The deal for an undisclosed sum, is due to be completed on Monday 23 October, and will see Medical Money Management’s 16 Partners and 64 employees join Chase de Vere, adding 30 financial advisers to the existing team. Medical Money Management said it chose to be acquired by Chase de Vere to maintain its ability to offer independent financial advice rather than restricted advice.

Stephen Kavanagh, chief executive of Chase de Vere, said:  “Chase de Vere is a secure and profitable independent financial advice company. We are aiming to grow our business and so I’m delighted that we will acquire Medical Money Management.

All advisers at Medical Money Management are qualified to at least Diploma Level (Level 4) and the company has four Chartered Financial Planners.

“We share many similarities with Medical Money Management, including expertise in advising the medical profession, a strong focus on putting clients first and a commitment to remaining independent and providing independent financial advice to our clients. This acquisition is another big step forward in our aim to be the leading firm of independent financial advisers in the UK.”

Craig Watson, equity partner at Medical Money Management, said:  “The Partners of Medical Money Management conducted comprehensive research into the future requirements of our business and the infrastructure needed to maintain an expert financial advice practice. We concluded that it is best for our clients and our employees for us to become part of a larger company.

“It is imperative for us that we remain independent, we did not want to join a restricted advice firm. This is why we’re delighted to be joining Chase de Vere, a firm which is as committed to providing good quality independent financial advice as we are.”

Medical Money Management was established in 1971 and focuses on providing independent Financial Planning advice to medical, dental and other professionals. It has 80 employees, which includes 30 independent financial advisers, of which 16 are equity partners, and eight offices in Birmingham, Bristol, Exeter, Glasgow, Leeds, Liverpool, Manchester and Sheffield.

Chase de Vere is a national firm of IFAs with 13 offices across the UK. It is is part of Swiss Life and provides independent financial advice and planning services for private individuals and businesses.

• Editor's note: story updated to add details of Medical Money Management qualifications.