Advice group HFMC Wealth has bought City-based R&S Financial Planning for an undisclosed sum to strengthen its London office.
The transaction, which completed on 16 January 2023, sees all R&S Financial Planning client-facing staff retained and director Vince Lane will continue to oversee his key client relationships.
The deal will add around £145m ($177m, €164m) in assets under advice to HFMC Wealth.
R&S owner and director Lane said: “We have felt for some time that joining a larger firm would be the best way to deliver the wider range of services we wish to provide our clients, while also providing a controlled succession to my ownership of the business over the next 10 years.
“To ensure continuity for our clients, it was vital that any such partner shared our values and those of our clients, while mirroring our approach to wealth management. I wanted to have complete confidence that our clients would continue to receive high-quality ongoing advice and service for as long as they need it.
“In HFMC Wealth, we have found a partner that meets all these requirements and who will protect the legacy of the business we are proud to have built over the last 37 years. Their vision of growing the business in a sustainable and client-focused manner, without the short-term pressures so often associated with firms that align with private equity, is refreshing. I can rest easy knowing that my clients’ interests are aligned with those of the business.”
Acquisition plans
Jeremy Hoyland, chief executive at HFMC Wealth, added: “Our growth strategy includes making carefully selected acquisitions. We worked hard during 2022 to identify planning firms which meet our high net worth criteria and that truly have the interests of their clients and staff at their heart.
“The quality of the R&S business and staff is self-evident. Like us, they have attracted committed and highly qualified professionals and have invested in their training and development to build a high quality, sustainable business based on long-term client relationships.”
“We continue to pursue other potential acquisitions with like-minded wealth and financial planning firms and expect further deals to be agreed in 2023 as we continue our growth strategy. We are building a sustainable financial planning and wealth management business that retains the depth of understanding and relationship that comes with being a client-focused business whilst providing the range of services normally associated with a private bank.”
HFMC Wealth is an independent financial adviser with offices in London and Weybridge. The business has more than £1.5bn of assets under advice and management and offers both advisory and discretionary managed services.
