SUCCESSION WEALTH ACQUIRES EDINBURGH-BASED INDEPENDENT FINANCIAL ADVISOR

Succession Wealth, the major UK wealth manager and financial planner recently bought by Aviva for £385m, has acquired Spence & Spence, an Edinburgh-based independent financial advisor with £170m assets under advice. Founded in 1994, Spence & Spence provides holistic financial advice on pensions and retirement planning, investments, mortgage, and protection. This acquisition marks Succession’s second purchase since being taken over by Aviva and is part of the company’s plans to strengthen its foothold in Scotland. The deal is subject to regulatory approval.

Succession has acquired six companies, including G+E Wealth Management and Oxford Advisory Partnership, in 2022, adding over £2.2bn in assets. Since 2014, this acquisition marks the 62nd for Succession Wealth. James Stevenson, the chief executive at Succession, said, “We are excited to welcome Spence & Spence to Succession and look forward to working with Charlie and his team. We see a lot of companies, but it became obvious to us very quickly that this was a high-quality business, filled with a talented Financial Planning team who share our values.”

Charlie Spence, director at Spence & Spence, added, “From our first meeting, the synergies between our two businesses were clear, and with the benefit of the backing and support from a large organisation like Aviva, we can focus more on our clients and our relationships with them.” Succession has 16 offices across the UK and employs 600 people, including 200 wealth planners looking after 19,000 individuals, families, and corporations.

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