Wealth consolidator MKC Wealth has bought independent advice business LighthouseCarrwood for an undisclosed sum.
LighthouseCarrwood has been a part of Quilter Financial Planning since 2019 following Quilter’s acquisition of the wider Lighthouse Group.
MKC Wealth will take on all LighthouseCarrwood staff, with the business re-branded as MKC Wealth.
The deal completed on 1 November 2021.
‘Carefully exploring options’
This acquisition comes as Quilter deals with Lighthouse Group’s legacy of defined benefit (DB) pension transfer advice to members of the British Steel Pension Scheme (BSPS) prior to its acquisition of the firm.
In its H1 2021 results, the wealth manager said the potential redress pot stands at £35m ($47m, €41m) for compensation to BSPS members.
Lighthouse Group is currently being investigated by the Financial Conduct Authority (FCA) over DB advice.
Stephen Gazard, chief executive of Quilter Financial Planning, said: “As part of Quilter Financial Planning’s integration of Lighthouse into our network and national advice business, we have been carefully exploring the options for Carrwood to ensure the best outcome for clients and employees.
“We are committed to ensuring good client outcomes and we believe MKC Wealth is an excellent home for the business given its focus as an IFA-led advice business.”
In October 2021, London-based IFA firm MKC Wealth was bought by former Quilter Private Client Advisers employees Dominic Rose and Nigel Speirs as part of a strategy to build a wealth management consolidator.
The business said it wants to expand through acquisitions of other firms which will be integrated into MKC Wealth, as well as through organic growth.
Rose, chief executive of MKC Wealth, said: “Carrwood represents a fantastic fit for MKC Wealth and we have welcomed a number of new colleagues to our business who will thrive with us.
“Our focus remains on only making acquisitions where we feel there is a good cultural fit and at a sensible and sustainable pace.
“We have no interest in being the largest firm, what we care about is our team, our clients and being the safe pair of hands to look after clients from retiring advisers which is our principal focus going forward.”