FM is an IFA firm based near Ascot, Berkshire and is jointly owned by Ian and Diana Head. The deal has been approved by the FCA. Last week Harwood bought retirement solutions adviser Plan65, also based in Ascot, for Ј1.156m.
Harwood says the latest acquisition enhances the group's growing presence in Berkshire and surrounding counties.
FM will continue to operate as a standalone brand and will adopt Harwood’s processes, technology and investment strategies. Ian Head, director of FM, will remain as a financial adviser. FM has assets under influence of £34 million.
The initial cash consideration of £566,100 will be satisfied through Harwood’s existing cash resources. The deferred consideration of £566,100 will be payable in two tranches over the next 24 months, subject to performance criteria of FM being achieved.
Peter Mann, non-executive chairman of Harwood Wealth Management Group, said: "It is pleasing to be able to announce another meaningful acquisition by the group so soon after we announced the acquisition of the assets from Plan 65 Limited.
“As we reported at the time of our final results earlier in the year, we are making strong progress both organically and through our long-established strategy of making good quality acquisitions and, if anything, the current market dynamics are only likely to improve in this respect.
“We are delighted to be welcoming FM, and in particular, Ian and Diana and FM's valued client base, to the group as we further bolster our presence in the South East. I am confident that they will all experience the benefit of our best in class processes, technology and investment strategies in the very near future."