Independent Wealth Planners (IWP) has acquired Milton Keynes based Financial Planning firm Carnelian Capital Management Limited.

Carnelian will join the fast-growing financial advice firm’s Hertfordshire Hub, Richmond House Wealth Management.

Jonathan Howard, managing director of Carnelian, has been appointed CEO at Richmond House Wealth Management from 1^st September 2020. Paul Beasley will step down from the role whilst continuing as a director of the firm.

Mr Howard is a Chartered Financial Planner with over 30 years of experience in financial services. He is a member of both the Chartered Insurance Institute and the Institute of Professional Will Writers.

Paul Beasley, CEO of Richmond House Wealth Management said: “I am thrilled to welcome Carnelian and Jonathan to the team. His dedication and close work with clients over the years means that he is a great fit to lead Richmond House Wealth Management. I look forward to handing over to Jonathan, following which I will be remaining as part of our leadership team at Richmond House Wealth Management, staying on as a director.”

“We have built an exceptional business since our inception in 1964, to our recent acquisition by IWP. With the addition of Carnelian, and Jonathan as CEO, I am confident that we will continue from strength to strength.”

Mr Howard said: “I am excited for the next phase of growth for both Carnelian and Richmond House Wealth Management. Selling your financial planning business is not a panacea – it can be a difficult process and so you need to have faith and trust in the people you are dealing to ensure a successful outcome for all including your clients.”

This year has been busy with acquisitions for IWP. In June the financial advice business acquired London Financial Planner Clairville York Financial Advisers to launch the company’s eighth ‘hub.’

In February IWP bought its seventh business and its first in Scotland, Financial Planner AGL Wealth Management and Wigan-based Chartered Financial Planners Prosper Wealth Management.

Other IWP businesses include Alexander Grace Chartered Financial Planners, Kelsall Steele Investment Services, Murdoch Asset Management, Rixons Wealth Management, and Bartholomew Wealth Management.