The acquisition is the first step in the growth strategy of the financial services arm of legal firm Gilson Gray. The deal and increases GGFM’s assets under management (AUM) by 20 per cent. 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 and local knowledge of North Berwick – where he was born and raised – and 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: “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.

“We are looking forward to delivering even stronger service to our clients and cementing our position in East Lothian as the go-to adviser for legal, property, and financial services. Our aim is to offer the local community a full range of services that would typically only be available in cities.

“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.”

GGFM offers specialist financial advice to private and corporate clients across the UK to grow and protect their savings and investments. 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, including property, corporate and private client matters.