New York-based RIA Laidlaw Wealth Management has agreed to buy Naples, Florida-based peer Naples Wealth Planning.

The deal, whose financial details were not shared, strengthens Laidlaw’s footprint in Florida where it already has a presence in Boca Raton.

In addition to Naples, the acquired entity has offices in Stuart, Tampa as well as Miami all of which will now be added to Laidlaw.

This provides a new platform at Laidlaw to expand the 1099 model for advisers. Naples will retain its brand.

Commenting on the transaction, Laidlaw CEO Richard Calhoun said: “The combination of these two high quality platforms enhances our value proposition for our clients and advisers.

“In addition, having a presence in Miami is key to the growth of our international business, where we have a unique offering, existing client base and a strong desire to grow.”

Naples will remain under the leadership of Brian Bruneau, the COO of Naples and parent company Capital Wealth Planning.

Bruneau will now be a member of Laidlaw’s investment committee.

A 23-year financial sector veteran, Bruneau previously had stints at Met Life, Hartford Private Capital Management, Bank of America/Columbia Management and Zurich Financial Services.

Bruneau stated: “There is very little overlap since both companies work with the same custodian and technology stack, meaning the transition will be faster with very little disruption to our clients and advisers.

“Laidlaw’s 178-year history of innovation and partnership culture with a true client centric focus is what made them the best fit for NWP.”

Earlier this year, Laidlaw was in the news for collaborating with SpiderRock Advisors – an asset manager specialised in offering customised option overlay strategies.

The partnership will make SpiderRock’s strategies available to Laidlaw advisers.