Veteran adviser Harry Katz’s business, Norwest Consultants, has been acquired by adviser firm jonathanfry for an undisclosed sum.
Katz, who has run Norwest for 25 years and was previously a Aifa council member, will stay on as a consultant but will not give regulated advice. Norwest has about 100 clients on its books.
Katz says he had been looking for a buyer for about a year.
He says: “I’ll be 70 this October and as a sole trader you’ve got to think about the future. It has to be the right business taking over and I’m very happy to have found jonathanfry – they are definitely best of breed.
“I’m very hopeful my clients will be happy with them because the clients’ interests have to come first.”
Jonathanfry is currently undergoing a merger with advice firm Easby Gale and Phillipson.
Chief executive David Carr says: “As soon as we met Harry, we knew that we wanted to work with him and his clients. He clearly understands how to treat customers fairly, gives an excellent service and generates client loyalty.
”His decision to entrust his clients with us helps to validate the work we have done in building our own client proposition.”
Before training as an adviser, Katz ran a plastics factory he set up in 1968.