The Financial Planning arm of Old Mutual Wealth has bought two firms, bringing on board a Chartered Financial Planner and Chartered Wealth Manager in the process.

Old Mutual Wealth Private Client Advisers said the acquisitions of Premier Planning and Premier Wealth would establish a new Birmingham office.

Premier Wealth managing director Mark Grainger DipPFS will join. He has been a Financial Planner since 1993.

He is joined by Chartered Financial Planner Ian Markham, whose career spans more than 20 years and Adam Carter, who has over 10 years’ experience in the sector as a Chartered Wealth Manager and Financial Planner.

The acquisition will add more than £170m in assets under advice to the Old Mutual Wealth-branded Financial Planning business, which launched in 2015.

Premier was founded over 30 years ago, building up its presence in the West Midlands. Premier Planning owner and managing director, Richard Usmar, will remain with the business in a consultancy role.

The terms of the acquisition mean that Old Mutual Wealth Private Client Advisers will take on all liabilities for past advice, giving the wider financial planning industry re-assurance that the acquired firms do not leave any liability which could in future fall on industry-funded compensation schemes.

Nigel Speirs, managing director, OMW Private Client Advisers, said: “This is another important milestone for Old Mutual Wealth Private Client Advisers. We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country.”

Richard Usmar, Premier Planning managing director, said: “Growing this business and servicing our clients over more than 30 years has been a real joy. I am particularly pleased that I can pass my business over to a well-resourced client focused business. I look forward to working with the team for many years to come, knowing that on a day to day basis my clients are in safe hands with Mark Grainger and his colleagues at Old Mutual Wealth Private Client Advisers.”

Meanwhile, from the first cohort of students of the Financial Adviser School, three graduates will soon join Old Mutual Wealth Private Client Advisers in different offices around the country having obtained their level 4 Diploma in Financial Planning.