Birmingham-based financial advice firm Margetts Wealth Management has completed a management buy-in.

Directors Ian Butler and James Vickers have taken equal shares in the West Midlands firm.

The duo, who have both been with the firm for over two decades, join existing owned Kevin Smith.

The advice firm said that the management buy-in would enable the firm to maintain its independence.

Located in St Paul’s Square in Birmingham, the firm currently manages over £230m of assets on behalf of 350 clients. Clients include business owners, professionals and a network of accountants and lawyers.

Margetts has three advisers, supported by eight staff.

They deliver investment, estate, retirement, tax and corporation transaction advice, whilst also running its own centralised investment proposition and diversified model portfolios.

Management buy-ins are one options for Financial Planning firm owners looking to exit their business in the near future.

According to M&A broker Gunner & Co, 60% of financial advice firm owners are looking to exit the industry in the next three years, with retirement being the key driver.