IWP acquires Carnelian

Independent Wealth Planners UK (IWP UK) has acquired Carnelian Capital Management Limited (Carnelian). The acquisition brings new scale to Richmond House Wealth Management boosting IWP’s presence in the South East.

The acquisition also brings in Jonathan Howard, Managing Director of Carnelian, who will additionally take on the role of CEO at Richmond House Wealth Management effective 1 September 2020, as Paul Beasley steps down from the role whilst continuing as a Director of the firm.

 
Howard joins the business with over 30 experience in Financial Services. He is a Chartered Financial Planner and a member of both the Chartered Insurance Institute and Institute of Professional Will Writers.
 
Paul Beasley, CEO of Richmond House Wealth Management, says: “I am thrilled to welcome Carnelian and Jonathan to the team. His dedication and close work with clients over the years means that he is a great fit to lead Richmond House Wealth Management. I look forward to handing over to Jonathan, following which I will be remaining as part of our leadership team at Richmond House Wealth Management, staying on as a Director.”
 
“We have built an exceptional business since our inception in 1964, to our recent acquisition by IWP. With the addition of Carnelian, and Jonathan as CEO, I am confident that we will continue from strength to strength.”

Howard, CEO of Richmond House Wealth Management, says: “I am excited for the next phase of growth for both Carnelian and Richmond House Wealth Management. Selling your financial planning business is not a panacea – it can be a difficult process and so you need to have faith and trust in the people you are dealing to ensure a successful outcome for all including your clients.”
 
IWP was created to grow, support and promote the UK’s brilliant local independent financial advisory (IFA) firms and build the UK’s best financial advice service. IWP provides market-leading operational and support services, including compliance, IT, investment research, marketing, recruitment and training, allowing IFAs to spend more time with their clients. IWP acquires local firms but leaves the day to day management in the hands of local teams, who may also retain a participation in the ownership of the business.