The deal increases the Wealth Club’s client list to more than 8,000 and assets under influence to more than £435m.
Davies said: “Clubfinance fits perfectly with what we do and the acquisition supports our progression towards becoming the investment platform of choice for HNW and experienced investors, with best-in-class service, choice and research.”
“We believe with the pension restrictions beginning to bite as well as the new dividend tax and the crackdown on buy to let, demand for the products we offer is about to rocket. We look forward to helping HNW and experienced investors identify the best options, and making it much easier for them to apply and monitor their investments.”
Wealth Club was the first broker to allow its clients to apply online for VCTs and includes a portal that allows clients to see all their alternative investments in one place.
David Scrivens, director of Clubfinance, added: “We felt that combining the scale and success of Clubfinance with the strategic might of Wealth Club was in the long term best interests of our clients.”
Clubfinance will be run from the Wealth Club’s Bristol office and headed by Davies. Existing Clubfinance clients will be merged onto the Wealth Club platform.