Standard Life and Almary Green have pulled out of the proposed buy-out of the Norwich-based firm.
In a statement the two companies said they had “mutually agreed” to end the discussions.
Almary Green was meant to become part of Standard Life’s national advice arm 1825.
Steve Murray, 1825 chief executive, said: “We wish Almary Green all the best and continued success.
“1825 continues to focus on building a UK-wide financial planning business and we see huge opportunities.
“The acquisitions of Pearson Jones, Baigrie Davies and Munro Partnership are complete and Jones Sheridan continues to progress positively.”
Almary Green was the first major acquisition Standard Life had announced since it bought Pearson Jones in July 2015 and rebranded it as 1825.
On completion of the Jones Sheridan deal 1825 will have 63 financial planners advising more than 7,400 clients on more than £3bn of their assets.
Carl Lamb, managing director of Almary Green Investments, said: “In the interests of certainty for our clients and staff we have agreed with 1825 to end discussions at this time.
“We remain focused on delivering a high quality service to our clients.”
Almary Green was founded by Mr Lamb, a former fighter controller in the RAF, in 2001.
At the time the 1825 deal was announced it had 22 advisers and paraplanners and assets under advice of £400m – though since then four advisers have left and two are serving their notice.
Neither side has commented on why the deal is no longer going ahead, with a Standard Life spokesman saying the deal is confidential.
She did say the announcement was unconnected to advisers having left Almary Green.
