Standard Life-owned advice consolidator 1825 is to buy Norwich-based adviser Almary Green.
Almary Green managing director Carl Lamb is understood to be moving to 1825 as part of the deal.
Lamb will continue to head the business, and join 1825’s executive committee.
It represents the first major acquisition for 1825 since it was launched by Standard Life in February last year as a restricted advice business.
The deal brings assets under advice of around £400m to 1825, as well as 1,900 clients.
Almary Green has 44 employees, including 22 advisers and paraplanners.
Completion is expected in the first half of 2016, pending regulatory approvals. It will mean that Standard Life will have over 50 financial planners advising over 7,000 clients on around £2.0bn of assets.
Lamb says the deal means Almary Green will become a restricted adviser.
He says: “I haven’t taken this route lightly but I do feel that the argument for independence has weakened with the pressures on affordability and access to advice, and that the competitive nature of the industry means that our offering will remain in our clients’ best interests.
“Aligning ourselves with one of the industry’s major players, Standard Life, will ensure that we can plan for the long term with confidence and bring continuity and stability to our clients.
“The range of advice we can give will not change and, although our proposition will be structured using a restricted framework, we will continue to have access to market leading solutions and strategies for our clients. For our clients, it will be business as usual: we will review their portfolios as part of our normal ongoing service to them, only making changes as and when they are indicated to be suitable.”