The Penny Group has purchased Midlands-based advice firm Roberts Financial Consultancy Ltd for an undisclosed sum.
RFC, which is headed up by Barrie Roberts, has been providing advice to high-net-worth clients across the Midlands for more than 25 years.
Roberts and the RFC team will continue to trade under their current brand from their existing Sutton Coldfield office.
The firm will gain access to the Penny Group’s broader infrastructure and support to develop its financial advice proposition.
The Penny Group said this acquisition is part of its growth strategy which focuses on collaborating with firm owners within the Openwork Partnership early in their succession planning journey.
According to the group, this latest deal means it is on target to exceed £1bn in assets under management during 2024.
Roberts said: “I have known the Penny Group directors for a number of years and been impressed with their client focus together with their strong track record of integrating other Openwork businesses.
“This change of ownership provides Roberts Financial Consultancy Ltd and its clients a high degree of continuity as well as a platform to further develop our proposition and service model.”
Graham Morrissey, partner at the Penny Group, added: “This is an exciting time to be working in and growing a financial advice business and the Penny Group are well positioned for this.
“This latest acquisition is another example of how well organised succession planning should be and we look forward to working with Roberts and his team to support and develop his client relationships.”
This comes after the Penny Group purchased Chertsey-based Bright Blue Wealth for an undisclosed amount in February 2023.
At the time the firm said its corporate mission for the past five years was to become the leading financial planning practice within the Openwork Partnership.
alina.khan@ft.com
