Growing consolidator Independent Wealth Planners UK (IWP) has acquired Milton Keynes-based Carnelian Capital Management, boosting the firm’s presence in the South East.
The acquisition will bring scale to one of IWP's existing consolidated firms, Richmond House Wealth Management, which became IWP's fourth acquisition of 2020 in June.
The move marks IWP's eleventh acquisition and its sixth of 2020, having already acquired Lancashire IFA Prosper Wealth Management, Scottish firm AGL WM in February, Clairville York, Richmond WM and Cornwall-based Westinsure Webb Financial Services.
Carnelian's managing director Jonathan Howard will take on the role of CEO at Richmond House from 1 September 2020, as Paul Beasley steps down from the role while continuing on as a director.
Howard has more than 30 years' experience in financial services. He is a Chartered financial planner and a member of both the Chartered Insurance Institute and the Institute of Professional Will Writers.
Beasley said: "I am thrilled to welcome Carnelian and Jonathan to the team. His dedication and close work with clients over the years means that he is a great fit to lead Richmond House Wealth Management.
"We have built an exceptional business since our inception in 1964, to our recent acquisition by IWP. With the addition of Carnelian, and Jonathan as CEO, I am confident that we will continue from strength to strength."
Incoming CEO Howard added: "I am excited for the next phase of growth for both Carnelian and Richmond House Wealth Management. Selling your financial planning business is not a panacea - it can be a difficult process and so you need to have faith and trust in the people you are dealing to ensure a successful outcome for all including your clients."
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