British consolidator MWA Financial has reportedly acquired Hampshire-based advice firm Prosperity Financial Advisors & Stockbrokers.
Financial details of the deal have not been made public.
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The acquisition of Prosperity takes MWA’s assets under influence to £300m and increases its adviser headcount to 15.
Under the terms of the agreement, Prosperity will become a part of MWA group but will retain its current branding.
Prosperity co-founders Mark Newman and Jasper de Zoeten will remain in their current roles until the transition is complete.
MWA Financial executive chairman Ed Rosengarten said that the deal is an important step closer towards building a high-quality IFA firm of national reach and scale.
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By GlobalDataRosengarten added: “We have long been admirers of what Mark and Jasper have achieved at Prosperity. It is a great business, with a fantastic workforce and a highly efficient business model.
“Prosperity’s use of technology and paraplanner support is unique and these combine to create a truly slick service that frees up advisers to do what they do best – offer advice. That’s why we are delighted to welcome Prosperity on board.”
Newman said: “We are very proud of what we have built here at Prosperity over the past 12 years, but the reality is we probably couldn’t have kicked on to the next level without the support of a firm such as MWA.
“I am certain this deal will add a tremendous amount of value to our staff and clients, who were at the forefront of our thoughts throughout this whole process.”
Growth Strategy
The latest purchase is part of MWA’s efforts to transform itself into a national IFA.
The company has secured funding from Triple Point and is planning to acquire a number of other advice firms over the next three to five years.
Recently, MWA appointed Rosengarten, who has been a strategic adviser to the business since 2019, as its executive chairman to help execute its growth strategy.
Launched by Campbell Banks in 2016, MWA currently owns Hertfordshire-based advice firm Eversley Wealth Management which provides investment, tax planning, pension, protection, and mortgage advice.
