An independent financial advisory practice has expanded its foothold in the West Midlands with an acquisition which will take its assets under management to £185 million.
Bank House Financial Planning, which employs 15 people at its base in Brewood, has purchased Telford-based Fox Whittle Financial Management in an undisclosed deal that will see it support more than 450 local clients.
The seeds of the acquisition were first planted over a neighbourly conversation about retirement plans, with Fox Whittle’s owner Simon Aucott saying he was keen to avoid selling his business to a large consolidator.
Mr Aucott, who ran the business with his wife Lynn, has now transferred over and is working in the new set up, ahead of his retirement.
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David Hipkiss, head of compliance at Bank House Financial Planning, said: "While many small financial advice firms are absorbed by large consolidators when the top adviser retires, Simon and Lynn wanted better for their clients.
"They have run Fox Whittle for more than 20 years as a partnership so they were cautious about the idea of selling their firm in this way. As we kept talking over several months, we quickly realised that we could be the perfect fit.
"Maintaining that local connection means that Simon was able to come over to us seamlessly and has continued to work with his clients as he always has, with the added benefit of our 15-strong team being in place to support him.
"When the time is right, he can exit without worrying about who will look after his clients in the long term."
Founded in 2000, Bank House Financial Planning offers independent financial advice to a client base made up of business owners, those approaching retirement and retirees.
Mr Aucott added: "It’s wonderful to be part of a larger team now, having worked as just the two of us for more than two decades.
"We’re so well supported by Bank House, with this partnership giving us a new lease on life.
"I now know that, when I hang up my financial planning boots, my clients will get the long-term, bespoke support they deserve and it will remain very personal and tailored to their exact requirements."
