Wealth manager Bellpenny has purchased two IFAs, adding £56m of funds and more than 250 clients.
Surrey-based IFA TJ Financial Services, the planning arm of accountancy Tudor John, will bring £34m of funds under management, while Devon-based TOR Financial Advisors adds a further £22m.
In September 2014, Bellpenny passed £2.5bn FUM, and the deal comes less than a month after Bellpenny acquired two firms to add a further £84m in assets.
Terms of the acquisitions have not been disclosed, but a Bellpenny spokesman says none of the staff at either firm are expected to join following the deals.
The acquisitions represent the firm’s 27th and 28th purchases in under three years.
As part of the TJ deal, Bellpenny will continue to work closely with former parent Tudor John by offering financial planning services to existing and future clients.
Tudor John partner Don Nelson said: “In common with many other accountancy firms, Tudor John has decided that the contemporary regulatory environment is no longer conducive to having a dedicated financial advice arm.
“The market has moved in favour of larger-scale operators like Bellpenny, who we believe are the ideal wealth management partner to serve the long-term financial planning needs of current and future clients.”
TOR director Tom Cooper added: “Many of my clients have been with me since I started out as a financial adviser more than 20 years ago, so selling the business was not a decision I took lightly.
“What I like about Bellpenny’s approach is that they manage to combine a national presence, leading-edge technology and contemporary business practices with old-fashioned virtues such as personal service and clear communication. I’m confident this formula will be well received by TOR clients.”