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

The financial services arm of law firm Gilson Gray said the deal was the first step in its growth strategy and boosted 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.

Scott Wallace, former owner of Wallace Financial Planning, joins Gilson Gray Financial Management (GGFM) as a financial advisor with over 25 years of 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 joining GGFM.

Scott Wallace and Steve Herkes shake hands over the deal.

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

Founded in 2014, Gilson Gray has grown to employ over 160 people across four offices, in Dundee, Edinburgh, Glasgow and North Berwick.

Steve Herkes, Managing Director of GGFM, said, “Scott’s success in establishing a trusted, client-focused service demonstrates his dedication to helping his clients achieve their financial goals. This approach fits perfectly with Gilson Gray’s corporate philosophy.

“The acquisition of Wallace Financial Planning is the first of what we hope will be a series of transactions over the coming months which will significantly improve our wealth management footprint across Scotland.”

As a lead partner 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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