Acquisitive national wealth manager Bellpenny has completed the acquisition of a £100m client book from Spofforths Financial Planning.
Spofforths FP is the IFA arm of Storrington, West Sussex-based accountancy firm Spofforths LLP.
The deal includes Spofforth FP’s client bank and £100m of funds under management, with assets split evenly between pensions and investment business.
According to Spofforths FP managing director Philip Wise, the sale comes as a result of the company reviewing its services and the increasing burden of regulation.
Kevin Ronaldson, chief executive officer of Bellpenny, said: “The SFP deal is Bellpenny’s third involving accountancy firms, following those with Price Bailey and Foot Davson in the spring.
“The acquisition adds further weight to our view that the full impact of the RDR on the financial planning sector will prove to be deeper and more drawn out than many commentators first predicted.
“We’re talking to several other professional services firms which are now rethinking their wealth management strategy as we approach the first anniversary of the RDR.”
