A Brewood-based independent financial advice specialist has made a strategic acquisition that will see it take assets under management to £185million.
Bank House Financial Planning, which employs 15 people at its office in Church Road, has purchased Telford’s Fox Whittle Financial Management in a deal that will see it support more than 450 local clients.
The seeds of this acquisition were first planted over a neighbourly conversation about retirement plans, with Fox Whittle owner Simon Aucott keen to avoid selling the business to a large consolidator – often the ‘go to sale’ option in the sector.
“While many small financial advice firms are absorbed by large consolidators when the top adviser retires, Simon and his wife Lynn wanted better for their clients,” explained David Hipkiss, Head of Compliance at Bank House Financial Planning.
“They have run Fox Whittle for more than 20 years as a partnership, so they were cautious about the idea of selling their firm in this way, so as we kept talking over several months, we quickly realised that we could be the perfect fit.”
He continued: “Maintaining that local connection means that Simon was able to come over to us seamlessly and has continued to work with his clients as he always has, with the added benefit of our 15-strong team being in place to support him.
“Then, when the time is right, he can exit without worrying about who will look after his clients in the long-term.”
Founded in 2000, Bank House Financial Planning offers independent financial advice to a growing client base made up of business owners, those approaching retirement and retirees.
The firm was established with a clear focus on providing a personal, long-term approach to financial planning and this is reflected in a recent customer survey that highlighted 99% of individuals believe the company has helped or will help them achieve their financial goals.
Investment in the best financial talent has also paid off with two of its financial advisers awarded Top Rated status by ‘VouchedFor’ in 2023.
Simon Aucott added his support: “It’s wonderful to be part of a larger team now, having worked as just the two of us for more than two decades. We’re so well supported by Bank House, with this partnership giving us a new lease on life.
“I now know that when I hang up my financial planning boots, my clients will get the long-term, bespoke support they deserve, and it will remain very personal and tailored to their exact requirements.”
He concluded: “Bank House is a young firm with four advisers under 43, so this deal was the ideal choice for our clients both now and for decades to come.”
