The group, which provides financial planning and wealth management to over 125,000 clients, including over 60,000 wealth clients, saw a 21% year-on-year increase in revenue and pro forma fee income to £168m in the year to the end of December 2024.
Fairstone is delivering growth through a clear strategy of organic expansion and targeted acquisitions.
The group has invested in its UK and Ireland network, establishing 12 regional hubs – 10 in the UK and two in Ireland – that are being developed into fully operational centres.
These hubs will reflect the structure of Fairstone’s head office, embedding core functions within local teams to improve delivery and support.
As well as expanding its physical footprint, Fairstone has also been developing its digital-first service, Mineral, which offers expert financial advice via video call.
Mineral is helping to address the advice gap by making professional financial advice more accessible and more affordable.
Fairstone identifies Mineral as its solution to closing the advice gap and is now embedding the service across its national infrastructure. The platform is designed to support individuals who are accumulating wealth and seeking to grow their financial position, offering accessible advice through a digital-first experience.
Fairstone’s Downstream Buy-Out (DBO) acquisition programme continues to stand out in the industry. Recent refinements have made it more appealing to firms seeking investment and operational support.
Earlier this year, the group concluded its 100th DBO partnership deal with Yorkshire-based Richardson Premier Wealth Ltd joining the programme.
In the 13 years since the DBO programme was started, it has been a major factor in Fairstone growing the amount of client assets under management (AUM) to £20bn. Enhancements to the model are expected to drive further acquisitions in the coming years.
Fairstone’s success has been underpinned by strengthening its leadership team. Last month, the group announced that former Aldermore Bank CEO Steven Cooper CBE has been appointed as its new Chief Executive Officer.
Steven, who takes up his post later this autumn, will take over as CEO from Fairstone founder Lee Hartley, who becomes Deputy Chair.
The enhanced leadership team, investment in existing operations and further strategic acquisitions will drive Fairstone’s ambition to double the size of its business to £40bn of client assets under management by the end of 2030.
David Hickey, Independent Chairman at Fairstone, said: “This is another strong set of results for Fairstone and is a tribute to the hard work, dedication and determination of our excellent team.
“With £20bn of client assets under management, our continued growth reflects the ongoing success of our client-focused approach, providing chartered, trusted and independent advice at every life stage.
“The announcement of our new CEO, Steven Cooper CBE, and the signing of our 100th Downstream Buy-Out deal this year, makes us ideally placed to scale further across the UK and Ireland.
“We have our sights firmly set on helping many more people make confident, informed financial decisions about their future as we target £40bn of client assets under management by the end of 2030.
“Fairstone continues to be recognised as a trusted, independent, and chartered financial advice firm, committed to delivering high-quality service across every stage of the client journey.
“With over 14,000 verified reviews on Trustpilot and a satisfaction rating of 98%, our reputation is built on consistent client outcomes and a strong focus on professional standards.”
Steven will take up the position later this autumn, bringing with him more than 30 years of experience in the financial services sector. Most recently, as Group CEO at Aldermore Bank, he led the business through a period of substantial growth, almost doubling its size after joining in May 2021, and helped the organisation earn recognition as one of the Sunday Times Top 10 Places to Work.
He has a long-standing career in financial services, having held a variety of senior positions in banking both in the UK and abroad, including Group CEO at C. Hoare & Co, the UK’s oldest privately-owned bank, and having led a number of Barclays’ businesses including as CEO at Barclaycard Business, Personal Banking for UK & Europe, and Business Banking in the UK.
Steven said: “I am thrilled to be joining Fairstone. As well as being one of the fastest growing wealth advisory firms in the UK and Ireland, it is also one of the most trusted by its clients.
“What drew me here was the clarity of purpose, doing the right thing for clients, building long-term relationships, and supporting people to make confident financial decisions.
“That approach aligns closely with my own values. I’ve always believed that integrity, stewardship, and high professional standards are essential to building trust and delivering strong outcomes.
