IFA consolidator buys Newcastle firm

IFA consolidator buys Newcastle firm

IFA network and wealth manager Independent Wealth Planners has bought Professional Wealth Management for an undisclosed sum.

Newcastle-based PWM, which provides a range of financial advice, management and planning services, will add £150m to IWP’s assets under management.

Its eight-strong team of financial planners and administrative staff will remain in place as part of the deal.

PWM was one of the first independent financial advice firms in the UK to be awarded the chartered financial planners designation in 2008.

Stephen Dickinson, a director and chartered financial planner at PWM, said: “Our ethos at PWM is to build lasting relationships with clients to help them achieve their financial goals and objectives. 

“By partnering with IWP, we can ensure continuity of our existing high-quality service, while expanding our proposition to more local people as the new Newcastle hub, backed by the group’s strong central support.”

PWM is the fourth financial planning firm to join IWP in the past month and its first acquisition in the north east of England.

IWP has made 23 acquisitions since its formation just two years ago.

David Inglesfield, chief executive of IWP, said: “Stephen and the team have created an outstanding business in PWM and I am delighted to welcome them as the backbone of our new Newcastle hub. 

“This acquisition marks another step towards our goal of creating Britain’s best independent wealth planning business by combining the local expertise of our excellent IFA firms with IWP’s national resources and infrastructure support.”

Last month (April 6), IWP bought Aberdeenshire-based Buchanan and Associates, Norfolk-based Moss and Roberts and Buckinghamshire-based Principal Financial Planning, which saw it collectively add £400m to IWP’s assets under management.

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

In December 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.

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