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Newell Palmer seals 51st deal with local IFA acquisition

Wolverhampton-based Newell Palmer has gained 100 clients through its acquisition of Sense Wealth Management.

Newell Palmer seals 51st deal with local IFA acquisition

Newell Palmer has made its 51st acquisition since the firm was formed in 1993. 

The Wolverhampton-based firm has acquired Sense Wealth Management, an advice business located in nearby Stourbridge. 

The purchase, for an undisclosed sum, adds another £35 million to Newell Palmer's assets under management, lifting the total to £2.3 billion. 

It also adds around 100 clients to its books, who will be serviced from Newell Palmer's head office.  

No employees from Sense Wealth will be kept on. The only outgoing financial adviser is embarking on a new career outside the industry, the company said.

Kevin Homfray (pictured left), finance director of Newell Palmer, said: 'Carefully planned acquisitions continue to form an integral part of our growth strategy.

'The Newell Palmer acquisition team is busy working with other business owners looking to step away from the advisory industry, and we look forward to completing further acquisitions in the coming months.'

Sense Wealth principal Steve Wootton (pictured right) indicated regulatory pressures were a major factor behind the sale. 

'The increasing level of compliance coming into force and ever-rising costs of trading as an IFA have made it very difficult to run a small business like Sense,' Wootton said. 

'Merging with a larger IFA was the most logical step forward for myself and my clients.' 

In 2017 Newell Palmer found itself among other consolidators, such as Bellpenny and Succession, in being told by the regulator to tighten up their communications with acquired clients. 

Last month Newell Palmer was granted discretionary permissions to launch its own Oeic fund later this year.

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