The deal, for an undisclosed sum, is the second for Fairstone this year.

MT principal Trevor Wilshire said the deal would ensure the long-term future of his firm.

MT was set up 25 years ago and focuses on providing holistic Financial Planning. Its four advisers and nine staff will join Fairstone which will add MT’s 600 clients and £200m in Funds Under Management to its portfolio.

Spalding-based MT serves clients across Lincolnshire and Cambridgeshire.

MT joined Newcastle-based Fairstone’s Downstream Buy Out (DBO) progressive acquisition model in March 2020.

Mr Wilshire said: “Fairstone is equally committed as we are to providing first-class independent financial advice to our clients. As we become fully part of the Fairstone family we look forward to the further opportunities this provides us to grow and build on our success to date and better serve our clients in the years to come.”

Fairstone CEO Lee Hartley said: “MT Financial has a well-established reputation for providing excellent client-centric service and they are passionately whole-of-market making them perfectly aligned with Fairstone.

“We couldn’t be happier to complete the purchase; when you bring like-minded businesses together then the fit is obvious from the start.

“Trevor and the team have been wonderful partners to work with during their integration, they have embraced our proposition and utilised the broad spectrum of support services we provide to grow their business.”

Fairstone is itself one of the UK’s largest Chartered Financial Planning firms. It has over 40 locations across the UK with a head office in Newcastle and a City office. It oversees £14bn in FUM for over 45,000 wealth clients.