Aviva has agreed to acquire UK-based advice firm Succession Wealth for a consideration of £385m.
This deal comes several months after our sister title International Adviser reported that Succession Wealth had been put up for sale by its private equity owner Inflexion.
The transaction expands Aviva’s presence in the UK wealth market, which was worth £1.6trn in 2020 and is expected to grow by around 7% per year to £2.1trn by 2024.
Succession Wealth has approximately 200 financial planners advising on £9.5bn of assets, delivering advice to around 19,000 clients throughout the UK.
James Stevenson, chief executive of Succession Wealth, will continue to run the business, with the ability to “accelerate growth through participating in further consolidation and from the support and substantial benefits of being part of Aviva”, the insurance firm said.
Succession will continue to operate as a separately regulated IFA firm and will continue to use the Succession Wealth brand.
The deal is subject to Financial Conduct Authority (FCA) approval and is expected to complete in the second half of 2022.
‘Attractive’ wealth market
Amanda Blanc (pictured), group chief executive of Aviva, said: “The acquisition of Succession Wealth boosts Aviva’s presence in the fast-growing UK wealth market; supports our strategy to grow sustainably; and expands Aviva’s ability to offer high quality financial advice to millions of our customers.”
Doug Brown, chief executive of Aviva UK and Ireland Life, added: “We are excited to partner with the management team at Succession Wealth.
“They have built a great business over the years, and I am confident that Aviva’s scale, resources, capabilities and shared vision will enable Succession Wealth to further expand its leading client and planner proposition in the UK’s attractive wealth market.
“This acquisition will broaden our advice offering and will help our existing customers currently without an adviser to better secure their financial future.”
Succession Wealth’s Stevenson said: “The demand for financial advice across the entire wealth spectrum has never been greater, and the opportunity to combine Succession Wealth’s holistic financial planning expertise, with the capabilities and customer reach of Aviva is hugely exciting.
“The Succession Wealth brand and our core independent advice proposition is fundamental in providing ongoing stability and reassurance to our existing clients and our people as we embark on this new journey as part of Aviva.”
Busy start to year
Succession Wealth has been very active in 2022 as it has already announced two acquisitions.
It bought financial advice firm Oxford Advisory Partnership and Pannells Financial Planning for an undisclosed sum.
The company has now made 60 acquisitions since 2014.
This article first appeared on our sister publication International Adviser
