P65, which has assets under influence of £42m, is owned by its founders, Keith Turner and Doug Rae who both plan to retire following completion of the deal.

The purchase price of £1.156 million is dependent on the performance of Plan65. The initial cash sum of £810,068 will be funded from Harwood's existing cash resources. Deferred consideration of £747,296, payable in two instalments, will be payable over the next 24 months, subject to adjustment based on performance.

Plan65 will be integrated into Harwood’s subsidiary Compass Wealth Management Consultants.

Peter Mann, chairman of Harwood, said: "In line with our strategy to acquire IFA firms which share our values and culture, we are very pleased to have completed the asset acquisition from P65.

“Since its inception in 2011, Keith and Doug have built a successful business and we wish them well for their future. We look forward to continuing to provide P65's clients with continued expert advice and exceptional service."

Recently, Hampshire-based Harwood reshuffled its senior executives in a move which saw a new sole CEO role and a new managing director of Financial Planning.

Neil Dunkley, currently joint CEO of Harwood, has become managing director of Financial Planning and will remain an executive director of Harwood Wealth. In an announcement to the Stock Exchange the company said the change in role will enable him to “fully dedicate his time” to management of the financial advisory business.

Alan Durrant, currently joint CEO, will assume the role of sole CEO of the group. Alongside his responsibilities as chief executive, he will continue to lead the growth of Wellian, the investment management division of the Group.
Harwood has expanded rapidly in recent years and in March acquired the Chartered Financial Planner firm AE Financial Services in a deal worth more than £6 million.