Consolidator Independent Wealth Planners UK (IWP) has expanded its footprint in the south east through the purchase of Carnelian Capital Management, an advice business headquartered in Milton Keynes.
Financial terms of the transaction, which marks IWP’s 11th purchase since its launch, were not revealed.
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The deal offers scale to Richmond House Wealth Management, which was snapped up by IWP earlier this year.
Richmond House CEO Paul Beasley will step down from the position but will remain with the business as a director.
Beasley said: “We have built an exceptional business since our inception in 1964, to our recent acquisition by IWP.
“With the addition of Carnelian, and Jonathan as CEO, I am confident that we will continue from strength to strength.”
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By GlobalDataBeasley will be replaced by Carnelian managing director Jonathan Howard.
He will assume the additional responsibility on 1 September 2020.
Howard noted: “I am excited for the next phase of growth for both Carnelian and Richmond House Wealth Management.
“Selling your financial planning business is not a panacea – it can be a difficult process and so you need to have faith and trust in the people you are dealing to ensure a successful outcome for all including your clients.”
The latest deal continues IWP’s consolidation activities.
Apart from Richmond House, the firm also bought Clairville York Financial Advisers, Prosper Wealth Management, AGL Wealth Management, and Westinsure Webb Financial Services.
