Bellpenny, the national wealth manager and IFA acquirer, has completed a client bank and funds under management acquisition from Spofforths Financial Planning (SFP).
SFP is the IFA arm of accountancy firm Spofforths LLP, based in Storrington, West Sussex.
The deal, Bellpenny’s 12th, encompasses GBP100m of funds under management, with assets evenly split between pensions and investment business.
Bellpenny’s chief executive Kevin Ronaldson (pictured) says: “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.”
Philip Wise, managing director of Spofforths Financial Planning, says: “Following a review of the services we offer and the increasing burden of regulation we have concluded that some of our clients would be better served with another company. After carrying out detailed due diligence we selected Bellpenny as the ideal solution for these clients and as our ongoing referral partner for certain services. We believe that this is the right approach for our clients and their long-term interests.
“Our arrangement with Bellpenny allows us to focus our efforts and resources on financial planning and wealth management in conjunction with the broader service clients receive from the rest of the Spofforths group.”