“I’m looking forward to working with colleagues across the business to support our clients and help shape the next phase of Fairstone’s journey.”
Steven began his career aged 16 as a branch cashier at Barclays and has built a career that reflects his belief in social mobility and values-led leadership.
He served as Joint Chair of the Social Mobility Commission and was awarded a CBE in 2022 for services to banking and social mobility. Steven continues to champion inclusive opportunity across the financial services sector.
He is the current UK Chair of consumer credit reporting agency Experian PLC and has served as a Non-Executive Director on a variety of regulatory and listed boards.
Steven will take over as CEO from Fairstone’s founder Lee Hartley, who becomes Deputy Chair. Lee has led the business for the past 16 years, overseeing its growth into one of the UK’s most trusted chartered financial planning firms.
Earlier this year, Fairstone marked two significant milestones: reaching £20 billion in client assets under management (AUM) and completing its 100th partnership within the wealth management sector through its Downstream Buy-Out (DBO) investment model.
Lee Hartley commented: “Fairstone has reached a significant point in its journey, and I’m pleased to be handing over to Steven as he takes on the next phase of leadership. His experience and values are well aligned with the business as it advances towards its 2030 goals.”
With a client base of over 125,000 and annual revenues exceeding £175 million, Fairstone is now entering the next phase of its journey. Enhancements to the DBO model and a broadened long-term strategy will support the firm’s ambition to reach £40 billion in AUM by the end of 2030.
David Hickey, Independent Chairman at Fairstone, said: “I’m delighted to welcome Steven Cooper to Fairstone. His extensive experience leading major financial institutions and his in-depth understanding of retail financial services will bring invaluable insight to the group.
“I’m also really pleased that our founder, Lee Hartley, is stepping into the role of Deputy Chairman, allowing us to continue to benefit from his deep sector knowledge.
“The UK is entering a period of significant intergenerational wealth transfer, and families will need thoughtful, well-structured advice to pass on investments and protect their assets.
“There’s a real opportunity for advice led firms like Fairstone to support clients and their families through this transition, not just by offering financial expertise, but by helping people make confident, informed decisions about their future.
“With the appointments we have made, we have ensured Fairstone has the right leadership in place to guide clients through this transition and to continue delivering on our long-term goals.”
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This collaboration combines Fairstone’s extensive client base and trusted advisory expertise with J.P. Morgan Asset Management’s global investment capabilities and proven track record, creating an effective partnership to deliver enhanced solutions for UK investors.
The partnership will see Fairstone utilise J.P. Morgan Asset Management’s global equity and global bond capabilities as core components of its new NOVA MPS (Managed Portfolio Service) range. The NOVA MPS will provide institutional-grade investment capabilities to retail clients at institutional pricing, delivering significant value at just 55 basis points.
Set to launch for new clients on 1st March, the range is designed to deliver proven investment solutions at a highly competitive price. Fairstone will seed the new range with over £500m on day one and anticipates that the exceptional quality and price of the offering will drive incremental assets into the Fairstone MPS ranges of £2bn over the next 12 months.
The strategic partnership extends beyond the NOVA MPS range, as Fairstone and J.P. Morgan Asset Management collaborate to develop further product innovations.
Speaking at the launch event, held at J.P. Morgan’s offices on London’s Embankment, Lee Hartley, CEO of Fairstone, commented: “Fairstone Investment Management was established to act as professional buyers of investment solutions, ensuring clients remain at the heart of our approach.
“The NOVA range, managed by Fairstone’s in-house investment management team, will feature segregated mandates run by J.P. Morgan Asset Management as cornerstone solutions. J.P. Morgan Asset Management was selected for their outstanding track record, with 88% of their global mutual fund assets under management outperforming their peers, and for the expertise of their team of over 1,300 global investment professionals.
