Advice firm consolidator Newell Palmer has acquired midlands IFA Sense Wealth Management in a deal adding another £35m to its funds under management.
The purchase is the 51st acquisition made by Newell Palmer since it began trading in 1993.
The £35m is split between around 100 active clients from Sense, who will all transfer over to Newell Palmer and be advised from the consolidator’s Wolverhampton office.
No staff from Sense will be kept on. The sole adviser with the firm has decided to pursue interests outside of the industry.
Newell Palmer’s funds under management are now in excess of £2.3bn.
A number of other acquisitions made by Newell Palmer have been of advice firms at the smaller end of the scale. It added the same amount of assets, £35m, through its most recent acquisition earlier this year of Macclesfield IFA The Acumen Investment Partnership, for example.
Sense Wealth principal Steve Wootton says: “The increasing level of compliance coming into force and ever-rising costs of trading as an IFA have made it very difficult to run a small business like Sense.
“Merging with a larger IFA was the most logical step forward for myself and my clients.”
Newell Palmer finance director Kevin Homfray says: “Carefully planned acquisitions continue to form an integral part of our growth strategy. We are delighted to have finalised our deal with Steve Wootton and the clients of Sense Wealth will slot in nicely with our servicing proposition.
“The Newell Palmer acquisition team is busy working with other business owners looking to step away from the advisory industry, and we look forward to completing further acquisitions in the coming months”.