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

The acquisition is the first step in GGFM’s growth strategy and increases its assets under management by 20%. The move also adds wealth management expertise to Gilson Gray’s existing legal and property services in East Lothian. 

Scott Wallace, the former owner of Wallace Financial Planning, joins GGFM as a financial adviser with more 25 years’ industry experience. He will be responsible for advising existing private clients as well as those who are joining the GGFM fold.

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

Steve Herkes, managing director of GGFM, said: “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.”