The 158 advisers plus 25 staff from Cheltenham-based Tavistock Financial will join Sanlam Group’s existing 60 financial planners to expand its reach across the UK the firm said.
The deal is understood to be worth around £1m.
The acquisition follows the “hugely positive” launch earlier this year of adviser network Sanlam Partners.
Sanlam’s UK chief executive Jonathan Polin said: “We are very pleased to welcome both Tavistock Financial’s network of advisers and its support team to Sanlam.
“Earlier this year, I announced the launch of Sanlam Partners, a way for adviser firms to leverage the benefits of the wider Sanlam Group while retaining ownership of their business and their clients.
“The initial response has been hugely positive and today’s acquisition allows us to accelerate this concept, putting us in a strong position to bring on-board the high quality adviser firms who would like to join us.”
No longer a strategic fit
Brian Raven, chief executive of Tavistock Investments, said they had been reassured Sanlam would protect the interests of its former staff and advisers.
He said: “The Tavistock Financial business no longer fits with our strategy but, in disposing of the business, it was important to us that the interests of the staff and advisers were protected. Sanlam has convinced us that they are the right firm to take the business forward.”