Fairstone has completed a major expansion in the West Midlands, acquiring Prosperity Wealth in Brierley Hill, marking the wealth management group’s largest deal to date.
Founded in 2010, Prosperity Wealth provides wealth management, cash flow planning, corporate financial planning, and employee benefits advice.
The firm employs 80 staff, including 49 advisers, serving more than 5,000 clients, primarily in the West Midlands, with £1.5bn in assets under management.
The acquisition follows a partnership that began in July 2023 under Fairstone’s Downstream Buy Out (DBO) programme, which supports independent advisory firms through growth investment before full acquisition. Prosperity Wealth has now fully joined the Fairstone group.
Matt Bell, head of office at Prosperity Wealth, said: “We’re really excited to become part of the Fairstone group. 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. Over the past two and a half years since we first partnered with Fairstone, we’ve really benefited from the excellent support we’ve received and the business has already grown substantially as a result. Fairstone’s commitment to client service excellence matches our own values. The greater resources, support and economies of scale they offer mean our clients benefit in the form of reduced fees, a wider choice of products and the enhanced financial security they get from being part of one of the UK and Ireland’s largest and most trusted wealth management groups.”
Prosperity Wealth’s Brierley Hill office will now serve as Fairstone’s hub for the West Midlands. Fairstone’s 11 hubs across the UK and Ireland are being developed into fully operational centres that replicate head office functions at a local level.
Mike Slater, managing director for Fairstone’s Central region said: “Prosperity Wealth’s status and influence in the region made it an obvious choice to become our hub for the West Midlands. Matt and his team will now be in the vanguard as we look to extend our client base across what is one of the UK’s most thriving regions. With the West Midlands having one of the country’s highest rates of new business formation and a rising population of entrepreneurs, business owners, and senior professionals, the need for trusted, Chartered, independent financial advice has never been greater. We can’t wait to work with Matt and his team to bring all the benefits of Fairstone to the region.”
