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Newell Palmer buys West Midlands advice firm

Newell Palmer buys West Midlands advice firm

Newell Palmer has bought Sense Wealth Management, a financial advice firm based in the West Midlands, for an undisclosed sum.

The deal adds £35m to Newell Palmer’s total funds under management, which is now more than £2.3bn.

It also means some 100 active clients will transfer to the books of Newell Palmer and will be serviced by advisers in its Wolverhampton office.

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None of the staff from Sense Wealth Management will be joining Newell Palmer since the only financial adviser at the firm is "pursuing interests outside the industry".

Steve Wootton, principal of Sense Wealth, said: "The increasing level of compliance coming into force and ever-rising costs of trading as an IFA have made it very difficult to run a small business like Sense.

"Merging with a larger IFA was the most logical step forward for myself and my clients. Newell Palmer offers an exceptional level of client service and ticked all the boxes in my exhaustive search for a larger business to sell to."

The acquisition is Newell Palmer's 51st since the business was formed in 1993.

Kevin Homfray, Newell Palmer's finance director, said: "Carefully planned acquisitions continue to form an integral part of our growth strategy. We are delighted to have finalised our deal with Steve Wootton and the clients of Sense Wealth will slot in nicely with our servicing proposition.

"The Newell Palmer acquisition team is busy working with other business owners looking to step away from the advisory industry, and we look forward to completing further acquisitions in the coming months."

damian.fantato@ft.com