National UK advice firm Fairstone has made its largest acquisition to-date with the purchase of Dudley-based Prosperity Wealth, adding £1.5bn of client assets to the business.
Prosperity Wealth, which is based in Brierley Hill near Dudley, was founded in 2010 and has 49 advisers, with 80 staff in total, and more than 5,000 clients, the majority of which are based in the West Midlands.
Headed by independent financial adviser Matt Bell, Prosperity Wealth first partnered with Fairstone in July 2023 through its Downstream Buy Out (DBO) programme. The DBO model invests in firms’ growth before Fairstone fully acquires them.
Prosperity’s office in Brierley Hill will now become Fairstone’s hub office for the West Midlands, which the firm said is a “key region of growth” for the business. The group now has 11 hubs across the UK and Ireland.
Matt Bell, head of office at Prosperity Wealth, said: “We wanted to join Fairstone because it offers us the opportunity to create a real step-change in growth while remaining a trusted source of independent financial advice – in many respects, it’s the best of both worlds.”
