British insurance giant Aviva has agreed to acquire Succession Wealth, a financial advice firm, for £385 million to substantially boost its footprint in the fast-growing UK wealth market.

According to Aviva, the deal bolsters its wealth offering and expedites its ability to provide high-quality financial advice to a considerable number of its six million pension and savings customers who do not have an existing adviser.

Amanda Blanc — Aviva Group CEO said: “The acquisition of Succession Wealth boosts Aviva’s presence in the fast-growing UK wealth market; supports our strategy to grow sustainably; and expands Aviva’s ability to offer high quality financial advice to millions of our customers.”

Succession Wealth has nearly 200 planners who advise on £9.5 billion of assets, providing advice to nearly 19,000 clients across the UK. The company is said to have consolidated advice firms, with a total of 60 acquisitions made so far.

Post-acquisition, Succession Wealth will continue operating as an independent regulated, independent, financial advice company, while retaining its brand.

James Stevenson — Succession Wealth Group CEO said: “We are delighted to become part of Aviva and to offer our independent financial planning capability to Aviva customers who don’t have an adviser. The demand for financial advice across the entire wealth spectrum has never been greater, and the opportunity to combine Succession Wealth’s holistic financial planning expertise, with the capabilities and customer reach of Aviva is hugely exciting.

“The Succession Wealth brand and our core independent advice proposition is fundamental in providing ongoing stability and reassurance to our existing clients and our people as we embark on this new journey as part of Aviva.”

  Amanda Blanc, Aviva, James Stevenson, Succession Wealth, United Kingdom