New-entrant consolidator Independent Wealth Planners has passed £1bn in assets under management with its sixth acquisition.
The advice firm has bought Lancashire-based financial planner Prosper Wealth Management in a deal which brings four advisers and £170m in funds under management to the business.
The acquisition will see an additional 486 clients join IWP alongside a gross fee income of £1.35m, with Prosper's founder and managing director David Barton set to lead the consolidator's operations in the North West.
Mr Barton said: "Having previously built Prosper both organically and through acquisitions, I completely understand the logic behind the IWP model.
"I had ambitions to grow Prosper Wealth significantly over the coming years, however to achieve this I really needed more support.
"My personal experience of going through the acquisition process with IWP has reassured me that they have both the resources and expertise to get the deals done."
In November last year IWP announced ambitions to secure £2bn of client assets in the first quarter of 2020, having already bought four advice firms and with another six in its sights.
The purchase of Prosper is the consolidator's sixth acquisition, following a model which sees acquired firms keep their own branding while sharing the IWP master brand on a national level.
David Inglesfield, chief executive of IWP, said: "I am thrilled that IWP has expanded into the North West of England with an offering to serve the people of Lancashire and Greater Manchester.
"David and his team have a fantastic reputation in their local community and are a great fit for IWP. I have every faith that they will do an excellent job in growing our presence across the North West region."
Speaking with FTAdviser last year Mr Inglesfield said the company had plans to build "Britain’s best independent wealth planning business".
A spokesman for the company said its acquisitions were "funded privately".
rachel.mortimer@ft.com
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