Expanding Financial Planning firm Independent Wealth Planners UK has acquired Herts-based Richmond House Wealth Management, its second acquisition in the South East in 2020.

Richmond House will be the ninth regional hub for the national Financial Planning firm.

This is the second acquisition announced by IWP this month. At the start of the month the Financial Planning Firm announced the acquisition of South London-based Clairville York  which has £374m under management. 

Richmond House was established in 1964, with a discretionary management service launching in 2006. The business has since grown to 35 staff, headquartered in Stevenage.

Richmond House Wealth Management will become IWP’s regional Hub for the Hertfordshire area.

IWP also expects Richmond House Investment Management and Corporate Services businesses to be utilised across the group post-acquisition, adding to its investment management expertise. It expects to expand this business line to bolster the corporate services capability for the group as a whole.

Paul Beasley, chief executive of Richmond House, said: “What attracted me to IWP was the ability to secure the future growth of Richmond House in a way that ensures continuity for our clients. I’m excited to be joining a national brand that will provide the infrastructure for us to continue to grow and provide clients with the excellent service they expect.”

David Inglesfield, chief executive of IWP, said: “We’re thrilled that Richmond House is joining IWP. In doing so the team will be able to focus on exemplary client service as they also continue to grow the business. Establishing our Hub in the Hertfordshire region, we look forward to supporting Richmond House to build on its excellent position in the market.”