The latest acquisition is the firm's fifth of the year, bringing it closer to its target of 50 by the end of next year.

UK-based Succession Holdings has acquired Michael Moore Life & Pensions from its 80-strong membership network to be part of its national wealth management advisory arm, Succession Group.

MMLP, which is based in Great Missenden and has £150 million ($214 million) of funds under management, was bought for £5.3 million.

Succession, which plans to acquire 50 of its member firms by the end of 2017, has now completed 22 such purchases. In January, it bought Cornwall-based TMS, Sheffield-based Facts Financial, and Firth and Scott and Carson Associates, both based in Nottingham, for a total consideration of £9.5 million.

MMLP, which was founded in 1971, provides wealth management services to high net worth individuals and corporate clients, as well as financial planning and cashflow modelling. It joined the Succession network five years ago to prepare for the challenges of the Retail Distribution Review programme of reforms, aimed at improving standards of financial advice through, for example, requirements of greater transparency and clarity of fees.

“Under Succession's guidance, we transitioned MMLP to a fee-based, recurring income model, instead of always chasing new business, and we introduced a long-term wealth management proposition that focuses on meeting clients’ financial goals, rather than investment performance,” said MMLP's senior partner, Michael Moore.

“Our proposition won’t change and nor will the high standards of client servicing. Being part of a bigger unit can only mean greater security for clients and colleagues, and the positive rewards of working with like-minded individuals within the Succession Group family will propel the business forward.”