Recently launched Nine Edge Wealth has acquired Wealth Professional, a wealth management firm specialising in consultancy and financial planning.
Established in 2011, Wealth Professional serves clients across the UK, with main hubs in London and the South East, the Midlands and Scotland.
The business currently has approximately £340m in assets under management and four advisers. It has also developed an Adviser Academy focused on bringing through the next generation of financial advisers.
This is Nine Edge Wealth's second acquisition since it launched in March, with the first being Edinburgh-based advice business RMS.
Following the acquisition, Wealth Professional managing director Douglas Mitchell will join Nine Edge Wealth along with the rest of his team.
Mitchell has 30 years' experience consulting and advising directors and executives, business owners and generational family wealth. He specialises in tax, investment and retirement planning.
Having founded the business 15 years ago after previously worked Aegon UK.
Mitchell said: "We're excited about this opportunity because we had, as a business, probably reached a plateau, and whilst we wanted to continue to grow, there were ceilings limiting our potential.
"Derek's vision was exciting for us. We wanted to be part of that. Their vision and their mission, and specifically the values on both staff and customers, are nigh on identical. That's what made it a right fit for us. We've talked to other businesses over the years, but just didn't feel it was a great fit."
According to the managing director, Nine Edge Wealth's emphasis on technology was a key attraction.
"Nine Edge's developments will allow us to spend more time actually talking to clients and less time behind the scenes doing laborious administration and compliance. We'll be far more efficient," Mitchell added.
Nine Edge Wealth CEO Derek Miles also commented: "Wealth Professional has built a highly respected business with a clear sense of purpose and an impressive footprint across the UK. We're excited to support that journey going forward and help create even greater outcomes for both clients and advisers."
Miles and former CEO at Fintel IQ Kyle Augustin launched Nine Edge Wealth last month, hiring former England rugby player Matthew Dawson as a non-executive director.
The firm secured a start-up investment from B.P. Marsh and Partners which acquired a 30% equity interest in the company and provided a loan facility to support its growth strategy.
