Based in Burton-upon-Trent, Staffordshire, the practice becomes part of the financial advisory group after the 80Twenty Consultancy, in Lockington, Leicestershire, came on board in October.

This latest deal marks the national firm’s sixth acquisition in 12 months and adds a 14th office as it continues to establish its UK footprint with teams across the Midlands.

It means advisers; Kevin Douglas, Dean Woodward, Nigel Fern, David Hulland, Mark Hill, Nigel West, Leighton Norton, together with nine support staff serving 1,300 clients with assets under advice approaching £300 million, become part of the growing financial advisory group.

Roger Brosch, CEO of Foster Denovo, said: “What struck me about Kevin and the team is that they genuinely care about one another, their clients, and the highest standards of advice.

“Add in a perfectly aligned culture between us all and you have the raw ingredients for a successful integration and a period of exciting growth. I am hugely excited to start working with everyone there and seeing what great things we can achieve together in the Midlands.”

Nigel Fern of Brian Mole said: “This really works for our clients and our colleagues because Foster Denovo has a framework to retain what we do best – designing and delivering personalised financial advice, which we can now enhance and develop still further with the resources and support this deal gives us.

“It helps that we hit it off straight away and see the world in the same way as Roger and his colleagues, which has really energised everyone about what lies ahead.”

Over the last 12 months, Foster Denovo has bought Rosemount Asset Management in Glasgow to found a hub in Scotland, doubled the size of its employee benefits division with Punter Southall’s corporate advisory arm, and acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire.

As the group accelerates its five-year growth strategy, it has also created the new position of Chief Finance Officer and recruited Paul O’Leary earlier this month.

Foster Denovo has also been recognised for its excellence in developing its employees by achieving the Investors in People (IIP) platinum accreditation, its highest level.

80Twenty marks Foster Denovo’s fifth acquisition in 12 months, becoming the 13th office in its UK-wide presence and the first in the East Midlands. This expansion demonstrates the firm’s commitment to providing high quality advice nationwide across the UK.

The deal means four advisers – Neil Welbury, Jackie Worby, David Catterall and Stuart Annable, along with six support staff – become part of Foster Denovo. With around 120 private clients and a number of high-profile corporate clients, 80Twenty brings in well over half a billion of funds under management and funds under influence.

Foster Denovo chief executive Roger Brosch said: “We’re delighted to welcome Neil, Jackie, David and their fabulous team to Foster Denovo. As we’ve got to know each other throughout this transaction, it’s clear we share an excitement for what a combined future holds.

“Cultural and propositional fit is critical for us and we know the 80Twenty team shares our values and sees the world as we do. We look forward to prospering together as we grow.”

80Twenty Executive Director Neil Welbury said: “80Twenty advises high net worth, financially astute individuals, so any chosen partner had to be able to add value to that dynamic. We are also retained by a number of large corporate clients, and so understanding how that advice process works was also key.

“Foster Denovo have built a reputation in both marketplaces, and so we see them as a natural home for our clients. Also, with the added support and additional services available at Foster Denovo, this will only serve to enhance our proposition further.”

The latest deal comes just a month after the firm bought Rosemount Asset Management in Glasgow to establish an office in Scotland. Previously, the group doubled the size of its employee benefits division, buying Punter Southall’s corporate advisory arm, preceded by the acquisition of wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire.

Foster Denovo has been recognised for its excellence in developing its employees by being awarded the Investors in People (IIP) platinum accreditation, its highest level achieved by only two per cent of companies who apply worldwide.

Rosemount Asset Management was established by Raymond Pirrie in 2010. The team consists of three advisers, Jon Sweeney and Graham Scott, and four support staff. They manage over £200 million in assets for 571 households throughout Scotland.

Through the recent acquisition of Punter Southall Aspire earlier in the year, Foster Denovo secured a strong employee benefits consultancy presence in the Scottish capital. This latest deal marks its first acquisition of a private wealth business in the country and signals its intent to establish a strong presence in Scotland.

Using the blueprint for growth of its hub in the Northeast of England – which in the space of 12 months grew from £1m to £5m in revenue through a mix of acquisition and recruitment – Foster Denovo said it believes similar growth can be achieved in Scotland.

Like Newcastle, the foundations for the Scotland hub are being laid by an advisory firm with a clear cultural fit with the national firm, one that prioritises its people and its clients.

Roger Brosch, CEO of Foster Denovo, said: “We are delighted to welcome the Rosemount team to the Group and are excited to expand our private wealth footprint into Scotland. Since we first met Raymond, Jon and Graham it was clear there was a strong cultural and propositional fit and we believe this can become the regional hub to grow our presence further in the region.

“The integration of Rosemount will free up a considerable amount of time for the team to focus on what they do best, looking after and winning new clients. The propositional fit will enable a continued, and even enhanced, level of client experience to be achieved.”

Raymond Pirrie, managing director of Rosemount Asset Management, added: “We want to grow and advance in the right way. Achieving this in the current market requires eye-watering amounts of ongoing investment in technology and in your people, as well as time away from client work running an advisory business. At times, it can feel like the day comprises of little else but regulatory ‘admin’.

“Having a trusted partner take care of that enables us to focus on what’s important – looking after our clients. The peace of mind that Foster Denovo provides, ensuring we are meeting all of our regulatory and governance requirements and having a robust and tested process for evidencing it, is truly priceless.

“Additionally, we are excited about gaining access to innovative solutions, a broader range of financial planning options for our clients, and the new opportunities for our staff that come with being part of a larger organisation with greater infrastructure.”

Creative Financial Solutions, set up by Duncan Sherlock and Simon John, advises on £110m ($126m, $135m) of assets.

Chief executive of Foster Denovo Roger Brosch, said: “Duncan and Simon have built a great business and a loyal client base. Both bear testimony to their clear client focus. Culturally, and propositionally, this is a perfect fit for both businesses. I look forward to us joining forces to continue offering Creative Financial Solutions’ clients the very best service and advice.”

To read more on this topic, visit: Foster Denovo set to make another acquisition this year, CEO reveals

Sherlock added: “Our client-focused approach and shared culture of prioritising people has found a perfect home with Foster Denovo. This exciting new chapter will enable us to further enhance the value we bring to our clients while continuing to uphold the values and culture that have been the cornerstone of our success. Together, we are looking forward to creating even greater opportunities for our clients and our talented team.”

This is Foster’s Denovo’s second acquisition after it snapped up financial planning firm Wade Financial this September.

In February 2022 the firm secured up to £100m funding from minority stakeholder Crestline Investors for a five-year growth strategy.

Since then, Foster Denovo has completed 10 internal Practice Buy Outs (PBOs) for 18 advisers.

The group reported a £3.9m (€4.5m, $4.7m) growth in EBITDA which it says is down to the successful execution of the first part of its acquisition strategy.

It acquired the practices of 17 self-employed advisers and most recently purchased Wade Financial Services with deployed funds from the investment by Crestline Investors.

Foster Denovo chief executive Roger Brosch said that the firm will be announcing its latest acquisition by the end of the year as part of the Group’s ongoing growth strategy.

He said: “2022 was a pivotal year for the Group. We completed our first external investment into the business and immediately put the funds to work resulting in spectacular growth in EBITDA.

“The acquisition strategy has continued in 2023 with the recent announcement of Wade Financial Services. Before the year is out, we will be announcing the next firm which will be joining the Foster Denovo Group.

“Our growth strategy is really starting to get into its stride, so watch this space.”