The adviser firm has bought the data from Telford-based Cornforth Consultants Wealth Management and Shrewsbury-based Wealthport.
The move brings to 15 the number of client banks that Sanlam has bought since 2009, a core part of the company’s growth strategy.
Cornforth Consultants has 225 active clients in and around Telford, with £32.2m of assets under influence. Meanwhile, Wealthport has 114 active clients in Shropshire and mid-Wales, and £19.5m of funds under influence.
A small number of Sanlam advisers will relocate to Telford, while financial planners in Sanlam’s Rhyl office will service the Wealthport clients.
Nigel Speirs, chief executive of Sanlam Private Wealth, said: “This activity remains a core strategy for Sanlam UK in the building and development of our advice-led wealth management business in this country and we welcome enquiries from those who seek to realise the value in their businesses and want their clients to receive first-class advice and service from a company that is a leading UK player.”
Steve Hagues, founder of North Yorkshire-based Retiring IFA, said: “I think the market’s holding strong. We’re finding the market has been very busy at the moment – prices are holding and people want to get funds under management.
“We are undergoing a structural change in the industry. We’re seeing fairly standard consolidation. There are also small businesses buying other small businesses, ending up with a medium-sized business. For some, it’s not being part of the growth plan, but it’s opportunistic.”