The purchase of Sense Wealth Management Ltd, an IFA business based in Stourbridge is the latest acquisition for the firm, since it was founded in 1993.
Around 100 active clients will transfer to the books of Newell Palmer and will be serviced by the advisory team at the company’s Wolverhampton office.
Newell Palmer will not be retaining any staff from Sense Wealth Management as the only outgoing adviser was said to be “pursuing interests outside the industry.”
The acquisition adds £35m to Newell Palmer’s total funds under management, which is now in excess of £2.3bn.
Speaking on the sale, Steve Wootton, principal of Sense Wealth, said: “The increasing level of compliance coming into force and ever-rising costs of trading as an IFA have made it very difficult to run a small business like Sense.
“Merging with a larger IFA was the most logical step forward for myself and my clients.
“Newell Palmer offers an exceptional level of client service and ticked all the boxes in my exhaustive search for a larger business to sell to.”
Newell Palmer finance director, Kevin Homfray, added: “Carefully planned acquisitions continue to form an integral part of our growth strategy.
“We are delighted to have finalised our deal with Steve Wootton and the clients of Sense Wealth will slot in nicely with our servicing proposition.
“The Newell Palmer acquisition team is busy working with other business owners looking to step away from the advisory industry, and we look forward to completing further acquisitions in the coming months.”