The purchase, which completed on 27th September, will see two directors of Generic Financial Management, David Verney and Marc Ruse, become private client directors at HFMC Wealth.

Meanwhile Paul Thomas will head up business development and will continue to provide executive coaching as part of HFMC Wealth’s adviser development programme.

Generic Financial Management currently advises 270 client families.

While the deal will add £950,000 of annual recurring revenue to HFMC Wealth’s existing turnover and increase assets under advice and management by £150m.

HFMC Wealth's advice team comprises of 19 Financial Planners more than half of which are Chartered and the firm has more than £1bn in assets under management.

Generic Financial Management managing director, Paul Thomas said: “We’ve felt for some time that we needed a partner to provide us with greater critical mass if we are to cope with the ever-increasing regulatory burden, while broadening the range of services we are able to provide to our clients.”

“It was crucial that they shared our values and those of our clients, while mirroring our view of the investment world, to ensure continuity for clients.

“The directors are also at a stage where clients are starting to ask about our own retirement plans.

“We need to give clients confidence and reassurance that we will continue to provide high-quality ongoing advice for as long as they need it.

“Consequently, it was crucial we found a partner capable of recruiting and training the next generation of planners, who can then maintain these client relationships.”

“In HFMC Wealth we have found a partner who ticks all these boxes while protecting the legacy of the business we are proud to have built.”

Jeremy Hoyland, chief executive at HFMC Wealth, said: “Our growth strategy includes making carefully selected acquisitions.

“We have worked hard during 2018 to identify planning firms which meet our criteria and the completion of this acquisition is the culmination of that hard work.”

“The development of their professional staff has evolved in a similar manner to ours.

“Like us, they have attracted high-quality, committed professionals and have invested in their training and development.

“As a result of those efforts, they have experienced good growth over the past several years and are, like us, are also recognised as a corporate Chartered Financial Planning firm.

“We continue to work on other potential acquisitions with like-minded wealth planners and Financial Planning firms and expect further deals to be agreed during the next year.