Wellspring marks ‘intentional growth’ with acquisition

A North East-based financial advice firm is accelerating its expansion after completing a carefully planned acquisition designed to support long-term growth and broader client services.

Founded in 2020, Gateshead-headquartered Wellspring Financial was established by four advisers with a shared ambition to build a business with scale and purpose. 

Led by partners James and Jon Merton, Adam Finn and Ben Dawson, who together bring more than 60 years of industry experience, the firm initially focused on mortgages and protection before expanding into wealth advice as client needs evolved.

That ambition has now taken a significant step forward with the acquisition of Edinburgh-based Optimal Financial Solutions Ltd, a move that the founders say marks a shift from organic, reactive growth to a more intentional expansion strategy. 

They add that the deal brings additional expertise into the business and strengthens its ability to offer more specialised, joined-up financial advice.

Ben said: “We were already working together, and found our strengths and weaknesses complemented one another really well. 

“It led to us asking the question, why not launch our own firm?

“We realised we were quite exposed. 

“Interest rate changes, global events; it all impacted us. 

“We needed a scalable plan to retain stability, while still offering the best service to our clients.

“We launched Wellspring just before Christmas 2020. 

“It was a leap, but the remote working situation really helped us refine and solidify our relationships with clients. 

“We had to work harder to stay connected and ended up building stronger relationships off the back of that work.”

The acquisition followed Wellspring’s participation in Openwork’s Partnering for Growth (P4G) programme, which is designed to help advice firms adopt a more strategic approach to development, with mergers and acquisitions forming a core part of that journey. 

Through the programme, the team gained insight from peers and mentors who had already navigated similar transactions, helping to shape their approach.

James added: “We were growing organically, but accidentally. 

“P4G helped us shift to intentional growth. 

“It gave us structure, confidence, and access to people who’d done it before. 

“In particular, Matt Hall became a sounding board, trusted source and now friend. 

“He’d done it all solo, and his guidance made all the difference. 

“We wouldn’t have met him if not for The Openwork Partnership.”

After an initial acquisition attempt did not progress, the firm later connected with Optimal Financial Solutions’ principal Tim Price, who was planning for retirement and seeking a business with aligned values and a client-first ethos. 

The shared approach to advice and service proved a strong fit, enabling a smooth transition.

Adam added: “He (Tim) talked about growth for younger firms.

“I wrote his name down and knew we needed to get his number. 

“Tim’s business was well-run, with a real passion and focus on delivering the best value for clients, as well as a diverse product spread. 

“It gave us confidence that we would be a good match.

“It’s allowed us to consider restructuring; James and Adam will now be focussing solely on wealth andprotection, and we’re hiring a new mortgage adviser. 

“It’s enabling us to grow exponentially.”

The acquisition has already begun to reshape Wellspring’s offering, giving clients access to a wider range of services and deeper expertise across financial planning disciplines. 

It also provides a platform for future growth while maintaining the personal relationships that underpin the firm’s model.

Looking ahead, Wellspring Financial plans to continue building its business in a measured way, using acquisition alongside organic growth to expand its reach. 

Jon added: “It sounds like an oxymoron ‘broadening to specialise’ but that’s what we’re aiming for. 

“By growing our adviser team by hiring specialists, we know Wellspring as a whole can provide the right expertise, at the right time to our clients. 

“This approach also opens the door to intergenerational planning, bringing families into the conversation early and means we can support clients better through the different seasons of life. 

“We’re committed to providing these opportunities.

“We want to grow to 20–30 employees, but we’re not rushing. 

“We owe it to our clients, existing and new, to consolidate and reflect following this period of change.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →