Consolidator Succession has acquired LRH Wealth Management for a total consideration in excess of ÂŁ3 million ($5.11 million), bringing its total number of acquisitions to eight.

Consolidator Succession has acquired LRH Wealth Management for a total consideration in excess of ÂŁ3 million ($5.11 million), bringing its total number of acquisitions to eight.

LRH Wealth Management is a family office based in Halifax, specialising in generational planning with ÂŁ100 million funds under management, Succession said in a statement.

Succession group chief executive Simon Chamberlain said the firm was on schedule to acquire at least 17 wealth management businesses by the end of the year.

“Our proven business model designed to maximise the volume of recurring income and improve the sustainability of income before acquisition takes place, ensures a smooth transition for the LRH team, and especially for clients.  Our target is to acquire the best 50 firms from the membership of Succession Advisory Services by 2017,” chief executive Simon Chamberlain.

Since the introduction of the Retail Distribution Review programme of regulation changes last year, many small firms have struggled with the transition, resulting in an increasing number of businesses looking to sell or consolidate with bigger players. A number of firms, such as Syndicate Asset Management, Focus Financial and Sanlam, to name just a few, have bought up IFA businesses.