A national wealth management firm has expanded in its North East heartland with the acquisition of two independent financial advice businesses managing a combined £183 million in client assets.
Fairstone has bought Sunderland-based Grainger Financial Planning and Riverstone Wealth Management, which is based in Morpeth, in Northumberland.
Grainger has provided financial planning and wealth management services for more than 15 years and advises almost 400 clients, with £120 million of assets under management.
Established in 2009, Riverstone advises more than 65 clients and manages £63 million of client assets.
Both businesses initially partnered with Fairstone in May 2024 through its downstream buy out (DBO) programme and have now become fully part of the group following the completion of their partnership periods.
Fairstone says the model is designed to help independent advisory firms grow before acquisition by providing capital investment, operational resources and regulatory support.
It allows partner businesses to focus on developing their performance while reducing the burden of back-office and compliance work.
The model also aims to give owners flexibility over the timing of a sale while allowing them to share in the value created during the partnership period.
Paul Clough, firm principal at Grainger Financial Planning alongside Mike McGurrell, said: “We’re really pleased to be joining Fairstone – as a company based in Sunderland, like ourselves, it genuinely feels like we’re coming home.
“Joining Fairstone gives us the opportunity to grow the business while maintaining our commitment to providing trusted, independent financial advice.
“The additional support we’ve received on things like regulatory and compliance matters has freed up more of our time to spend with clients and seen the range of services we can offer widen.”
Mark Wiseman, founder and firm principal at Riverstone alongside brother Ian Wiseman, added: “Working with the Fairstone team over the past two years has been great and we’re looking forward to a really bright future.
“One of the big benefits which we have found is the ability to grow our client base by using the resources, experience and expertise which Fairstone offers us.
“We are already providing an increasing number of people with trusted, independent financial advice and I’m confident that this will continue now that we are part of Fairstone.”
Fairstone now operates from more than 50 locations across the UK and Ireland and employs over 1350 people.
It serves more than 60,000 wealth clients and has more than £22 billion of client assets under management.
Steve Easter, managing director for Fairstone’s Northern region, added: “It is fantastic to be able to welcome Paul, Ian, Mark and the Grainger and Riverstone teams to Fairstone.
“The acquisition of both firms demonstrates our commitment to further growth in our North East heartland and to bringing on board ambitious, growing financial advice and wealth management firms.
“With our group headquarters in Sunderland, we know from first hand that this region is home to a thriving community of entrepreneurs, business owners and families who are creating and preserving significant wealth, and who value the kind of long-term, trusted relationships that sit at the heart of good financial advice.
“In acquiring Grainger and Riverstone, we’re bringing on board firms which share those values, strengthening our ability to support clients across the region and helping them to build their financial futures with confidence.”
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