Bellpenny has acquired IFAs Actuarial and Investment Services and The Hammond Consultancy for undisclosed sums, taking the consolidator’s total assets under advice to £1.45bn.
London-based Actuarial and Investment Services brings 500 clients and £75m in assets under advice, while The Hammond Consultancy in Birmingham brings 1000 clients and £112m in assets under advice.
It brings the total number of acquisitions completed by Bellpenny to 15 since the company’s launch in October 2012.
Bellpenny chief executive Kevin Ronaldson says: “The RDR was very much the catalyst for the formation of Bellpenny.
“It is fair to say that every one of our 15 deals to date can be attributed, to a greater or lesser degree, to the RDR, the after-effects of which will be felt by our industry for many years to come.”
Actuarial and Investment Services director David Moss says: “My main concern was to find a company who would provide the high level of service my clients have grown to expect. Bellpenny provides the face-to-face service I was looking for.”
Pilot Financial Planning director Ian Thomas says: “As an industry we do lack nationally recognised advice brands, particularly now the banks have exited advice. The key thing for consolidators is to ensure they continue the same level of service without becoming too corporate as the business grows.”