Fairstone signs sixth 2021 agreement with the acquisition of Utopia

Wealth management consolidation firm Chartered said Utopia was acquired after the completion of its downstream buy-back program that incorporates consulting firms, typically over a two-year period, prior to the final acquisition.

Utopia FP, based in Liversedge, West Yorkshire, is a cross-market advisory firm specializing in the advice and management of investment and retirement portfolios.

The latest Fairstone agreement will result in the addition of 800 additional customers to the group, as well as the four advisors and six support staff of Utopia FP. The deal will add £ 100million of funds under management.

Fairstone Managing Director Lee Hartley said: “We are delighted to complete the final acquisition of Utopia Financial Planning. This is exactly the kind of solid business that we are looking to join Fairstone and grow with us.

“Our experience shows that culturally aligned companies are the most profitable and successful in the long run. Ray, Darron and the Utopia team put customers first and their commitment to first class service makes them a great choice for us.

“At Fairstone, we invest in forward-thinking IFA companies to maximize their capital value, providing them with the framework they need to grow their business significantly, without compromising customer service or independence. We are delighted to have Utopia on board, marking another valued addition to the Fairstone family. “

Directors Darron Whitehead and Ray Garnett lead the financial planning activities.

Whitehead said, “We have always strived to provide the best possible service to our customers, and we are very confident that the acquisition with Fairstone will improve the relationship and the services our customers have come to expect.

Garnett added that the acquisition would help Utopia look after its customers and their families “for generations to come.”

Earlier this month, Fairstone struck the deal with Belfast-based ASM Financial Planning.

ASM, which manages around £ 250million of funds under management, is a market-wide advisory firm specializing in the advice and management of investment and retirement portfolios.