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Bellpenny to launch independent advice arm


Bellpenny is moving into independent advice through its latest acquisition as it kick-starts a new arm, Bellpenny Independent Advisers Financial Planning.

The consolidator has bought 11-strong adviser firm EFG Independent Financial Advisers for an undisclosed fee, subject to the FCA authorising a change of control.

EFG has £650m in funds under management and more than 800 active clients, with 11 advisers and offices in Wolverhampton, Birmingham and London. It will be the first in Bellpenny’s new independent advice arm BIA Financial Planning.

Bellpenny chief executive Nigel Stockton says: “Our new independent advice service is another great example of the added value we are able to provide to clients, and the future of the Bellpenny service. The EFG IFA acquisition fits into our fewer, larger deals strategy and it’s an exciting start to the year with much more to look forward to.”

Parent company EFG Private Bank chief executive Anthony Cooke-Yarborough  says: “We are proud of the way in which EFG IFA has become a successful provider of independent advice. We believe the firm and its clients will prosper even more as part of a specialist financial advisory business and look forward to working with Bellpenny for a successful transition.”

Bellpenny’s last acquisition was in October 2015, when it picked up Cambridge-based advice firm Ashton KCJ Financial Planning and Horsham-based Principals in Practice, bringing in £60m and £90m in funds under management respectively.

The EFG acquisition takes the consolidator’s funds under management past £3.5bn.

In EFG’s most recent accounts for the year ended 31 December 2015, EFG reported an increase in revenue from £4.7m to £4.9m. Profit came in at £584,000 compared to £634,000 the previous year.

EFG also has one appointed representative firm, Fitzrovia Financial Services, which also operates as an independent adviser.

Read Money Marketing’s profile of Bellpenny chief executive Nigel Stockton here and our interview on why he went independent here.



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Advice sector consolidator Bellpenny has reported a loss of £5m for the year ending 31 December 2014, almost doubling losses from the previous year. Bellpenny recorded a loss of £2.7m in 2013, and blamed the worsening result on costs generated by acquisitions, including the £10m purchase of Torquil Clark. The deals saw assets under management rise […]


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