Orchard is a family-run Financial Planning firm based in Kent, which provides clients with holistic financial advice and wealth management services.
It was founded in 2005 by Mike and Sally Wiggins both of whom will join Foster Denovo as permanent employees.
As part of the agreement, which completed on 11 February, Orchard’s clients will be incorporated into Foster Denovo and will continue to be led by Mike Wiggins.
He joins Foster Denovo as a senior partner and is a Chartered Financial Planner with 30 years’ experience.
In September 2017 Foster Denovo Group acquired TEBC Ltd, an employee benefits consultancy based in Marlow, Bucks.
The firm says this was an important acquisition, adding additional scale and facilities to the group’s existing employee benefits business, Secondsight.
The Orchard announcement was described as “the first in a number of expected acquisition announcements from the firm in 2019.”
Roger Brosch, chief executive, Foster Denovo, said: “Foster Denovo is a facilitator within the market rather than a consolidator and as such we are always looking to attract like-minded people and businesses who share our values, commitment to deliver excellent client service and ambition to grow.
“Having really got to know Mike and Sally over the last few months, it is clear that they have built a first class financial management, planning and advice service, and maintaining, exceptionally strong relationships with their clients is core to everything they do.
“We are delighted they are joining our journey and it is obvious that we will be an ideal home for them and their clients.
“While we are excited by the potential this acquisition brings we will continue to look for similar opportunities to partner with firms who share our culture and belief in our award winning client propositions.
“We are at an advanced stage of discussion with a number of firms and hope to have further exciting announcements soon.”
Mike Wiggins, Chartered Financial Planner and director, Orchard Wealth Cultivation, said: “A significant effort has been made over the last three years to find the right partner to help us grow, whilst retaining the close working relationships and values that remain so important to us.
“We believe we have found that in Foster Denovo.
“Roger and the team share our culture and values and together I feel we can build an even stronger proposition for our clients.”
He added: “We are excited by this new phase and the opportunity to work with additional support and bring new ideas and services that will ensure we can continue to meet our clients’ personal and financial planning objectives.
“Foster Denovo’s experience, quality of people and its ability to put its clients at the centre of everything it does is testament to why they are trusted by so many individuals.”
Earlier this week Foster Denovo revealed it had selected Host Capital to construct the company’s upcoming platform proposition.