A leading North Wales financial firm has launched an expansion scheme by taking over a Shropshire-based business.
Bosses at Wrexham-based Hadlow Edwards Wealth Management say the new acquisition will increase the number of their clients by 550 to more than 2,000.
The takeover of Ellett Wealth Management, in Oswestry, is part of a long-term Hadlow Edwards strategy to grow their already successful business which employs an 11-strong team with seven specialist financial advisors.
Shropshire has been a key target geographically for the company and establishing a better presence in the area has the potential to also open up a mid-Wales market for the firm.
Ellett Wealth Management and Hadlow Edwards are both Practices in the FTSE 100 Company St. James’s Place which is one of the UK’s largest wealth management organisations and looks after client funds in excess of £58 bn.
Ellett Wealth Management was set up by Howard Ellett, 58, of Craigllwyn, a father-of-two and grandfather-of-two, who is taking semi-retirement.
He will continue to work part-time with Hadlow Edwards as a mentor for junior members of their team and to achieve a seamless transition for his clients, many of whom he has worked with for the entirety of his three decades in the financial services industry.
Medwyn Edwards, Hadlow Edwards Director, said: “This new and exciting development for Hadlow Edwards brings in a very experienced existing St. James’s Place Partner to the fold.
“We have a lot of ambition to expand our company and we looked at buying external financial business services. But we thought Howard’s client mix and location along with the long-standing and well-thought of relationship he had with his existing clients was a fantastic fit for our business and we are delighted to bring this deal to fruition.
“It has allowed us to expand with little risk to our business and our existing clients and we believe this move will act as a springboard to the future development of Hadlow Edwards which is high on the agenda in our long-term plans.”
Mr Edwards added: “Howard’s input will be valuable on more than one level. “There is the business it will bring in for Hadlow Edwards, including in the Shropshire area, and the support Howard will give the young advisers here to develop their own knowledge and client management skills for the future.
“There is also important synergy between Hadlow Edwards and Howard’s company. Both businesses operate with the same ethos of client care and utmost professionalism. Our aim is always to listen to our clients and build a very personal and long-term relationship with them.”
Hadlow Edwards, founded and run by joint directors Medwyn Edwards and Warren Hadlow, offers high quality personal advice on many aspects of wealth management, to both individuals and businesses from all different backgrounds and ages with varied financial requirements.
Mr Ellett, who specialises in inheritance tax, investment planning and trusts, became a financial services advisor in 1987 and has since successfully grown his business to represent households across Shropshire, North Wales and Cheshire.
He said: “This is an exciting change for me and I am really looking forward to it. While I am selling the business to Hadlow Edwards, I am pleased to continue working with them on a part time basis.
“I have known Medwyn and Warren for 15 years and what has reassured me about selling my business to them is that I know they operate and look after their clients in a very similar way to me. It’s a perfect match.
“I have worked with some of my clients since 1988 and so it was vital, absolutely fundamental to me that whoever I sold the business to would have the same client care and ethos as I have.
“It’s all about regular contact, it’s being able to help out at short notice if a pressing issue arises, it’s if a client is at a crossroad in their life and they need good advice, then I have always made a point of providing that.
“A client’s situation and circumstances changes, be it marriage, divorce, having a family, retiring, inheriting money. As an advisor, you have to take very seriously the fact you are delving into their most personal of affairs. It is our role to help them adjust to those changes in the best way possible and it is a relationship which develops through trust.
“I know I can trust Hadlow Edwards to offer the same level of care and so by selling my business to them I know there will be continuity for my clients.
“Not only that, but it will also offer them longevity because Hadlow Edwards has good succession planning built in. There is a terrific team of young and up and coming advisors who will be able to continue to offer this same level of client care far on into the future.”