SCOTTISH law firm Gilson Gray has expanded its financial services arm with the acquisition of North Berwick-based Wallace Financial Planning, in a seven-figure deal, and plans further deals in coming months.

The law firm has made the acquisition of the financial adviser through its Gilson Gray Financial Management arm.

It declared 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, the law firm added.

Scott Wallace, the former owner of Wallace Financial Planning, is joining GGFM as a financial adviser.

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Gilson Gray noted Mr Wallace had more than 25 years’ industry experience and local knowledge of North Berwick – “where he was born and raised”.

The law firm added that Mr Wallace would be responsible for advising its 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, Gilson Gray said.

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.”

He added: “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.”