Foster Denovo buys Tyneside advice firm

Support Denovo has acquired Shaun Carr Financial Services, extending its presence in the north-east of England. The deal will see founder Shaun Carr join Support Denovo’s wealth management division as a senior partner, bringing £53m in assets under advice (AUA) across 157 client households.

Importance of Cultural Fit

Carr, who will remain based in North Shields, said feedback from advisers at the former Wade Financial business in Newcastle influenced his decision to join the national advice group. Wade Financial became part of Support Denovo in 2023.

Carr said: “I know the guys at what was Wade and they were able to share their very positive experience of what it meant to become part of Support Denovo. This kind of insight is really valuable from people who have gone down the same road you’re considering.”

He added that access to Support Denovo’s wider support functions would allow him to focus more closely on clients. “We all know regulation has increased and the depth and scale of the support team I can now call on frees me to focus on giving my clients an even better service,” Carr said.

Support Denovo chief executive Roger Brosch said recommendations from advisers who had already joined the group demonstrated the importance of cultural fit when completing acquisitions. He said: “That word-of-mouth endorsement of our approach, in placing cultural fit above all else, really hits home.

“We’re delighted Shaun has joined us and look forward to welcoming more advisers into the fold this year.” The transaction follows 26 internal practice buyouts completed by Support Denovo.

The group, which also owns employee benefits consultancy Secondsight, now operates from 13 offices across the UK. Support Denovo is also undertaking a technology programme called Symphony, which aims to introduce agentic artificial intelligence (AI) across its day-to-day operations and reduce the administrative burden on employees. In May this year, Support Denovo partnered with fintech firm Palindrome to expand its use of AI, which it described as a “transformational step forward” in how it supports advisers and consultants.

The company has previously received Investors in People platinum accreditation, the organisation’s highest level of recognition for employee development.

Support Denovo now operates from 13 offices across the UK.