The acquisition is the 13th by AFH in the current financial year and was completed on 29 September. Following the deal Duchy’s Simon Holdsworth will join AFH as an adviser.

Under the terms of the acquisition, the maximum purchase price is £630,000 subject to the fulfilment of profitability targets. Duchy will add approximately £60m FUM to AFH and for the financial year ended 31 March achieved reported profit before tax of £286,544.

AFH says the initial sum paid for the business will be £310,000 funded from AFH’s existing cash resources. Further deferred consideration of up to £320,000 in cash will be payable over the next 26 months in two tranches, depending on the performance of Duchy.

AFH chief executive Alan Hudson said:  "This thirteenth purchase of an IFA businesses during the current financial year demonstrates the continued high level of activity that we are seeing in the market.

‘The latest acquisition enhances our position in the South West of England and I am pleased to welcome Simon to AFH and look forward to working with him to continue our growth in this region."

Duchy Wealth Management provides a range of financial advisory services including investment advice and portfolio management. It stresses close relationships with clients and ongoing advice reviews.