IFA Newell Palmer has completed the purchase of financial planning firm Moneyfax fps, adding £20m funds under management. The deal is the firm's first acquisition of 2018.
The deal has also added 80 active clients to Newell Palmer's client base. The newly acquired clients will be serviced by Newell Palmer's Bromsgrove office.
Based in Worcester, Moneyfax has been offering financial planning advice and wealth management services to clients in surrounding areas since 2004.
Newell Palmer said it continued to hold a strong position on the acquisition front with healthy cash reserves and a solid partnership with banking firm Allied Irish Bank.
In addition to further acquisitions in the pipeline, 2018 has seen the Wolverhampton-based firm mark its 25th birthday in February and a year of celebrations is planned.
Newell Palmer finance director Kevin Homfray said: "This acquisition will strengthen the presence of our Bromsgrove business across Worcestershire and the surrounding areas.
"With the introduction of the second Markets in Financial Instruments Directive and the General Data Protection Regulation deadline closing in, it's making it difficult for firms to continue operating and servicing their clients to the high standards they expect.
"I'm pleased we have been able to offer a satisfactory solution to Moneyfax."
Moneyfax principal Paul Horsley said: "In recent years there have been many changes within the financial services industry and it has become increasingly onerous for a small practice like ours to enhance the levels of service we feel our clients deserve.
"This is an exciting time for my clients who I am confident will be looked after by Newell Palmer and their extensive resources."
In December, Newell Palmer acquired the client book of Sandringham Financial Partners founding partner, David Heffernan - its eighth and final acquisition of 2017.
All-day event on 24 April
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