London-based MWA Financial has acquired Prosperity Financial Advisors & Stockbrokers as it plans to become a national IFA firm.
The deal for Hampshire-based Prosperity takes MWA’s assets under influence to £300m and its adviser headcount to 15.
MWA is planning to acquire a number of other high-quality advice firms over the next three to five years and has secured funding from Triple Point.
Prosperity co-founders Mark Newman and Jasper de Zoeten will remain in post until the transition is complete.
MWA has appointed Ed Rosengarten as its executive chairman to help execute its growth strategy. Rosengarten has been a strategic adviser to the business since 2019.
Ed Rosengarten comments: “We have long been admirers of what Mark and Jasper have achieved at Prosperity. It is a great business, with a fantastic workforce and a highly efficient business model.
“Prosperity’s use of technology and paraplanner support is unique and these combine to create a truly slick service that frees up advisers to do what they do best – offer advice.
“That’s why we are delighted to welcome Prosperity on board. This deal is an important milestone for us and takes us one very important step closer towards building a high-quality IFA firm of national reach and scale.”