IFA consolidator buys trio of firms

IFA consolidator buys trio of firms

IFA network and wealth manager Independent Wealth Planners has acquired three independent financial planning firms. 

Aberdeenshire-based Buchanan and Associates, Norfolk-based Moss and Roberts and Buckinghamshire-based Principal Financial Planning, will collectively add £400m to IWP’s assets under management.

Andrew Buchanan, principal of Buchanan and Associates, will remain as director of the firm, continuing to lead the firm’s team of paraplanners and administrators. 

He said: "Our business is built on sound advice, helping our clients achieve their financial goals in this volatile time. We always strive to go the extra mile for our clients, which is why IWP is such a good fit. 

“The continuation of our local presence and existing staff, combined with the central support that comes with being part of the group, will provide real benefits to our clients, while offering Buchanan and Associates a robust platform for further growth.”

The three deals take the number of acquisitions to 22 since IWP’s formation two years ago, and the total assets administered to almost £4bn.

Total headcount of the consolidator now stands at 250, with 80 financial advisers within that.

David Inglesfield, chief executive at IWP, said: “These acquisitions extend our existing nationwide network and mark further progress in our ambition to build Britain’s best wealth planning business.

“Our pace of growth is testament to the robustness of our model, which allows like-minded IFA owners to come together and share the benefits of group scale while maintaining a high degree of continuity for their clients and staff.”

IWP focuses on the acquisition of local firms, leaving the management in the hands of local teams, who may also retain some ownership in the business.

In December 2020, it acquired a Birmingham-based financial planner bringing its deal count for the year into the double digits.

The consolidator then announced the purchase of Donald Wealth Management, based in Sutton Coldfield.

Although a relatively new market participant, the buyout represented IWP’s 10th deal of the year and meant it had gained nearly £2bn in assets under management through acquisitions in 2020.

Ruth Gillbe is a freelance reporter for FTAdviser