Ludlow group, which has offices in Preston, Lytham, Blackburn, Southport and recently opened in Liverpool, will advise Napthens' clients on investment, tax planning and retirement planning.

Ludlow Wealth Management is one of the largest independently owned Financial Planning businesses in the region, with 45 staff and in excess of £550million assets under management. It recently expanded into Liverpool with the acquisition of wealth management firm Murphy & Associates.

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Napthens is an award winning legal practice with offices in Preston, Chorley, Blackpool, Blackburn and Penrith, offering a range of legal services to businesses and individuals.

Under the new venture, Ludlow Wealth Management will operate an in-house service for Napthens, to be called Napthens Wealth Management. The service will also work closely with relevant teams at the law firm on issues such as succession planning and estate planning.

Sid Ludlow, chief executive of Ludlow Wealth Management, said: "Napthens is a progressive law firm and is continually looking to enhance its offering to clients by providing a more rounded service. We have a strong relationship with the firm's experts and we look forward to working with them in helping manage their clients' wealth."

Ian Leigh, chief executive of Napthens, added: "Ludlow Wealth Management Group is one of the largest independently owned financial planning businesses in the North West and its values are closely aligned to ours with a real focus on clients and based upon developing long term relationships."

The joint venture is the second for Ludlow, which entered into a similar agreement with East Lancashire law firm Donald Race and Newton in 2010.