AAB Wealth reaches £1 billion funds milestone after revealing fresh acquisition

The takeover of specialist financial planning outfit WealthFlow, on undisclosed terms, brings the total assets under advice (AUA) at AAB Wealth to more than £1bn. Bosses said Edinburgh-based WealthFlow’s experience in “managing the intricacies” of financial planning for clients with financial settlements complemented AAB Wealth’s “holistic approach to financial advice”.

This deal marks the third acquisition AAB Wealth has made since January 2023. The business is part of AAB, the fast-growing Scottish accounting and business services group. In July, AAB said it was rolling out a “strategic brand consolidation” as it closed in on a £100 million turnover target.

Andrew Dines, head of AAB Wealth, which has some 50 staff, said: “This is a very exciting development as we continue to expand our service offering, and strengthen our capabilities to deliver specialist financial planning services to a wider audience. We’re equally thrilled to report that this exciting deal brings our total assets under advice to more than £1bn - an exceptional statistic which speaks volumes about the trust placed in our advisors and the quality of their investment strategies.”

He added: “WealthFlow directors Duncan Glassey and Helen Learmonth and their team have built an outstanding reputation within the financial planning profession, particularly in the niche area of financial medical negligence and injury settlements, and we look forward to integrating their expertise into our operations.”

In a joint statement, Glassey and Learmonth said: “In AAB Wealth we have found a firm that shares our values and commitment to providing the highest standards of financial planning advice, and we can’t wait to start working with the wider team. We are particularly excited about the opportunities this presents for our clients, who will benefit from broader resources including specialist tax expertise.

“AAB Wealth is such a great fit for us, ensuring the most complex financial needs receive the best possible long-term support, combined with truly independent financial advice.”

July’s announcement saw Aberdeen-headquartered AAB bring together its five brands across the UK and Ireland under a six-year plan to “strengthen and expand” its position as a key player in the mid-market. The group, which employs some 1,000 people across 12 office locations, said it was bringing FPM, Sagars and May Figures under its main brand title, AAB. Meanwhile, Think People and SeeHearSpeakUp will become AAB People.

The group delivers audit, accounting, tax, payroll, human resources, consulting and advisory services globally from offices across the UK, Ireland and the US, with annual revenues approaching £100m. It has trebled in size since 2021, when it secured investment from August Equity, ranking in the top 20 of Accountancy Daily’s top 75 accountancy firms last year.

The firm - formerly Anderson Anderson & Brown - said a transition period for the changes was underway, “ensuring that clients experience a seamless change with no disruption to services”. Earlier this year, the firm bolstered its senior leadership team as it looked to accelerate its growth plans.