Advice firm consolidator AFH has acquired the advisers and clients of Harrogate-based Premier Wealth Management in a £4.5m deal.
The deal will see £90m of funds under management move to AFH.
Premier currently services 470 clients across Yorkshire, Bristol and Lincolnshire under director Richard Evans.
Evans will join AFH along with IFAs Andrew Huby and Tom Frane.
He says: “For a while, it’s been clear that to take the business to the next stage we needed to become part of a larger organisation. With the likes of Mifid and professional indemnity costs it’s becoming impossible to deliver the proposition we want for our clients at a cost that’s competitive.”
AFH chief executive Alan Hudson says the deal shows the consolidator’s commitment to acquiring smaller firms.
He says: “[AFH] is a welcoming home for IFA businesses of all sizes, whether they’re looking to offer an even better service to their clients, grow their business or arrange an orderly exit from the industry. Joining forces with Richard and his team builds on recent acquisitions to further strengthen our presence in Yorkshire and the North East.”
This is AFH’s 17th acquisition since January and is is the first transaction in AFH’s new financial year.
The group has bought six advice firms since August, including its largest deal to date with the £7.7m October purchase of Mainstone-based Core Financial Services.