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Bellpenny acquires 24th adviser firm

Bellpenny acquires 24th adviser firm

National wealth manager Bellpenny has acquired Farnham-based adviser Legal and Professional Services Ltd, for an undisclosed sum.

The firm’s 24th acquisition involves 500 active clients and £40m of funds under management.

David Sowerbutts, the former owner of Legal and Professional Services, commented that the UK financial services industry is almost unrecognisable from when he went into it 30 years ago.

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“Thankfully, one thing that hasn’t changed is that a successful financial planning business is still fundamentally about building long-term client relationships and trust,” he stated, adding that of all the prospective buyers, Bellpenny stood out from the crowd in this respect.

Kevin Ronaldson, Bellpenny’s chief executive, stated that they must justify the huge amount of faith invested by the seller.

“Somehow this responsibility feels all the greater when, as in this instance, a single individual has set up, grown and cultivated the business over a period of many years.”

The group’s last deal saw it pass £3bn in assets under advice during December, with the acquisition of Essex-based financial adviser Unizone.

peter.walker@ft.com