IFA firm Shipman Financial Planning has acquired CMC Financial Services for an undisclosed sum.
CMC specialises in advising high net-worth clients in east Devon, around its Budleigh Salterton base, and has over £25m in funds under management.
The CMC deal follows Shipman’s acquisition of C&M Financial Services in 2009.
The sale was prompted by the retirement of co-founder John Pratt. CMC will now trade as Shipman Financial Planning and Sue Pratt, who co-founded the firm 30 years ago, will remain as an adviser.
Shipman Financial Planning director Tom Glanville says: “As one of the longest established IFA firms in the UK, we have built a reputation for quality of service client care which has great appeal to other well established businesses where the owners are looking to sell or retire.
“They look for reassurance that the financial affairs of their clients, many of whom they will have advised for decades, will be in safe and capable hands.”