National wealth manager Bellpenny has today (8 June) announced that is has completed two more adviser acquisitions, comprising total funds under management of £56m and more than 250 clients.
Funds under management of £34m will be brought to the business by acquiring Surrey-based TJ Financial Services Ltd.
TJFS is the financial planning arm of the chartered accountancy firm Tudor John LLP. As part of this deal, Bellpenny will continue to work closely with Tudor John LLP by offering financial planning services to existing and future clients.
The second purchase is that of TOR Financial Advisers Ltd and IFA, based in Devon, with £22m funds under management.
Kevin Ronaldson, Bellpenny’s chief executive, said: “It’s exciting to maintain our acquisition momentum with four deals in as many weeks. It speaks volumes for our tried-and-tested integration process that we’ve now completed 28 acquisitions in under three years.
“Far more important, however, is what we do post-acquisition - we continue to invest heavily in our people, in new technology and in the necessary local infrastructure to ensure we’re able to deliver to the highest of client expectations.”
Don Nelson, partner of Tudor John LLP, said: “In common with many other accountancy firms, Tudor John has decided that the contemporary regulatory environment is no longer conducive to having a dedicated financial advice arm.
“The market has moved in favour of larger-scale operators like Bellpenny, who we believe are the ideal wealth management partner to serve the long-term financial planning needs of current and future clients.”
Tom Cooper, director of TOR, added: “Many of my clients have been with me since I started out as a financial adviser more than 20 years ago, so selling the business was not a decision I took lightly.
“What I like about Bellpenny's approach is that they manage to combine a national presence, leading-edge technology and contemporary business practices with old-fashioned virtues such as personal service and clear communication. I’m confident this formula will be well received by TOR clients.”
This follows Bellpenny's purchase of two IFA firms earlier this year in May, taking its funds under management past £3bn.
ruth.gillbe@ft.com
