Newell Palmer acquires Wright Financial Planning
Newell Palmer has acquired Wright Financial Planning in the Wolverhampton-based financial advice firm's second takeover deal of 2017.
Based in Stafford, Wright Financial Planning has been offering financial planning advice and wealth management services to clients in surrounding areas for 17 years.
The sale came after owner and principal Norrie Wright decided to retire from advisory industry
The purchase of Wright Financial Planning adds 80 active clients to Newell Palmer’s growing client base. The newly acquired clients will be serviced by Newell Palmer’s Wolverhampton head office.
Newell Palmer’s key strategy for growth is through acquisition and a total of 40 have been completed since 1998. The Wolverhampton-based company says it has ambitious plans and is also on the lookout for any selling firms whose client ethos is comparable to its own.
Newell Palmer finance director, Kevin Homfray, said: “We took a small break from acquisitions while our teams here focused on our recent CRM (customer relationship management) system upgrade to Intelligent Office.
”I’m pleased that we have completed on the deal with Norrie, and now we are keen to press ahead with further acquisitions lined up before the end of the year.”
Norrie Wright, said: “Selling my business wasn’t a decision that came easy but ultimately I’ve decided to retire from the advisory industry.
“I’d like to thank Kevin and the team and I am reassured knowing my clients will continue to receive first class advice and support from Newell Palmer.”
With its head office in Wolverhampton's Cleveland Street, and branches in Bromsgrove and Nuneaton, Newell Palmer has now acquired 40 IFA firms since 1998.
It now employs 125 staff across its three offices, with 71 based in Wolverhampton.
Earlier this year it bought AIP Financial Consultants, based in the Peak District National Park, which added £12 million of funds under management and 41 active clients to Newell Palmer’s client base.
Newell Palmer has more than quadrupled its funds under management in the last five years, growing through acquisition and referrals, with four acquisitions between October and December last year.
