London-based IFA MWA Financial has bought Prosperity Financial Advisors & Stockbrokers as part of its ambitious growth plans to become a leading national firm.
The deal for Hampshire-based Prosperity takes MWA’s assets under influence to £300m and its adviser headcount to 15.
MWA is planning to acquire a number of other high-quality advice firms over the next three to five years and has secured funding from Triple Point.
Under the terms of the agreement, Prosperity will keep its branding.
Prosperity co-founders Mark Newman and Jasper de Zoeten will remain in post until the transition is complete.
MWA has appointed Ed Rosengarten as its executive chairman to help execute its growth strategy. Rosengarten has been a strategic adviser to the business since 2019.
Before joining MWA, Rosengarten was head of funds at Smith & Williamson and, prior to that, spent 20 years at M&G, the last ten of which as chief executive of the firm’s equity business.
MWA chief executive Campbell Banks launched the firm in 2016 with the ambition of recreating here in the UK the well-regarded holistic advice model prevalent in his native Australia.
Banks has more than 25 years’ experience developing financial advice networks in Australia for the likes of ING, AXA Asia Pacific and AMP.
The MWA group already owns Eversley Wealth Management, a holistic Hertfordshire-based advice firm offering investment, tax planning, pension, protection, and mortgage advice.
MWA Financial executive chairman Ed Rosengarten says: “We have long been admirers of what Mark and Jasper have achieved at Prosperity. It is a great business, with a fantastic workforce and a highly efficient business model.
“Prosperity’s use of technology and paraplanner support is unique and these combine to create a truly slick service that frees up advisers to do what they do best – offer advice.
“That’s why we are delighted to welcome Prosperity on board. This deal is an important milestone for us and takes us one very important step closer towards building a high-quality IFA firm of national reach and scale.”
MWA Financial chief executive Campbell Banks says: “It’s great to finally welcome Prosperity on board. Mark and Jasper have done an amazing job over the past 12 years and we will be building on their good work in the future.
“We have big plans for MWA and want to kick on with our growth strategy from here, which will involve targeted acquisitions where we feel a business can add value to the group.
“But our goal is not simply to buy firms, slash costs and strip away the elements that made them successful in the first place.
“Rather, we want to work with them to embrace and enhance their strengths and to offer expertise and counsel, where needed, to help them provide an even better service to their clients.
“This is just the start of the journey, but we hope MWA will one day be the first name that comes to mind when people think of top quality, holistic financial advice.”
Prosperity co-founder Mark Newman says: “More than ten firms approached us with offers but in the end MWA was the only option for us. Campbell and Ed’s values and culture mirrored our own, and so it was a natural fit.
“We are very proud of what we have built here at Prosperity over the past 12 years, but the reality is we probably couldn’t have kicked on to the next level without the support of a firm such as MWA.
“I am certain this deal will add a tremendous amount of value to our staff and clients, who were at the forefront of our thoughts throughout this whole process.”
Triple Point head of business development Matt Holloway says: “We are delighted to support Campbell and Ed with the acquisition of Prosperity, which delivers on their strategic aim towards building a high-quality national IFA firm.
“We are looking forward to working with MWA Financial and the wider management team as they seek to acquire high quality IFA businesses and are excited about the long-term partnership that we can build.”