Future Wealth Management has merged with Total Financial Wealth Management, bringing together two southwest-based appointed representatives of St James’s Place (SJP) Wealth Management.
This is the second merger between two SJP partner firms in week after Shrewsbury-based advice firm Nick Jones Wealth Planning joined forces with east Midlands-based Throgmorton Associates Wealth Management.
Frome-based Total Wealth Management is led by Colin Mould, while Bath-based Future Wealth Management was established in 2012 by Nigel Coleman, Steven Andrews and Keith Tadhunter.
The merger brings total funds under management for Future Wealth Management to over £330m ($460m, €380m).
The deal also sees adviser numbers at the firm grow to nine with plans to increase this to 12 by the end of 2021.
Future Wealth Management now has offices in Frome, Weston– super- Mare, Southampton, Bath, Gillingham and Dorset.
Growth
Tadhunter, senior partner at FWM, said: “We are thrilled to be expanding and merging with Total Wealth Management. Colin and his team have a wealth of knowledge and experience and working together makes total sense.
“Colin will join as a Partner of Future Wealth Management and will continue to manage the rebranded Frome office along with his team, offering a local Somerset base for our clients.
“Our combined expertise and now wider geography will enable us to share knowledge and further improve our service offering for our existing and prospective clients. I am also excited about the additional professional development opportunities this offers for our team.”
Financial results
The merger comes as SJP announced its trading update for Q1 2021 for the three months ended 31 March 2021.
Funds under management reached £135.5bn in the first quarter of 2021, which is a 33% increase from the same period last year, when it stood at £101.7bn.
Net flows came in at £2.9bn in the first quarter of the year (Q1 2020: £2.39bn).
