Fairstone acquires two north east-based advice firms

Fairstone has expanded its presence in the north east of England with the acquisition of two independent financial advice firms.

The wealth management group has acquired Grainger Financial Planning, which is based in Sunderland, and Northumberland-based firm Riverstone Wealth Management.

Grainger Financial Planning offers a range of financial planning and wealth management services, and has been advising clients for over 15 years.

It serves nearly 400 clients and has £120m of client assets under management (AUM).

Meanwhile, Riverstone Wealth Management was founded in 2009 and advises around 65 clients with £63m of client AUM.

Both firms first partnered with Fairstone in May 2024 through the group’s Downstream Buy Out (DBO) programme.

The DBO model aims to fulfil independent advisory firms’ potentials by investing in their growth during a period of partnership before fully acquiring the business.

Both Grainger and Riverstone have completed their partnership periods and have become a full part of Faristone.

The financial details of the acquisitions were not disclosed.

“We’re really pleased to be joining Fairstone – as a company based in Sunderland, like ourselves, it genuinely feels like we’re coming home,” commented Grainger Financial Planning firm principal, Paul Clough.

“Joining Fairstone gives us the opportunity to grow the business while maintaining our commitment to providing trusted, independent financial advice.

“The additional support we’ve received on things like regulatory and compliance matters has freed up more of our time to spend with clients and seen the range of services we can offer widen.”

Riverstone Wealth Management founder and firm principal, Mark Wiseman, added: “Working with the Fairstone team over the past two years has been great and we’re looking forward to a really bright future.

“One of the big benefits which we have found is the ability to grow our client base by using the resources, experience and expertise which Fairstone offers us.

“We are already providing an increasing number of people with trusted, independent financial advice and I’m confident that this will continue now that we are part of Fairstone.”

Fairstone managing director for northern region, Steve Easter, said the acquisitions demonstrated the group’s commitment to further growth in the north east.

“With our group headquarters in Sunderland, we know from first hand that this region is home to a thriving community of entrepreneurs, business owners and families who are creating and preserving significant wealth, and who value the kind of long-term, trusted relationships that sit at the heart of good financial advice,” he continued.

“In acquiring Grainger and Riverstone, we’re bringing on board firms which share those values, strengthening our ability to support clients across the region and helping them to build their financial futures with confidence.”

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