National advice firm Foster Denovo is to acquire £220m AUM Chartered Financial Planning firm Wade Financial.

The acquisition of Newcastle-based Wade, for an undisclosed sum, will add six advisers and 10 support staff to Foster.

Wade has 780 clients across the North East of the UK.

The deal is subject to FCA approval.

Stephen Conway, managing director of Wade Financial, said that one of the reasons it chose Foster Denovo was its “record of investing back into its own people.”

Foster Denovo said the deal would facilitate expansion in the north east by creating a new regional hub.

The deal is the latest for the IFA which has made 10 acquisitions since securing £100m of funding from private equity investor Crestline Investors in February 2022.

Foster Denovo said its acquisitions have enabled the firm to triple its EBITDA (a measure of profit) since the investment.

Roger Brosch, CEO of Foster Denovo, said: “We look forward to welcoming Stephen, Ian, David and the whole Wade team to Foster Denovo. From the moment we met it was obvious that we share the same client-centric approach and a clear and positive vision of the future. We have taken time to understand each other and this has given us great confidence in the cultural and propositional fit between us. 

“From very early on the cultural alignment between our two firms has shone through. As time has gone on, we’ve got to see how they really care about each other and their clients, and how extremely well connected they are in the North East. This is going to be a great new chapter.