Newcastle-based financial planning businesses Arena Nagel Clark and Akrivis Wealth have joined forces to form Greenarch Wealth Management.
The move will look to “combine their respective expertise and set strong foundations for future growth”, the companies said in a statement.
Greenarch Wealth Management is based in Newcastle but has clients throughout the region and beyond.
It offers financial planning services, including investment and retirement solutions, together with tax advice.
The financial terms of the deal were not disclosed.
The owners of the combined business Ian Nagel and Alister Gaines said the idea to merge the companies came about following a conversation during the height of the pandemic, when the pair “recognised the opportunity the pandemic presented and discussed their shared ambitions to grow”.
Gaines added: “The pandemic presented unique challenges for financial planners, not only in the volatility of investment markets and government responses, but also in the way we interacted with clients. It was clear to me that, although technology allowed a business-as-usual type approach in many ways, given the increased uncertainty, clients valued the peace of mind provided by proactive face to face advice.
“We will be looking to build our team throughout 2022, starting now with a paraplanner vacancy we have. We will have a real focus on recruiting high calibre people who share our vision of creating a longstanding, value led financial planning firm.”
Nagel said: “We have the experience, expertise and a real desire to build a high-quality business that clients can depend on for many years to come. Together, we will be able to enhance the level of support we can offer clients, expand our customer base and strengthen our back-office support team.
“We can all see how our industry is changing and forward-thinking financial planning firms have a big opportunity with many advisers having left the industry and many more due to retire over the next few years.”