Wealth management group Fairstone has acquired Norfolk-based financial advisory firm Allen Tomas & Co.

Allen Tomas & Co initially partnered with Fairstone in July 2023 through the wealth manager’s Downstream Buy Out (DBO) programme, which has now completed and the firm has become a full part of Fairstone.

The DBO model invests in the growth of independent advisory firms during a period of partnership, before fully acquiring the business further down the line.

During the partnership period, Fairstone provides infrastructure, regulatory, and compliance support so firms can focus on their client demands.

Allen Tomas & Co, which has been providing a range of investment, retirement planning, and wealth management services to individuals and businesses since 2014, currently advises more than 260 clients and manages £120m of client assets.

The firm is headed by independent financial planners Ben Allen and Michael Crisp.

Fairstone said it was actively seeking more DBO partners in East Anglia as it continues its national growth plans.

Commenting on the acquisition, Fairstone group managing director, Russell Bignall, said: "We’re delighted that Ben, Michael and the team at Allen Tomas & Co are now part of the Fairstone family.

"Their client-focused approach and determination to grow the business tallies perfectly with our philosophy and their location further boosts our presence in East Anglia.

"The acquisition underscores Fairstone’s dedication to expanding our footprint on a regional and national scale.

"With our sights firmly set on growing client assets under management from £20bn to £40bn over the next five years, we’re looking to partner with similarly ambitious, forward-thinking firms right across the UK and Ireland with increased valuations on offer for growth-focused wealth advisers."

Allen Tomas & Co business principal and chartered financial planner, Ben Allen, added: "We’re thrilled to have become part of the Fairstone group.

"Fairstone’s focus on putting the client first was so important for us - joining Fairstone means that our current clients will be able to benefit from the support, reassurance and IT capabilities of a major national firm while still getting personalised advice informed by our local knowledge and understanding of the area.

"Importantly, Michael and I will retain our chartered independent status, meaning that we will continue to provide unbiased financial advice to clients and recommend products from the whole of market.

"And with Fairstone’s head office team providing support on compliance and regulatory matters, it frees up more of our time to concentrate on advising clients, growing the business and working closely with professional connections."

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