Blackadders’ legal acquisitions boost wealth management arm

Aberdeen and Glasgow moves increase demand for financial planning

This year’s acquisition drive by Dundee law practice Blackadders has also benefited the firm’s financial planning arm.

Blackadders acquired Aberdeen firm Plenderleath Runcie in February and the Glasgow operation of Morisons LLP in March.

Managing partner Johnston Clark said the expanded footprint had also benefited Blackadders Wealth Management, a separate firm owned by the law firm’s directors, which provides financial planning and investment management services.

He said: “It’s been exciting this year because we took over two law firms in Aberdeen and Glasgow.

“We are now introducing our teams to their clients and so far, so good. We are always looking to win new business.”

Newly filed accounts at Companies House for Blackadders Wealth Management LLP show turnover increased by £74,000 to £1.8 million for the year ending March 31.

Profit for the financial year before members’ remuneration and profit shares was recorded at £574,000, compared to £632,000 in 2018.

“In the year under review we were addressing our succession planning so we now have 18 staff with three investment managers and five financial planners in the team,” Mr Clark added.

“Quite often we are dealing with families where there are values to be transferred from generation to generation and last year we saw a lot of activity under the pension transfer freedom legislation.”

Mr Clark said Blackadders Wealth Management was different from most other firms in the sector in that it didn’t have a minimum amount of capital it was willing to look after.

We are always looking to win new business