AFH, a firm describing itself as a financial-planning led wealth manager, has confirmed it has taken over JW Wealthcare in a £1.1m deal.
JW Wealthcare director John Walpole will join the firm as an adviser as part of the deal, it added.
It is the second acquisition for AFH since early November, following its £2m takeover of Colchester-based adviser Britton Financial.
Alan Hudson, chief executive of AFH, said: “I am pleased to welcome John to AFH and look forward to working with him to continue our growth within the south east.
“This acquisition, our second since 1 November, highlights the continued high level of activity that we are seeing in the market and continues our strategy of enhancing our organic growth with selective acquisitions.”
The maximum purchase price of £1.1m will be payable in cash over the next 26 months in four tranches depending on performance criteria being met, AFH’s statement on the acquisition said.
The deal is expected to contribute around £300,000 of recurring revenue to the company which now has almost 9,500 clients on its books and £2.7bn under management as of November 2017.
