Aviva has announced it will buy national IFA Succession Wealth for £385m to boost its presence in the advice market.
Succession Wealth has approximately 200 planners advising on £9.5bn of assets delivering advice to around 19,000 clients throughout the UK.
Amanda Blanc, Group Chief Executive Officer of Aviva, said:
“The acquisition of Succession Wealth boosts Aviva’s presence in the fast-growing UK wealth market; supports our strategy to grow sustainably; and expands Aviva’s ability to offer high quality financial advice to millions of our customers.”
Through Succession Wealth, Aviva will have the capability to offer high-quality advice to its approximately 4 million workplace pension customers, where Aviva is the UK’s largest provider with £96 billion of AuM4, as well as approximately 2 million individual pensions & savings customers with £139 billion of AuM4, focusing on customers who do not currently have an adviser. The addition of an advice offering will allow Aviva to better support its customers as they go through critical life decisions, helping to retain more of the c .£6 billion of pension and heritage assets that leave to be invested with competitors each year. Combined with Aviva’s existing market leading investment management capabilities and strategically core adviser platform , Aviva will have a complete set of solutions to support the planners of Succession Wealth in serving their existing clients.
Succession Wealth is a leading national independent financial advice firm with approximately 200 planners advising on £9.5 billion of assets, delivering high-quality advice to around 19,000 clients throughout the UK. The business has a proven track-record of consolidating advice firms and delivering improved client outcomes and better support for planners through its 60 acquisitions to date.
Succession Wealth has a highly experienced and credible management team under the leadership of CEO James Stevenson that will continue to run the business, with the ability to accelerate growth through participating in further consolidation and from the support and substantial benefits of being part of Aviva. Succession Wealth will continue to operate as a separately regulated, independent, financial advice firm and will continue to use the Succession Wealth brand. On a pro forma basis, including the benefit of the four announced acquisitions, the estimated 2022 EBITDA for Succession Wealth is expected to be around £24 million.