Exeter-headquartered Shipman Group has acquired MHA Monahans Wealth Management from chartered accountants MHA Monahans for an undisclosed sum.
Under the terms of the agreement, the newly rebranded Shipman Monahans Wealth Management will continue to be based at the Bath, Swindon and Trowbridge offices and all 27 members of staff will remain in place, with Simon Ewings continuing as managing director.
As part of the deal, the business will also retain its strong relationship with the team at MHA Monahans Accountants, working together to continue to provide services to clients.
This will help the Shipman Group with its plan to create a “significant regional hub to support clients in the south west”.
It is Shipman’s second acquisition following the purchase of Exeter and Plymouth-based Cathedral Financial Management at the start of 2021.
Under the leadership of chief executive Peter Ellis, and with funding and support from advice consolidator Amber River (formerly Socium Group), the Shipman Group has now grown to 25 advisers based across five locations.
Ellis said: “I’m delighted to welcome Simon and the team at MHA Monahans Wealth Management into the group. This is another significant milestone for our business, made possible as a result of the funding and guidance of Mary-Anne [McIntyre] and the team at Amber River.
“With their backing and support we have been able to attract another highly-respected firm of IFAs to the Shipman Group.
“This brings development opportunities to our combined staff, proposition improvements and wider choice to existing clients and an opportunity for more people in the south west to benefit from market-leading independent financial planning services.”
Amber River now consists of eight independent financial advice businesses across 17 locations nationwide, with 92 independent financial planners advising in excess of 16,000 financial planning clients, and £5.7bn ($7.8bn, €6.8bn) assets under influence.