Benchmark has announced the acquisition of two advice businesses, Caroline Banks & Associates (CB&A) and Verum Financial LLP, both of which are longstanding clients of the company.

CB&A has partnered with Benchmark for 11 years, while Verum has been a client of the company for more than six years.

Both firms have utilised Benchmark’s technology and compliance solutions for sustainable growth and client outcomes support.

Verum is based near Canterbury in Kent and adds a team of six advisers with over £250m of client assets.

CB&A is headquartered in Mayfair in London, and adds three advisers and more than £200m of client assets.

The management teams and staff will join Benchmark as part of the integration into the financial planning business.

Benchmark, which provides financial planning solutions and is part of the Schroders Group, said the acquisitions marked an important step in its strategy to support financial planning businesses at every stage of their journey.

“We’ve built trusted relationships with Caroline Banks and Verum over many years, so we know each other well and share a strong commitment to client service,” said Benchmark CEO, Ed Dymott.

“In a competitive market, their decision to join us reflects the strength of our proposition and the confidence they have in Benchmark as a long-term home for their people and clients.

“We’re delighted to support their future growth and provide a clear, structured succession path for the business owners.”

CB&A managing director, Caroline Banks, said she was proud of the business her team had built alongside Benchmark, and that it was essential the firm partnered with a company whose values aligned with their own.

“From working with them over the years, Benchmark has consistently demonstrated that they share our passion for delivering the best possible client outcomes,” she said.

“Strengthening our partnership ensures long-term continuity and opportunity for both our clients and our staff.”

Verum partner, Lee Giles, added: “Having experienced Benchmark’s proposition including integrated platform, client portal, investment solutions, and practice management support we’ve seen first-hand how they’ve helped us build efficiency and scale.

“For us, securing continuity and long-term stability for our clients and staff was vital. Joining Benchmark formalises a trusted partnership and gives us confidence in the future.”

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