Increasing Chartered Planner HFMC Wealth has acquired London Chartered Monetary Planner Weston-Cummins which has £350m in property below recommendation (AUA).
It’s HFMC Wealth’s second acquisition of the yr after taking on R&S Monetary Planning in January.
The deal was accomplished on the finish of June and can see Weston-Cummins’ client-facing employees retained with Alan Weston, Nick Frank, Steve Powis and Joseph Bacon persevering with to supervise key shoppers.
Weston-Cummins advises 265 excessive web value households.
Weston-Cummins director, Alan Weston stated: “The choice to affix one other agency wasn’t a straightforward one. For a while we had been contemplating whether or not we must always develop our personal enterprise, taking over extra shoppers and advisers, or to hunt a accomplice that had already gone by these rising pains and was already positioned to supply incredible recommendation with an distinctive vary of companies.”
He stated the flexibility to retain relationships, for workers and shoppers alike, was critically vital to its determination to affix a bigger agency.
Ross Ibbotson, HFMC Wealth govt director, stated the acquisition was a continuation of the agency’s development technique.
He stated: “We proceed to pursue different potential acquisitions with like-minded wealth and Monetary Planning corporations and count on additional offers to be agreed in 2024 as we proceed our development technique.
“We’re constructing a sustainable Monetary Planning and wealth administration enterprise that retains the depth of understanding and relationship that comes with being a shopper focussed enterprise while offering the vary of companies usually related to a non-public financial institution.”
HFMC Wealth was based in 1986 and is owned by the lively members of employees. With workplaces in London and Weybridge, the agency has an recommendation group of 37 Monetary Planners. The enterprise has over £2bn of property below recommendation and administration. It has acquired a number of advisory corporations and acquired Generic Monetary Administration in 2018 in a deal value as much as £3m. In Feb 2020 it acquired London wealth supervisor Aspinalls.