The acquisition will see more than 200 restricted Financial Planners from the Essex-based firm move to Quilter’s national advice business during 2019.

Quilter says the acquisition represents the next stage of its ambition to broaden out its national advice business and that it complements the development of Quilter Private Client Advisers (QPCA), which serves upper affluent and high net worth clients.

As a long-standing member of Quilter’s advice network, Charles Derby already operates within Quilter’s advice framework, which the firm says will ensure minimal disruption for its clients and advisers.

Darren Sharkey has been confirmed as managing director of the national advice business, responsible for QPCA and Charles Derby.

Mr Sharkey was named interim managing director of QPCA in October last year.

Andy Thompson, CEO of Quilter’s advice businesses, said: “The need for financial planning has never been greater.

“However, despite the increasing consumer demand, there is a steadily dwindling supply of financial advisers.

“Quilter is committed to closing that advice gap by supporting the growth and development of the advice market.

“We see a demand for controlled, scalable advice from a Quilter brand and following the success of Quilter Private Client Advisers we are extending that model so we can serve a wider customer base.

“Charles Derby offers us a great opportunity to further grow our successful national advice business.

“It has been part of the Intrinsic network since launch, making it an excellent cultural fit and a strong basis for our developing national advice business.

“I look forward to continue working with Charles Derby’s staff and advisers.”

Chris Fautley, chairman and chief executive of Charles Derby, said: “Within Charles Derby we are proud of the growth in customer and adviser numbers we have achieved over the last three years and the acquisition by Quilter offers an exciting opportunity for us to accelerate this growth further.

“This acquisition allows us to continue to deliver high quality consistent advice from a trusted brand while also enabling us to build and expand our current services.

“The strength and scale that Quilter brings adds further benefits to our clients as we deliver face-to-face advice to our ever growing customer base.

“Having been closely associated with Quilter, we are delighted to now be joining them and look forward to working together as part of a broader management team.”