Independent Wealth Planners has sealed its ninth deal of the year as the consolidator continues its acquisition spree undeterred by the ongoing coronavirus crisis.
The relatively new market participant has acquired financial planning firm Bishop Armstrong Financial Planning in a deal which bolsters its presence in the Midlands and brings with it £46m in assets under management.
This latest deal in IWP's rapid growth strategy means the consolidator has gained £1.8bn in assets under management through acquisitions so far this year, making up a total of £2.9bn since inception.
Phil Bishop, director of Leamington Spa-based Bishop Armstrong, said: "I first spoke to IWP a couple of years ago and have been hugely impressed with the way that they have approached the marketplace."
Since it came to market towards the end of last year IWP has been vocal about its ambitions to expand quickly through the acquisition of IFA firms, telling FTAdviser earlier this year it had set its sights on managing £5bn of assets in the coming year.
David Inglesfield, chief executive of Independent Wealth Planners, told FTAdviser in April the company, which is majority-owned and controlled by its own management team, was eyeing a pipeline of 20 deals as part of its growth plans.
In pursuit of its growth plans the consolidator completed a string of deals since the onset of the coronavirus pandemic and national lockdowns, most recently purchasing Sussex-based financial planning firm Hunter Hammond Daniel Associates.
Acquired firms keep their own branding upon joining IWP but share the consolidator's master brand on a national level.
Deal activity in the advice industry has seen a split response to the Covid-19 pandemic, with some businesses pushing ahead with acquisitions and others pausing their pipeline of deals.
rachel.mortimer@ft.com
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