Consolidator Independent Wealth Planners has bought a Milton Keynes-based advice firm in its eleventh deal since it came to market last year.
The newly-acquired Carnelian Capital Management will join Richmond House Wealth Management, which IWP bought in June in a deal which gained the consolidator £250m in assets under management.
It is the eleventh deal completed by IWP since it launched to the market towards the end of last year with ambitions of securing £2bn of client assets in the first quarter of 2020.
In April the consolidator told FTAdviser it had now set its sights on managing £5bn of assets in the coming year, with a string of deals completed throughout lockdown.
Jonathan Howard, managing director of Carnelian and now chief executive of Richmond House, said: "I am excited for the next phase of growth for both Carnelian and Richmond House Wealth Management.
"Selling your financial planning business is not a panacea – it can be a difficult process and so you need to have faith and trust in the people you are dealing to ensure a successful outcome for all including your clients."
IWP is set to launch an adviser academy next year, in a move it hopes will eventually see 50 advisers graduate to join the business each year.
Chief executive David Inglesfield said he hoped to launch the academy in 2021, but admitted it would take a couple of years to get it fully up and running with a "significant commitment" on the part of IWP.
Once it is fully functioning Mr Inglesfield said the consolidator planned to place 50 trainees with the academy each year, who would then graduate to replace retiring advisers and support the company's plans for organic growth outside of acquisitions.
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