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Bellpenny acquires MIFA from Monmouthshire Building Society

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Bellpenny, the national wealth manager and IFA acquirer, has completed the purchase of the business and certain assets of Monmouthshire Independent Financial Advisers (MIFA), a subsidiary company of Monmouthshire Building Society.



The sale of MIFA is the culmination of an extensive, formal process undertaken by Monmouthshire Building Society over recent months. MIFA brings with it more than 2,000 active clients and funds under management in excess of GBP100m.
 
Bellpenny will implement a transition process for existing MIFA clients, which will include a dedicated integration programme where existing MIFA clients will continue receive a full financial advice service. As part of the deal, Monmouthshire Building Society customers will still have access to professional financial advice, available from all its branch offices, where an appointment can be made with the local Bellpenny Financial Adviser.
 
Andrew Lewis, managing director of Monmouthshire Building Society, says: “Monmouthshire IFA has experienced rapid growth over the past five years and in an increasingly regulated environment it was decided that the ongoing needs of its customers would be better served as part of an organisation that specialises in this area. The quality of the MIFA business and client base meant there was no shortage of prospective buyers.
The overriding priority going into the process was to achieve the optimum outcome for all MIFA’s core stakeholder groups: MIFA clients, Staff and the Society’s owner-members. The Board concluded that Bellpenny’s client proposition, ethos and post-RDR vision made them the stand-out choice.”  
 
Bellpenny’s chief executive Kevin Ronaldson (pictured) says: “All of us at Bellpenny are excited to welcome MIFA’s clients and advisory team on board. Monmouthshire Building Society made their decision based on a comprehensive market evaluation and they clearly had many options open to them. We’re naturally delighted they chose to partner with Bellpenny. We’re now looking to explore further partnership opportunities with other building societies around the UK." 
 
Last week Bellpenny announced the acquisition of four IFA businesses. The purchase of MIFA means that Bellpenny’s total assets under advice now exceed GBP400m. The company employs 51 staff, including 14 diploma-qualified financial planners.
 

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