West Midlands-based Newell Palmer has acquired David Heffernan’s advisory practice based in Coventry.

West Midlands-based Financial Planning firm Newell Palmer says this is the final acquisition of the year after a total of eight acquisitions this year but it expects further expansion next year. Mr Heffernen’s client base will be serviced by Newell Palmer’s advisory teams at the Nuneaton office. The acquisition cost has not been reported.

Newell Palmer finance director Kevin Homfray said: “Completing with David Heffernan marks the end of a really strong year for Newell Palmer on the acquisition front.

“We are forecasting a very busy 2018 with a large number of prospect firms looking to choose Newell Palmer to look after their clients. With the increasing pressure of Mifid II and GDPR, we are seeing more and more smaller firms on the lookout for larger partners such as ourselves.”

David Heffernan, founding partner of Sandringham Financial Services, said: “When I decided it was time for me to retire from the advisory business I began carrying out a search to find a new practice, who not only shares my values and levels of professional care, but who is able to offer a wider range of products and services.

“I was delighted to find Newell Palmer, a much larger firm who will be able to offer my clients the same excellent service and so much more in their financial journey.”

Newell Palmer says it has more than quadrupled its Funds Under Management to £1.7bn in the last five years through acquisition and referrals. The Financial Planning Firm also recently acquired Bromsgrove-based IFA Haven Financial Services.

The takeover means Haven’s clients will be serviced by Newell Palmer’s nearby Bromsgrove office. The deal, for an undisclosed sum, was arranged by IFA firm broker, ‘Tomorrow – The IFA Broker’.
Since 1988, Newell Palmer has acquired over 40 companies and the financial adviser business is on the lookout for any selling firms whose client ethos is similar to its own.