Succession Wealth has acquired Edinburgh-based advice firm Spence & Spence which manages about £170m in assets.

The deal for the firm – announced today (9 May) – is Succession’s second under Aviva ownership and follows its purchase of Yorkshire firm G+E Wealth Management last October.

Spence & Spence was founded in 1994 and offers pensions and retirement planning, protection, investments and mortgages among other services.

“Our priority has always been our staff and clients, and we have no doubt that they will all benefit from Succession’s breadth and depth of expertise and capabilities,” Spence & Spence director Charlie Spence said. “There has been a huge amount of support from Succession to ensure a smooth deal process.”

Succession chief executive James Stevenson said his firm’s latest deal – it’s 62nd since 2014 – comes on the back of a busy time for acquisitions.

“We continue to receive notable approaches direct from financial planning firms and from the wider marketplace across the country and we are currently in exclusivity and advanced acquisition discussions with several high-quality independent planning firms,” he confirmed. “Overall, we remain focused on organic growth and strategic acquisitions where we believe they will benefit both parties. This enables us to continue to be selective in our acquisitions.”

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