Independent Wealth Planners UK (IWP UK) has acquired financial planning firm Stevenage-headquartered Richmond House Wealth Management.
The deal is IWP’s ninth to date and second acquisition in the south east of England in 2020.
Richmond House was established in 1964, with a discretionary management service launching in 2006.
The business has 35 staff and will become IWP’s regional hub in the Hertfordshire area.
In addition to the wealth management offering, IWP will utilise the expertise of Richmond House’s investment management and corporate service businesses.
The financial terms of the deal were not disclosed.
IWP was created to “grow, support and promote” local IFA firms, it said in a statement.
The firm provides operational and support services, including compliance, IT, investment research, marketing, recruitment and training, allowing IFAs to spend more time with their clients.
It acquires local firms but leaves the day-to-day management in the hands of local teams, who may also retain a stake in the ownership of the business.