Peter Hall, chief executive of Tilney Bestinvest, said: “Building out our presence in Financial Planning across the UK is a key strategic priority for Tilney Bestinvest and the integration of Webb Holton’s business represents a further milestone in this respect. Our recent launch of our At Retirement service offers help to people who want to do it themselves.”

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Tilney said it would benefit from the addition of the firm’s four experienced advisers.

Mr Hall said: “The integration of Webb Holton expands our ability to help people who want face-to-face advice.

“I have a lot of respect for the Webb Holton team who have a very high level of professionalism and expertise.”

The company aims to be a leader in pensions in the UK, he said, through a combination of new hires, office openings, acquisitions and a forthcoming partnership with Saga.

He said: “The deal fits extremely well with our strategy and we are actively pursuing other acquisitions where the people and cultural fit is compelling.”

Nigel Lister, a director of Webb Holton, said: “We are very excited to be joining Tilney Bestinvest and especially to be part of its growing presence in the Birmingham wealth management scene.

“The synergy between our team and Tilney Bestinvest is excellent, with an absolute focus on providing high quality advice and excellent client service.”