News

14
Jan

Succession seeking ‘strategic acquisitions’

Succession Wealth has revealed that it is actively seeking “strategic acquisitions” in order to support its external growth plans this year.

James Stevenson, Succession’s chief executive, commented: “Succession has shown great resilience during one of the most challenging periods on record for financial markets.”

He adds: “We will continue to invest in organic growth opportunities while also looking at strategic acquisitions with the profile to enhance our scale and future growth potential.

“I would like to thank everyone at Succession for their resilience and dedication as we transitioned to a new way of working. It has been really heartening to see and experience the support people have shown each other. I would also like to thank our clients for their loyalty and support as we enter what we all hope will be a year of greater optimism and opportunity.”

In a results summary for the year ended 31 December 2020, Succession’s total assets grew to over £7.6bn, and underlying profit increased by 40 per cent. Their client base grew by 552 last year, bringing their total to over 17,000.

Succession chief operating officer Wadham Downing says: “2020 represents a step up in our financial performance. The improvement reflects not only the quality of our client centric business model, but targeted investment and management action taken during 2019 to improve efficiencies. Operationally, we were also able to transition the company to fully remote working and continued supporting over 17,000 clients without disruption. Our financial planners stayed close to clients while as a business we prioritised the wellbeing of our 600 colleagues across the country.

“As we enter 2021, we are optimistic about the future for Succession. Our business model has proved itself in the toughest of conditions, we have the right strategy in place and we see strong opportunities for growth.”