Fast-growing Financial Planner and wealth manager Kingswood Group has completed the acquisition of Dublin retirement planning advice firm BasePlan through its Irish subsidiary Moloney Investment.

The takeover has been approved by regulators.

BasePlan is a financial advisory firm which has been providing Financial Planning, retirement planning and wealth management for over 30 years.

Kingswood bought Moloney Investments (MMPI) for £23m in September 2022, with the deal achieving regulatory approval in March 2023. It was the group’s first move into the Irish market.

The acquisition of BasePlan takes Kingswood’s assets under management in Ireland to more than €1bn (£0.86bn).

BasePlan principals Rhona Burke QFA and Gordon Mellon FCA have expanded the business since inception and manage client assets of €130m (£111m). On completion there will be a managed handover and some of the team will remain.

David Lawrence, Kingswood chief executive, said: “We acquired MMPI in March 2023 with the intention of identifying acquisition opportunities to help scale the business. We see the Irish market as rich in opportunity and hope to further add to our MMPI business in the near future.”

Bryan Moloney, MMPI chief executive, said: “BasePlan fits well with our culture and purpose and I am looking forward to welcoming the BasePlan clients and providing a continued excellent service as well as the service and technology benefits of our wider business.”

Established in 1993, MMPI is a financial advisory group based in Dublin which offers Financial Planning, general and protection insurance as well as investments, pension, and mortgage advice to mass affluent and high net worth individuals.

Kingswood has made a number of acquisitions in recent years including Sterling Trust Financial Consulting, which was completed in June 2020.

It also acquired Berkshire-based Financial Planner Barry Fleming & Partners for £6.2m in January and JFP Holdings Limited, the parent company of Cheshire Chartered Financial Planner JFP Financial Services Limited, for £12.4m in December.

Kingswood has made more than 16 acquisitions since the start of 2021.

Financial Planning Today Analysis: Overseas acquisitions have become something of a trend for Kingswood and are becoming increasingly common for other UK Financial Planning firms. Progeny and others have acquired several firms in recent times with overseas exposure and this is likely to continue as the 'hot' UK Financial Planning sector is seen as increasingly expensive in terms of acquisition deals. The Irish market, both the Republic and Northern Ireland, is seen as an attractive place to grow with lots of upside potential and a rapidly expanding population and economy, particularly in the Republic.