IWP, which manages its acquisitions as separate businesses, says the deal will push its total client assets above £2bn. The sum paid for the firm has not been disclosed.

AGL has offices in Glasgow and Edinburgh and was founded in 2009 by Craig Gibson who was a founding member of RBS Private Banking and also RBS Private Client Group.

AGL focuses on business owners and HNW clients and has invested heavily in technology to serve them. It employs a team of five wealth management and Financial Planning advisers and administers £100m in assets under management.

Last week IWP acquired its sixth firm, Wigan-based Chartered Financial Planners Prosper Wealth Management.

Other IWP businesses include Alexander Grace Chartered Financial Planners, Kelsall Steele Investment Services, Murdoch Asset Management, Rixons Wealth Management, Bartholomew Wealth Management and now Prosper.

Craig Gibson, co-owner and founder of AGL Wealth Management, said: “We are delighted to be working with IWP as together we have a fantastic opportunity to build something greater. We will grow our business through selective acquisitions, taking on firms that meet our high employee, client and shareholder expectations.

“Our ambition is to make AGL Wealth Management the complete wealth management and corporate solutions firm of choice throughout Central and South Scotland for private clients, entrepreneurs and business owners.”

David Inglesfield, IWP chief executive, said: “We’re very pleased that AGL Wealth Management is the first Scottish wealth planning firm to join IWP. Craig and his team are dedicated to providing the type of brilliant financial advice that stands at the heart of IWP’s mission. Together we’ll help them reach even more customers in the year ahead.”