(WebFG News) - Financial planning firm Harwood Wealth Management has acquired the assets of retirement solutions specialist Plan65 LTD, according to an announcement on Monday.
The acquisition, which will cost £1.56m depending on the fulfillment of performance criteria, will see Plan65's £42m worth of assets under management integrated into Harwood's subsidiary company Compass Wealth Management Consultants.

An initial cash consideration of £810,068 will be funded through Harwood's existing cash resources before the remaining potential amount is paid in two installments over the next two years.

Peter Mann, non-executive chairman of Harwood Wealth Management group, said "In line with our strategy to acquire IFA firms which share our values and culture, we are very pleased to have completed the asset acquisition from P65. Since its inception in 2011, Keith and Doug have built a successful business and we wish them well for their future. We look forward to continuing to provide P65's clients with continued expert advice and exceptional service."

Harwood also acquired wealth manager and financial planner AE Financial Services for £4.6m in March as part of its growth strategy.

Plan65's founders and current owners Keith Turner and Doug Raeboth plan to retire following the acquisition.

As of 1022 BST, Harwood Wealth Management's shares were up 3.33% at 155.00p.

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