Independent Wealth Planners (IWP) has acquired Leamington Spa-based Financial Planning firm Bishop Armstrong for an undisclosed sum.

Bishop Armstrong is led by Phil Bishop and combines wealth management with Financial Planning.

Mr Bishop said: “I first spoke to IWP a couple of years ago and have been hugely impressed with the way that they have approached the marketplace. Being passionate about the independence of the advice they give means that clients’ best interests are right at the heart of everything they do.”

The firm has £46m in assets under administration.

Bishop Armstrong will join IWP’s Midlands hub Alexander Grace.

Neil Padget, CEO of Alexander Grace, said: “I am thrilled to welcome Bishop Armstrong to Alexander Grace and IWP. As Phil joins the team this marks our second acquisition as part of IWP with more in the pipeline as we continue to grow together, building IWP’s scale and reputation in our region.”

David Inglesfield, CEO of IWP, said: “Phil has built a really great business in Bishop Armstrong. I am excited for the next phase of their growth as part of Alexander Grace and the wider IWP team.”

Mr Inglesfield did an exclusive interview with Financial Planning Today earlier this week, in which he shared his plans for expansion, what he has learnt from building five wealth management businesses, and his passion for beekeeping. 

IWP has bought several Financial Planning and IFA firms in recent years including Scottish Financial Planning firm Gilmour Hamilton Wealth Management, West Midlands based Financial Planning firm Beyond Financial, Southern-based Financial Planning firm Hunter Hammond Daniel Associates, and Milton Keynes based Financial Planning firm Carnelian Capital Management in the past four months

IWP’s growth strategy is to acquire local firms but leave day to day management in the hands of local teams who may also retain a participation in the ownership of the business.