Consolidator Independent Wealth Planners UK (IWP UK) has expanded its footprint in Scotland with the purchase of Kilmarnock-headquartered financial planning firm Gilmour Hamilton Wealth Management (GHWM).

The deal value was not divulged.

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IWP UK gained its first Scottish presence with the acquisition of AGL Wealth Management.

GHWM will now become part of AGL – IWP’s regional hub.

As part of the deal, GHWM partner will remain the head of the Kilmarnock office.

Roberts stated: “Our new partners at AGL Wealth Management share the same core values and philosophy, allowing us to continue to develop and expand our proposition with a focus on the delivery of first-class client outcomes, this has and always will be our priority.

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“Joining the wider group of IWP firms is exciting as well, and we look forward to sharing ideas and to our clients benefitting from IWP’s central support services and resources.”

IWP UK CEO David Inglesfield said: “Gilmour Hamilton Wealth Management represents a great boost for our Hub in south west and central Scotland.

“I am thrilled to welcome John and the team to IWP, and I look forward to working with them as we continue to grow in the region.”

Other acquisitions by IWP UK in 2020

Last month, the firm acquired Carnelian Capital Management.

Earlier this year, IWP UK bought Westinsure Webb Financial Services, Richmond House Wealth Management, Clairville York Financial Advisers, and Prosper Wealth Management.

IWP offers operational and support services to acquired firms. These services cover compliance, IT, investment research, marketing, recruitment, as well as training.

The consolidator also allows the local teams to continue to manage the acquired businesses and sometimes retain participation in the ownership of the business.