Foster Denovo acquires Wade Financial

Financial advisory firm, Foster Denovo, has agreed to acquire chartered financial planner, Wade Financial.

Newcastle-based Wade Financial comprises six advisers and 10 support staff and looks after £220m of assets under advice, on behalf of 780 family units across the North East.

The acquisition will increase Foster Denovo’s footprint in the area and create a regional hub to facilitate further expansion in the North East, as part of a UK-wide growth plan. The deal remains subject to FCA approval.

In February 2022, Foster Denovo secured £100m funding from minority stakeholder, Crestline Investors, for a five-year growth strategy. Since then, it has completed 10 internal practice buy-outs for 18 advisers, which have contributed to a tripling of the group’s EBITDA.

Foster Denovo CEO, Roger Brosch, commented: “We look forward to welcoming Stephen, Ian, David and the whole Wade team to Foster Denovo. From the moment we met it was obvious that we share the same client centric approach and a clear and positive vision of the future. We have taken time to understand each other and this has given us great confidence in the cultural and propositional fit between us.

“From very early on the cultural alignment between our two firms has shone through. As time has gone on, we’ve got to see how they really care about each other and their clients, and how extremely well connected they are in the North East. This is going to be a great new chapter for both our businesses.”

Managing director at Wade Financial, Stephen Conway, added: “It has been so refreshing to negotiate with a leadership team that genuinely prioritises cultural fit. One of the key reasons for choosing Foster Denovo is its record of investing back into its own people.

“The investors in people gold accreditation and the supportive culture we could see working across all aspects of the business confirmed to us that Roger and his team truly invest in their people and that fits perfectly with our focus, too.

“We were also impressed by their genuine commitment to put clients at the heart of everything they do, and this solidified our decision to join forces and become part of their journey moving forward.”

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