“To remain the most trusted wealth management company and to continue delivering exceptional service to our 125,000 clients, we recognise the importance of partnering with leading suppliers. In J.P. Morgan Asset Management, we are confident we have found the right partner.”
Claude Kurzo, UK Country Head at J.P. Morgan Asset Management, added: “We’re excited to partner with Fairstone on launching an innovative new MPS solution that is expected to provide strong client outcomes at a very attractive price point. We also look forward to supporting Fairstone in helping their clients achieve their financial objectives, which includes leveraging our Guide to the Markets and training programs to support Fairstone’s advisers.”
Nick Stebbing, Chief Operating Officer at Fairstone, said: “This partnership delivers institutional-grade investing to retail clients, bridging a significant gap in the market. By working with J.P. Morgan Asset Management, we’re able to offer solutions that bring together robust performance and competitive pricing. This collaboration underscores our commitment to ensuring clients benefit from professional-grade strategies that were previously accessible only to large institutions.”
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Fairstone Group has published its latest annual report, highlighting a 32% year-on-year increase in revenue, reaching £154m pro forma fee income in the last quarter of 2023.
In addition, Fairstone has exceeded £17bn of Funds Under Management and announced growth in every single one of its key areas – including client numbers, advisers, recurring income, gross margin, and profits.
A further 50% of people polled across all age groups echoed this sentiment, with 98% saying they thought starting a financial plan as early as possible is beneficial.
The findings of the new report by Fairstone, are more pertinent with recent government statistics estimating that 10 million people in the UK are expected to live to the age of 100.1
Despite the increased financial pressures this will have on consumers, only around 8% of all UK adults have received financial advice, according to a recent report by the financial services regulator FCA2, with “many consumers still holding money in cash that could be invested to provide higher returns.”
The results of Fairstone’s Annual Client Survey are published today as part of a new report, entitled Fairstone Report 2021 – Changing Landscapes – Retirement is not just for the old. The report timely coincides with National Pension Awareness Week, an annual initiative organised by Pension Geeks and supported by the Department for Work & Pensions, which sheds the spotlight on the importance of retirement planning.
For the survey, Fairstone polled over 1,600 of their clients, seeking their attitudes over a range of financial issues from their views on making provision for the fact people are living longer and the importance of investing ethically, to why they chose to take financial advice.
Further highlights of the survey revealed:
Fairstone CEO Lee Hartley said that the latest survey painted a changing landscape for the future of financial services and had implications for both financial advisers and their clients.
Mr Hartley added: “One statistic that stood out was that 98% of clients thought that starting a financial plan as early as possible was critically important. This clearly shows that our clients see the value of expert advice with a long-term view to maximise their investments, navigate volatility and achieve financial security.
“On a broader stage though, there is still much to be done across the sector to educate people about the importance of seeking financial advice and the value in starting that journey as early as possible.
“That poses a challenge and a wake-up call to our sector; as financial institutions we need to be focused on assisting consumers to have access to first-class advice and support at the right time in their lives, to empower and enable them to make better financial decisions.”
Fairstone’s client survey also identified the importance of education and learned behaviour to starting the foundations of financial planning, with nearly 70% of clients surveyed saying that they had introduced their children and/or grandchildren to the concept of financial advice.
Hartley added: “It is important for younger generations to be educated and informed on financial matters to demystify the subject and to empower them with the confidence to start their financial journey early.
“These conversations should start within the family as savings and investment habits develop over a lifetime, with family culture and age all impacting on decisions that are made.
“To support this, we are launching our Junior Finance Academy, which will include educational platforms which have been developed by university academics in partnership with financial institutions, to help inform the children of our clients on important financial issues, in a fun and accessible way.
“As a sector we need to prepare ourselves for the future where the younger generation will be with more money that they are used to having and needing to make it work harder than ever before.”
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1 https://www.gov.uk/government/news/over-ten-million-people-to-live-to-100
2 https://www.fca.org.uk/news/press-releases/fca-publishes-evaluation-financial-advice-market
