Intrinsic expects the Lighthouse Group's communities and wealth advisory channels to join its current adviser network, which has over 3,500 advisers.

Paul Feeney, chief executive officer at Quilter, said: “We are delighted to have agreed a recommended cash offer for Lighthouse and look forward to their advisers joining the Quilter family.

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“As the advice market consolidates, the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”

Andy Thompson, CEO at Intrinsic, added: "Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes.

“The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. "

Malcolm Streatfield, CEO at Lighthouse, concluded: “We are proud of all Lighthouse has achieved and are excited to continue our journey with Quilter.

“Quilter is a mature and profitable group with considerable scale and demonstrably values face-to-face advice and appropriate customer outcomes, making it a great home for Lighthouse’s staff, advisers and clients.”

Quilter’s acquisition of Lighthouse is expected to be completed during Q2 2019, subject to conditions and approvals.