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.

What this acquisition means for the buyer

For Succession Wealth, the acquisition of Spence & Spence supports its ongoing expansion within the Scottish financial planning market and further strengthens its national footprint. By integrating an established Edinburgh-based advisory firm with a long-standing client base and £170m in assets under advice, the transaction adds additional scale and regional presence to the wider group.

As this deal follows Succession Wealth’s acquisition by Aviva, it also reflects continued consolidation activity under a larger institutional ownership structure. The integration of experienced advisers and existing client relationships may help ensure continuity of service while enabling access to broader group resources and infrastructure.

Overall, the acquisition represents a continuation of Succession Wealth’s strategy of expanding through targeted acquisitions that enhance both geographic reach and client capacity across the UK.

What this means for sellers in the sector

For owners of independent financial advice firms, this transaction highlights ongoing demand from large, well-capitalised wealth managers seeking to expand regional coverage through acquisition. Firms with established client relationships and strong local reputations may remain attractive targets within a consolidating market.

The involvement of a major institutional owner such as Aviva also reflects how some buyers are now supported by larger financial groups, which can provide additional capital and strategic backing. For sellers, this may increase the range of potential transaction structures available, including phased integration or continued adviser involvement post-sale.

Market trend context

The UK financial advice sector continues to experience consolidation driven by private equity investment, institutional backing, and succession planning requirements among smaller firms. Larger wealth managers are increasingly targeting regional IFAs to build national coverage and strengthen client servicing capabilities.

There is also a growing trend towards platform consolidation under major financial services groups, enabling firms to combine advisory expertise with centralised investment and operational infrastructure. Scotland and other regional markets remain active areas for expansion as national firms seek to increase local market penetration.

How Capital & Trust typically supports transactions like this

Capital & Trust acts as a business broker, sourcing and introducing potential acquisition opportunities to firms seeking to expand their wealth management and financial planning capabilities. The firm facilitates introductions between parties and supports initial engagement where there is mutual interest in exploring a transaction.

Where appropriate, Capital & Trust may assist in coordinating communication between buyers, sellers, and their appointed professional advisers during early discussions. Its role is limited to originating and facilitating introductions, while all regulated financial, legal, and technical matters are handled by external advisers appointed by the parties.

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