Under the terms of the deal, RP&P will be re-launched as Towergate Russell Plaice.
The deal is Towergate’s ninth acquisition of 2008 and brings the total number of advisers to 95 across the group.
Towergate chief executive Ian Darby says: “RP&P is a very successful business with high quality clients and advisers. This acquisition is a vital part of our expansion plans. We will continue to look for businesses that share our vision.
“Our strategy is to add high quality regional businesses to our established hub companies in order to provide our clients with access to well qualified advisers and an excellent service proposition.”
RP&P managing partner Steve Glenn says: “This deal is excellent news for our clients and advisers, enabling us to continue to build the business with access to enhanced infrastructure and all of the benefits of the investment that Towergate is making in the sector.”