commitment to delivering great outcomes for clients, and that’s something we have in common. We firmly believe in what they’re doing and we’re investing to share in the success of what in our view is an exceptional business.
“Through this investment we’re also demonstrating our confidence in the strong long-term growth prospects of the financial advice sector. We’re working in partnership with a growing number of advice businesses, and we firmly believe this is a sector with an exciting future.”
Anthony Villis (pictured top), managing director of First Wealth, said: “Working with my business partner Robert Caplan, fellow director Claire Phillips and the team, we’ve built a financial planning business based on a very clear premise, which is that there’s a better way to do things.
“We’ve come a long way since we launched in 2009 and we see huge opportunities in the financial planning space to grow a bigger, better and more impactful business. We were looking for a partner to help us turn these plans into reality and Marlborough was the obvious choice. The group has a strong entrepreneurial spirit and ‘can do’ attitude that very much reflect our own culture.
“We’ll use this investment to recruit additional staff and invest further in technology to increase efficiency. This will enable our financial planners to spend more time with existing clients and their families, reinforcing and developing the strong relationships we already have. It will also free up more time for our team to spend with new clients.
“In addition, we’ll be looking carefully at the acquisition of other firms that share our vision for the future of financial planning. This is an exciting new chapter in the First Wealth growth story and we’re looking forward to a long and successful partnership with Marlborough.”
The investment will also enable First Wealth to expand its educational service, Thrive Money, which is aimed primarily at a Millennial and Gen Z audience. Providing information via social media, live events and webinars, the service is designed to help individuals make well-informed decisions about their financial future.
Marlborough is an independently owned financial services group, with more than £18bn of assets under management. It is an award-winning investment manager, offering a range of 22 funds, a managed portfolio solutions (MPS) service and international multi-asset portfolios. The group’s authorised corporate director (ACD) business, Investment Fund Services, is a provider of the services needed to run collective investment funds.
