Wealth manager and Financial Planner Evelyn Partners has acquired Chartered Financial Planning firm Scholes & Brown.

The Newcastle-based Chartered Financial Planning firm joined under Evelyn’s succession programme.

Scholes & Brown directors, Chartered Financial Planners Philip Brown and Bradley Thompson, will join Evelyn’s Newcastle office along with four other Financial Planning and administration staff.

Scholes & Brown’s team has provided Financial Planning and investment management services to personal and corporate clients since 2003.

The firm is also an Accredited Financial Planning Firm through the Chartered Institute of Securities and Investment (CISI).

Mr Brown is a Chartered Financial Planner and Chartered Wealth Manager. He started his career at Lloyds Bank before changing tack to become an independent financial adviser. He co-founded Scholes & Brown and holds a diploma from the Personal Finance Society.

Mr Thompson joined Scholes & Brown in 2013 following five years at Dickinson Dees Wealth Management where he worked as part of a multi-disciplinary team of solicitors, accountants and financial advisers.

Mr Thompson said one of the main reasons Scholes & Brown was looking to become part of a larger firm was due to the increasing weight of regulation on Financial Planning firms.

He said: “Our priority during the past 20 years has always been to put the interests of our valued clients first, second and last. However, the volume of regulation that has weighed upon small, independent firms during this time has forced many to team up with bigger, better resourced partners. We have been approached by many large wealth managers over the years, but we were impressed by the way Evelyn Partners has approached the integration of our business.

“We believe that this move means that our clients will continue to receive a high-quality, personalised service while also benefiting in the future from the high level of investment expertise and technology offered by Evelyn Partners.”

Evelyn moved to larger offices in Newcastle at St Ann’s Quay last month as part of plans to expand its offering in the North East.

Last year the office established a new investment management team, headed by experienced investment manager Matthew Burgess, to enable clients’ investment portfolios to be managed by locally based specialists.

The Newcastle Financial Planning team also expanded last year with five joiners in November from Explore Wealth Management. 

The acquisition of Scholes & Brown is one of several for Evelyn under its succession scheme so far this year.

The wealth manager and Financial Planner acquired Buckinghamshire-based Financial Planning firm 2hWealthcare under the succession scheme last month. 

The succession scheme was launched towards the end of last year.

Other firms to join Evelyn Partners under their succession programme include Glasgow-based Equilibrium Financial Consultancy, Capital Risk Management, and MP2 Financial.

The wealth manager and Financial Planner rebranded to Evelyn Partners from Tilney Smith & Williamson earlier this year.