HFMC Wealth has bought London-based R&S Financial Planning Ltd, adding £145mn to its assets under advice.
The deal, which completed yesterday (January 16), will see more than 100 family clients transfer from R&S, which was founded 37 years ago, to HFMC Wealth.
All client-facing staff at R&S will also move over to HFMC, with R&S director Vince Lane continuing to oversee clients.
The latest deal is projected to add around £680,000 of annual recurring revenue to HFMC, with the average R&S client holding around £1.2mn in assets - matching HFMC's focus on high-net-worth clients.
Financial planner Darren Berry, who used to be a private client director at UBS before working as a consultant at R&S, will be a full-time partner at HFMC.
Lane said R&S has wanted to join a larger firm "for some time" to expand its services while also providing a controlled succession to his ownership over the next 10 years.
"Their [HFMC's] vision of growing the business in a sustainable and client-focused manner, without the short-term pressures so often associated with firms that align with private equity, is refreshing," said Lane.
HFMC chief executive, Jeremy Hoyland, added: "We worked hard during 2022 to identify planning firms which meet our high net worth criteria and that truly have the interests of their clients and staff at their heart.
"The quality of the R&S business and staff is self-evident. Like us, they have attracted committed and highly qualified professionals and have invested in their training and development to build a high quality, sustainable business based on long-term client relationships."
Hoyland said HFMC will continue to pursue other potential acquisitions and expects further deals to be agreed in 2023.
HFMC was founded back in 1986, and is still entirely owned by its staff rather than being backed by a private equity firm - a route many other consolidators in this space have gone down.
It has offices in London and Weybridge employ some 21 financial planners, with around £1.5bn of assets under advice and management.
Services stretch across both advisory and discretionary managed services.
ruby.hinchliffe@ft.com
