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The transaction, which completed on 30th June 2023, sees all Weston Cummins client-facing staff retained. Alan Weston, Nick Frank, Steve Powis and Joseph Bacon all continue to oversee their key client relationships. Weston Cummins holds the Corporate Chartered Planning Firm status, as does HFMC Wealth and it was important to everyone that the values and professional standards that are associated with this status could be maintained.

Weston Cummins advises some 265 high net worth families will add circa £350mn of assets under advice to HFMC Wealth. The clients and culture of the firm marries perfectly with HFMC Wealth’s High Net Worth proposition.

Commenting on the transaction, Weston Cummins majority owner and director, Alan Weston said:

“The decision to join another firm wasn’t an easy one. For some time we had been considering whether we should grow our own business, taking on more clients and advisers, or to seek a partner that had already gone through those growing pains and was already placed to provide fantastic advice with an exceptional range of services. We have felt for some time that joining a larger firm would be the best way to deliver the wider range of services we wish to provide our clients, whilst also providing a controlled succession to my ownership of the business over the coming years.”

“Relationships are key to the long term success on financial planning as so much value resides in the trust that our clients place in us and the empathy and understanding we provide whilst helping clients achieve their own goals. The ability to retain those relationships, for staff and clients alike, was critically important. I promised myself that I would always look after my clients, and I am confident that I am doing just that whilst joining HFMC Wealth. They are an award-winning firm with client aligned values that are clear for all to see. HFMC sets its stall out to be the UK’s premier home for entrepreneurial, independent chartered High Net Worth advisers and we are happy to be a part of that.”

Ross Ibbotson, Executive Director at HFMC Wealth added: “The acquisition of Weston Cummins is a continuation of our growth strategy, making carefully selected acquisitions that align with our values. We look forward to working with like-minded people in an environment where they can thrive and continue to do the right things, whatever that may be, to deliver exceptional service and advice to their clients. We welcome all of the team too and look forward to helping them continue to develop in their careers. We know that Weston Cummins have the interests of their clients and staff at their heart.”

“We continue to pursue other potential acquisitions with like-minded wealth and financial planning firms and expect further deals to be agreed in 2024 as we continue our growth strategy. We are building a sustainable financial planning and wealth management business that retains the depth of understanding and relationship that comes with being a client focussed business whilst providing the range of services normally associated with a Private Bank.”

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The transaction, which completed on 16th January 2023, sees all R&S Financial Planning client-facing staff retained. Vince Lane continues to oversee his key client relationships. The team will be strengthened further with Darren Berry joining the team on a full time basis. Darren has previously looked after private clients at UBS and holds the Chartered Financial Planner status, is a designated Trust and Estate Practitioner through STEP and is a Fellow of the Personal Finance Society.

R&S advises over 100 families, many of whom have been clients for decades and, in some cases, over multiple generations. The deal will add to HFMC Wealth around £630,000 of annual recurring revenue and assets under advice of £145m. The average client size is £1.2m, which marries perfectly with HFMC Wealth’s High Net Worth proposition.

Commenting on the transaction, R&S owner and director, Vince Lane said:

“We have felt for some time that joining a larger firm would be the best way to deliver the wider range of services we wish to provide our clients, whilst also providing a controlled succession to my ownership of the business over the next 10 years.”

“To ensure continuity for our clients, it was vital that any such partner shared our values and those of our clients, whilst mirroring our approach to wealth management. I wanted to have complete confidence that our clients would continue to receive high-quality ongoing advice and service for as long as they need it. I am confident that I am joining the UK’s premier home for entrepreneurial, independent chartered High Net Worth advisers”

“In HFMC Wealth we have found a partner that meets all these requirements and who will protect the legacy of the business we are proud to have built over the last 37 years. Their vision of growing the business in a sustainable and client focussed manner, without the short term pressures so often associated with firms that align with private equity, is refreshing as I can rest easy knowing that my clients’ interests are aligned with those of the business.”

Jeremy Hoyland Chief Executive Officer at HFMC Wealth added: “Our growth strategy includes making carefully selected acquisitions. We worked hard during 2022 to identify planning firms which meet our high net worth criteria and that truly have the interests of their clients and staff at their heart.”

“The quality of the R&S business and staff is self-evident – like us, they have attracted committed and highly qualified professionals and have invested in their training and development to build a high quality, sustainable business based on long-term client relationships.”

“We continue to pursue other potential acquisitions with like-minded wealth and financial planning firms and expect further deals to be agreed in 2023 as we continue our growth strategy. We are building a sustainable financial planning and wealth management business that retains the depth of understanding and relationship that comes with being a client focussed business whilst providing the range of services normally associated with a Private Bank.”

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