Mergers and acquisitions  

IWP adds £362m with double IFA purchase

IWP adds £362m with double IFA purchase

Independent Wealth Planners has bought two more IFA firms, adding £362m to its client assets under management.

Alex M Grant, based in Scotland, will join IWP’s regional firm for Aberdeenshire, Buchanan and Associates, bringing across a total of £290m in client assets. 

It is headed up by founder and principal Alex Grant, who has 32 years’ experience providing independent financial advice to families and businesses.

He said: “I’m excited to be joining the IWP group - I can see that great service and client-focused outcomes are at the heart of the business. 

“We’ve worked hard to forge trusted, long-term relationships with our clients, and I look forward to taking this to next level backed by the increased support and resources provided by IWP.”

Surrey-based Custodian Wealth Management will add 200 clients and £72m in assets under advice to the group.

Custodian was set up in 2004 by directors and financial planners, Branimir Gavrilovic and Richard Sutcliffe.

IWP said Custodian follows in the footsteps of Encompass Financial Management, which was purchased in September, and Omnium Wealth Management in June, in joining IWP’s regional firm for Hampshire and Surrey, Murdoch Asset Management.

Gavrilovic said: “IWP represents an excellent fit for Custodian and our clients - we were impressed with its client servicing and investment proposition, fee structure, ethos and culture."

The deals follow a flurry of activity this year, with the purchase of Newcastle-based Professional Wealth Management in May and the acquisition of three firms in April. 

Last month, IWP bought Yorkshire-based Acuity Wealth Management, marking the start of a new business arm offering remote advice directly to clients. 

At the time, IWP said the firm was the founding representative of IWP Advisory Services, which will provide independent financial advice to customers who are unable to travel to their local office or prefer to deal with an adviser virtually.

This service will be provided directly to clients as opposed to through IWP's local firms and advisers.

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