Rhodes Wealth Management has doubled its number of clients after a merger with another Derbyshire-based financial advice firm.
The link-up with the St James’s Place business will allow Hale Wealth Management to bring complementary services under the Rhodes brand.
The founder of HWM, Jason Hale, has more than 20 years’ experience in the financial services industry.
The financial terms of the deal were not disclosed.
Mission
Adam Rhodes, managing director of Rhodes Wealth Management, said: “As a result of the merger, we now have three additional staff with all the added energies which new starters bring but benefiting from years of industry experience whilst with Hale Wealth Management.
“In Jason himself, we have someone who is steeped in the financial services industry with more than two decades’ experience.
“The merging of the two businesses brings together the knowledge and experience of two practices under one roof, leading us to have one of the strongest adviser teams in the Derbyshire area, thanks to their cumulative experience and specialist qualifications.
“Our mission is to help our clients make the most from their money. Different clients have different aims but we have the expertise to help everyone achieve their goals.
“We will be holding more events in 2020 to ensure our large client base is kept up to date, engaged and aware of relevant current events. A bigger team only serves to further enable us to consistently deliver excellent levels of service.”
Buyout scheme
In a separate announcement, Tenet Group confirmed it has acquired Mansfield-based Ask Financial Management and Mansfield Financial Planning for an undisclosed fee.
This is Tenet’s 16th and 17th practice buyout since launching its scheme in January 2018, which offers network member firms an exit strategy for retirement.
Ask directors Andrew Shewen and Keith Bonsall are staying with the company to help further develop the business.
Andre Camilleri, owner of Mansfield FP, has used buyout scheme to enable him to retire.
The deals have increased Tenet’s assets under management by £25m ($32m, €29m).
Expansion
The M&A activity has helped the firm to unveil a hub in Nottinghamshire, which further expands Tenet’s regional growth, following the establishment of an operation in Preston during 2018.
It also has hubs in Northampton, Leeds, Edinburgh and Cardiff.
Tenet’s last acquisition was Edinburgh-based Forth Financial Services.
