Consolidator AFH has bought the financial advice arm of a national law firm as part of a £530,000 deal.
Freeths decided to sell its Nottingham-based financial advice business, called Meritor, because of the growing demands of regulation and its desire to focus on its legal practice.
Alan Hudson, chief executive of AFH, said his company will continue to work with Freeths in the future to provide their clients with access to AFH advice and asset management.
"I know there are a number of similar financial services businesses linked to legal and audit practices and seen as non-core to those organisations.
"We believe that the mutual benefits of our arrangement with Freeths will demonstrate the commercial advantages of working with AFH to similar organisations and their clients in the future."
As part of the deal, financial adviser Karen Pincher will join AFH’s team of advisers and will continue to work with Freeths to look after her 275 clients and their £59.6m investments.
She said: "I first decided to become a financial adviser because I saw how big a difference a really sound approach could make to clients’ outcomes. That’s why I’m so pleased to have the opportunity to join AFH and to give my clients the benefits of its expertise."
Ms Pincher started her career in financial services with Sharelink in Birmingham – just before the Black Monday stock market crash of October 1987. She later worked at Deutsche as an investment manager and at a specialist financial advice practice focused on the veterinary sector.
As part of the deal, £330,000 will be paid in cash from AFH's existing resources and the resit will be paid over the next 14 months, depending on Meritor's performance.
AFH, which is based in Worcestershire, currently has around £3.1bn in funds under management.