MWA Financial has acquired Essex-based CHC Wealth Management from chartered accountants Clemence Hoar Cummings as part of its ambition to build a national firm of independent financial advisers over the next three to five years.
The deal follows the acquisition of Hampshire-based Prosperity Financial Advisors & Stockbrokers in March this year and takes MWA Financial’s assets under influence to £380m and its adviser headcount to 19.
As part of the deal, CHC Wealth Management will retain its name, location and all members of staff with Neil Manning becoming Principal Wealth Adviser at the firm. Under the terms of the agreement Clemence Hoar Cummings will also become a strategic partner to MWA with the businesses working together to provide an enhanced service to their respective clients.
MWA was launched by chief executive Campbell Banks in 2016 with the ambition of recreating here in the UK the holistic advice model prevalent in his native Australia. Banks has more than 25 years’ experience developing financial advice networks in Australia for the likes of ING, AXA Asia Pacific and AMP.
Ed Rosengarten joined MWA as executive chairman earlier this year to help accelerate and execute its growth strategy. Before joining, Rosengarten was head of funds at Smith & Williamson and, prior to that, spent 20 years at M&G, the last 10 of which as chief executive of the firm’s equity business.
The MWA group includes Hertfordshire-based Eversley Wealth Management and Hampshire-based Prosperity.
MWA Financial chief executive Campbell Banks says: “The acquisition of CHC Wealth Management is another significant milestone for MWA as we look to continue to increase our footprint across the UK. What is more, the strategic partnership we have put in place with Clemence Hoar Cummings as part of the deal will enable both businesses to significantly enhance their client propositions.
“CHC Wealth Management clients will retain their usual high levels of service with the additional benefit of having access to the wider range of tools and scale MWA offer.”
MWA Financial executive chairman Ed Rosengarten says: “We have set our stall out as an aggregator of high-quality regional IFAs and the acquisition CHC Wealth Management is another great example of that. What we have bought is a first-class regional business with a high-quality offering and hugely impressive client list.
“Our aim with each business we buy is to support the elements that have made them so successful to date while providing expertise and support from the group to help them develop and grow further.”
Commenting on the sale, Clemence Hoar Cummings director David Belbin says: “It became apparent very early on in our discussions that CHC and MWA share the same values and dedication to client outcomes, and our clients will benefit from the stronger service proposition that will be provided.
“We are delighted to be entering into a long-term partnership with MWA. Having a wealth management team embedded within the practice, and a reciprocal arrangement where we can provide vital tax planning advice for clients of MWA who may not have their own trusted tax advisors, will strengthen the service offering of both businesses.”