National advice group Sanlam Private Wealth has bought the client banks of Telford and Shrewsbury financial planning businesses Conforth Consultants and Wealthport.
Conforth Consultants has 225 active clients accounting for around £32.2 million of assets, while the Wealthport bank brings 114 active clients with £19.5 million of funds.
Sanlam said a small number of its advisers would relocate to Telford to service the Conforth clients, while Mark Woodland, the owner of the business, would remain as a consultant to assist in the transition phase.
Wealthport clients will be advised by Sanlam advisers from the group's Rhyl office, and Wealthport owner John Kenny-Levick will leave financial services.
The deal means Sanlam Private Wealth has now bought 15 client banks since 2009. Chief executive Nigel Speirs (pictured) said: 'This activity remains a core strategy for Sanlam UK in the building and development of our advice-led wealth management business in this country.'