An Aberdeen financial planning firm is now managing more than £240 million after the acquisition of a city rival.
It is the largest acquisition to date for Scott James & Associates, which represents St James Place (SJP).
The expanded company now employs 14 people, supporting more than 1,500 clients across Aberdeen, Aberdeenshire, Angus, and Perthshire.
Its newly acquired business, founded by Aberdeen planner Kenneth Melville, has brought with it 330 clients and an additional £51.6 million in assets.
Mr Melville, who has been in the financial planning industry since 2002, is well-known in Aberdeen and has built a loyal client base.
Milestone for Scott James & Associates
Two of his long-standing staff members, Beverly Findlay and Carolyn Martin, will also join Scott James & Associates.
“It’s been a great privilege to advise clients on financial matters over the past 20-plus years,” said Mr Melville.
“Whether they have invested £10,000 or £1 million, I’m extremely proud of the efforts of my team to make sure each client feels valued and well looked after.
“I’m pleased to have joined a team which has built an excellent reputation within the local profession and have no doubts that clients will continue to receive the same high level of service they have come to expect while we go through this transition period.”
Additional hires and acquisitions
Scott James & Associates’ latest acquisition follows the purchase of another partner practice in Cruden Bay, Aberdeenshire in 2022.
Meanwhile, the business is considering additional hires and acquisitions.
Scott James, director, said the latest deal is an exciting development as the firm works to deliver financial planning to a wider audience.
He added: “Kenneth’s business already shares great synergies, and I look forward to fully integrating our new colleagues with the rest of the team to see what we can achieve together.”
Scott Parnell, deputy business partner lead for Scotland and Northern Ireland at SJP, said the acquisition will create continuity for clients.
“It will allow Scott the benefit of Kenneth’s experience before he transitions to a well-earned retirement in time,” he explained.
“The new business will be one of our largest practices by client number in Scotland and I wish them all the very best for what we all expect to be a prosperous and exciting future together.”
Conversation