MWA Financial has bought a Hampshire advice firm as part of its plans to build a national IFA.
London-based MWA Financial has announced a deal with Prosperity Financial Advisors & Stockbrokers.
The agreement takes MWA’s assets under influence to £300m and its adviser headcount to 15.
MWA is planning to buy other "high-quality advice firms" over the next three to five years and has secured funding from venture capital trust provider Triple Point to do so.
It already owns Eversley Wealth Management in Hertfordshire, which offers investment, tax planning, pension, protection, and mortgage advice.
MWA chief executive Campbell Banks said: “We have big plans for MWA and want to kick on with our growth strategy from here, which will involve targeted acquisitions where we feel a business can add value to the group.
“But our goal is not simply to buy firms, slash costs and strip away the elements that made them successful in the first place.
“Rather, we want to work with them to embrace and enhance their strengths and to offer expertise and counsel, where needed, to help them provide an even better service to their clients.
“This is just the start of the journey, but we hope MWA will one day be the first name that comes to mind when people think of top quality, holistic financial advice.”
Under the terms of the agreement, Prosperity will keep its branding but will benefit from the expertise within the MWA group.
Prosperity co-founders Mark Newman and Jasper de Zoeten will remain in post until the transition is complete.
Newman said: “More than 10 firms approached us with offers but in the end MWA was the only option for us.
“We are very proud of what we have built here at Prosperity over the past 12 years, but the reality is we probably couldn’t have kicked on to the next level without the support of a firm such as MWA.
“I am certain this deal will add a tremendous amount of value to our staff and clients, who were at the forefront of our thoughts throughout this whole process.”
MWA has also appointed Ed Rosengarten, the former chief executive of M&G's equity business, as its executive chairman to help execute its growth strategy. He had been a strategic adviser to the business since 2019.
Rosengarten, said: “We have long been admirers of what Mark and Jasper have achieved at Prosperity. It is a great business, with a fantastic workforce and a highly efficient business model.
“Prosperity’s use of technology and paraplanner support is unique and these combine to create a truly slick service that frees up advisers to do what they do best – offer advice.”
Banks launched MWA in 2016 and has more than 25 years’ experience developing financial advice networks in Australia for the likes of ING, Axa Asia Pacific and AMP.