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Foster Denovo acquires Kent IFA

Foster Denovo has acquired Maidstone-based advice firm Orchard Wealth Cultivation, but refuses to be labelled a consolidator

Foster Denovo acquires Kent IFA

National advice firm Foster Denovo has acquired Maidstone-based advice firm Orchard Wealth Cultivation, but insists it is not a consolidator.

Founded in 2005, Orchard is a family-run firm. Both its founders, Mike and Sally Wiggins, will join Foster Denovo as permanent employees. 

Director and chartered financial planner Mike Wiggins will join as a senior partner, with Orchard's clients being moved into the national advice firm's business. 

Despite the latest deal, Foster Denovo chief executive Roger Brosch (pictured) said he does not see his firm as a traditional advice ‘consolidator’.

'Foster Denovo is a facilitator within the market rather than a consolidator, and as such we are always looking to attract like-minded people and businesses who share our values, commitment to deliver excellent client service and ambition to grow,’ he said.

Foster Denovo has acquired IFAs in the past but not in the same frequency as firms such as AFH and Quilter.

'Having really got to know Mike and Sally over the past few months, it is clear they have built a first-class financial management, planning and advice service. Maintaining exceptionally strong relationships with their clients is core to everything they do,’ Brosch added.

Brosch also said Foster Denovo would 'continue to look for similar opportunities' and is at an 'advanced stage of discussion with a number of firms'.

Mike Wiggins added: 'A significant effort has been made over the last three years to find the right partner to help us grow, while retaining the close working relationships and values that remain so important to us.

'We believe we have found that in Foster Denovo. Roger and the team share our culture and values and together I feel we can build an even stronger proposition for our clients.'

Earlier this week New Model Adviser® revealed Foster Denovo had chosen Host Capital to be its partner as it builds its own investment platform.

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