News

17
Oct

Newell Palmer complete acquisition of Sense Wealth Management Ltd

Newell Palmer has acquired Sense Wealth Management Ltd, an Independent Financial Advisory business based in Stourbridge.
This is the fifty-first acquisition for Newell Palmer since the business’ inception in 1993.
Approximately 100 active clients will transfer to the books of Newell Palmer and will be serviced by the Advisory team at their Wolverhampton office.
Newell Palmer will not be retaining any staff from Sense Wealth Management as the only outgoing Financial Adviser is pursuing interests outside the industry.
The acquisition adds a modest £35 million to Newell Palmer’s total funds under management, which is now in excess of £2.3 billion.
Speaking on the sale, Steve Wootton, Principal of Sense Wealth, said:
“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.
“Merging with a larger IFA was the most logical step forward for myself and my clients. Newell Palmer offers an exceptional level of client service and ticked all the boxes in my exhaustive search for a larger business to sell to.”
Newell Palmer Finance Director, Kevin Homfray added:
“Carefully planned acquisitions continue to form an integral part of our growth strategy. We are delighted to have finalised our deal with Steve Wootton and the clients of Sense Wealth will slot in nicely with our servicing proposition.
“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”.
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Gunner & Co. work with IFAs looking to sell their business, and can give you more information if you wish – contact louise.jeffreys@gunnerandco.com