Gilson Gray Financial Management swallows East Lothian peer in seven-figure deal

Gilson Gray Financial Management has acquired North Berwick-based Wallace Financial Planning in a seven-figure deal.

The financial services arm of legal firm Gilson Gray said the deal was the first step in its growth strategy and increases its assets under management by a fifth.

The move also adds wealth management expertise to Gilson Gray’s existing legal and property services in East Lothian.

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Scott Wallace, the former owner of Wallace Financial Planning, joins Gilson Gray Financial Management (GGFM) as a financial adviser with more than 25 years' industry experience and local knowledge of North Berwick, where he was born and raised. He will be responsible for advising existing private clients as well as those who are joining the GGFM fold.

Scott Wallace and Steve Herkes shake hands on the deal.Scott Wallace and Steve Herkes shake hands on the deal.
Scott Wallace and Steve Herkes shake hands on the deal.

Wallace Financial Planning will rebrand to become part of GGFM, but retain its current office premises in North Berwick.

Established in 2014, Gilson Gray has grown to employ more than 160 staff across four offices, in Dundee, Edinburgh, Glasgow and North Berwick.

Steve Herkes, managing director of GGFM, said: “Scott’s success in establishing a trusted and client-focused service shows his dedication to helping his clients achieve their financial objectives. This approach is a perfect match to Gilson Gray’s business philosophy.

“The acquisition of Wallace Financial Planning is the first of what we hope will be a series of deals in the months ahead that will significantly enhance our wealth management footprint across Scotland.”

As a senior partner practice of St James’s Place Wealth Management, GGFM clients have access to a wider range of integrated services available through Gilson Gray.



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