Aviva completes buy out of Succession Wealth
The move to acquire Succession Wealth for a consideration of £385m was announced in March, and was subject to regulatory approval.
Aviva said the acquisition “significantly enhances Aviva’s presence in the fast-growing UK wealth market” and “expands Aviva’s ability to offer high quality financial advice” to its six million pension and savings customers without an existing adviser.
Succession Wealth has approximately 200 planners providing advice to 19,000 clients in the UK with £9.5bn of assets.
Following the acquisition, Succession Wealth continues to operate as a separate regulated, independent financial advice firm and retains its branding. There is no change for existing customers.
As at 30 June 2022, total Group assets under management at Aviva Group are £353bn.
The UK wealth market is expected to grow by circa 7% per year to £2.1trn by 2024.