Old Mutual Wealth's national advice firm Private Client Advisers has acquired Premier Planning and Premier Wealth, adding more than £170m of assets under advice to the growing firm.
The takeovers will see Premier Planning managing director Richard Usmar leave his position but remain with the business in a consultancy role while Premier Wealth managing director Mark Grainger will join OMW Private Client Advisers to "ensure continuity of service".
As part of the deal OMW will take on all liabilities for past advice from the Birmingham-based firms.
It said this approach would give the financial planning sector "re-assurance" the acquired firms have not left any liability which could in future fall on the Financial Services Compensation Scheme.
Old Mutual Wealth Private Client Advisers launched in October 2015, as an appointed representative of advice network Intrinsic.
In February Intrinsic announced it had exchanged contracts for a takeover of adviser network Caerus, which will further increase Old Mutual Wealth's distribution footprint in the UK.
Last March Old Mutual Wealth chief distribution officer Richard Freeman told PA the firm had ambitions to become consumers' national advice brand of choice and was exploring options as part of a project entitled "prosperity".
OMW Private Client Advisers managing director Nigel Speirs said: "This is another important milestone for Old Mutual Wealth Private Client Advisers.
"We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country."
Usmar added: "Growing this business and servicing our clients over more than 30 years has been a real joy. I am particularly pleased that I can pass my business over to a well-resourced client focused business."
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