Rapidly growing Financial Planning group Independent Wealth Planners (IWP) has acquired Hampshire Financial Planner Encompass Financial Management which has £167m under management.

Encompass, which has 458 clients, is based on the outskirts of Southampton. The cost of the deal has not been revealed.

It will follow Omnium Wealth Management in joining IWP’s Hampshire regional firm, Murdoch Asset Management. 

Encompass was formed in 2004 and is a Financial Planning business with four directors - Mark Courage, Sean McGonagle, Sue Drake and Wayne Phillips.

It offers a range of Financial Planning services and focuses on lifestyle Financial Planning, using cashflow modelling tools with clients. 

Mr Courage, co-founder and director at Encompass, said: “We are really excited about the opportunity to work with IWP. It secures what we’ve worked so hard to deliver and provide by way of service and advice. This alliance will make sure the ethics, professionalism, and culture in our firm can be replicated with the greater support and resource under the IWP banner.”

Chris Birch, chief executive at Murdoch, said: “We’re delighted to welcome Encompass to the IWP family - the acquisition strengthens our reach in the southern part of Hampshire. We’re really looking forward to start working with the team.”