IFA firm AFH has bought Hereford-based adviser Elgar Financial for £120,000.
The firm said it was its ninth acquisition since its IPO last year.
Elgar was founded in 1992 by Andrew Sellars, who is retiring due to ill health. It has 70 active clients and no other staff.
Alan Hudson, AFH chairman and chief executive, said the group had continued to perform well since its July interim results and IFA numbers had grown from 53 at the time of floatation, to 91 at the start of September.
He added: "The group remains profitable, cash generative and extremely well placed to take advantage of changes in the sector as a result of December's Retail Distribution Review.
"Today's ninth acquisition reaffirms the board's stated intention to grow through both organic and acquisitive growth. The remaining months of 2012 and through to 2013 present an exciting time for the group as it seeks to take advantage of the sector's rationalisation and consolidation, where it expects to be a major beneficiary of industry change."
Partner Insight Video: Advisers have had to adapt to the changing investment landscape.
Investment trust savings scheme