Independent Wealth Planners (IWP) has acquired Yorkshire-based financial planning firm Acuity Wealth Management (AWM) for an undisclosed sum.
The deal brings additional 228 clients to IWP and boosts its assets under administration by £85m.
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AWM, which is led by Janet Comrie and daughter Sarah Dougal, also adds four administrative staff and a paraplanner to the company.
As part of the acquisition, IWP is setting up a direct-to-consumer channel in which AWM becomes the founding representative.
Dubbed IWP Advisory Services, the new business line will provide remote financial advice to customers who are unable to travel to their regional office or prefers virtual advice.
Commenting on the development, Comrie said: “By partnering with IWP we can give our clients the best of both worlds. The adviser to client relationship is built on a mutual trust, and so a local and personalised service proves invaluable.
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By GlobalData“The acquisition means the close-knit relationships we’ve fostered with our clients can be complemented by the scale and resource of IWP whose centralised support will free up more time for us to focus on helping our clients achieve their financial goals.”
The latest deal is part of IWP’s ongoing consolidation strategy. Last month, IWP expanded its Hampshire presence with the acquisition of Southampton-based Encompass Financial Management.
It succeeded the company’s acquisitions of Professional Wealth Management and Edinburgh-based wealth management firm, Sutherland Independent earlier this year.
Last December, the company purchased financial planning firm Donald Wealth Management, following a number of deals.
It included the purchase of Hunter Hammond Daniel Associates, Beyond Financial, Carnelian Capital Management, and Richmond House Wealth Management, among others.
