Wednesday, June 29, 2022

Irwin Mitchell expands wealth management team with acquisition

Sheffield-headquartered Irwin Mitchell has expanded its wealth management team with the acquisition of Cheshire-based TWP Wealth as it seeks to expand its range of wealth services available to clients.

TWP Wealth is a Chartered Financial Planning company based in Alderley Edge, Cheshire, and provides a wide range of financial services and financial planning to both private and corporate clients.

Completion of the transaction is subject to approval by the Financial Conduct Authority (FCA).

TWP’s current management team and staff will spearhead Irwin Mitchell’s wealth management arm and join forces with IM Asset Management which currently provides a full suite of financial planning and investment management services.

In addition to continuing the support provided to Complex Personal Injury (CPI) clients through IM Asset Management, the acquisition of TWP will build Irwin Mitchell’s wealth services scale and capabilities, enabling the business to meet the needs of existing and new clients across the entire legal services lifecycle.

IM Asset Management currently has c.£1bn assets under management (AUM) and the acquisition of TWP Wealth will add a further c.£100m AUM as well as giving Irwin Mitchell further scale in financial planning capability and capacity as well as an expanded leadership team to help the existing management focus on growing the business.

Andrew Tucker, group CEO at Irwin Mitchell, said: “We have a successful business, focused on delivering life-time value for clients. Our clients trust us with their legal services at a time of change in their lives or their business – whether through a personal injury or divorce, or they may have sold a business or be looking to secure their families future through estate and tax planning.

“All of these events require financial advice and by bringing TWP Wealth on board, this gives us enhanced expertise for our clients, an increased client-base and further opportunities to cross-sell our legal services and meet their multiple needs.”

Richard Potts, CEO of IM Asset Management Ltd, said: “We already have a growing wealth management business but the addition of the TWP Wealth team gives us the opportunity to attract more clients from outside of Irwin Mitchell who come direct for our wealth management and financial planning services.

“TWP Wealth share our focus on building trust and loyalty amongst clients and we pride ourselves on our excellent client feedback scores. We’re delighted to have them on board and welcome them to Irwin Mitchell.”

Mark Shotton, Managing Director at TWP Wealth, who will head up the wealth management service at Irwin Mitchell, said: “Irwin Mitchell is a really unique business with significant potential to build the brand beyond legal services and into financial planning and wealth management.

“Our values and approach to clients are very similar: treating them as people and working collaboratively to create tailored lifetime financial plans which work for them. We’re excited to begin working with the team.”

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