The deal is the 11^th for the consolidator.

Innovate was formed by a team of three advisers in April 2008 and specializes in investments, pensions, protection and estate planning.

The firm has two remaining directors, Gary Lewis will continue to work as a consultant in the South East for EFG whilst fellow director Tony Tillett will retire.

Mr Lewis said: “Finding the right buyer for the business was so important – it’s not just about the financials.

“The key to the right deal is knowing our clients will be well looked after, and I am confident Elevation will exceed our clients' expectations.”

EFG is a privately owned national IFA consolidator formed in 2011. The firm acquires the businesses of IFAs looking to sell their business now or in the near future.

Other recent acquisitions include Cedar Wealth Planning (February 2021), Pendra House Wealth Management (February 2021), and JP Leefe (February 2021).

EFG wholly owns Elevation Wealth Management Ltd (EWM), which is a directly authorised IFA firm. Companies that are acquired by EFG will normally be integrated directly into EWM or become an Appointed Representative firm of the company, if the purchase is on a deferred basis.

The latest deal will bolster EFG’s presence in the South-East, maintaining the Essex office of Innovate, alongside their London office.