Wealth manager Bellpenny has acquired Entire Wealth Management, an independent financial adviser (IFA) based in Walton-on-Thames, UK, which looks after £100 million (€116 million) of funds from 1,000 clients.
Simon Youlton, managing director of Entire Wealth Management, says the deal was attractive in light of the recent retail distribution review (RDR) which has changed the market for IFAs in the UK by banning trail commissions.
Bellpenny, which is aiming to build its business through acquisitions, says it has seen no decline in interest from potential sellers of IFA businesses since the RDR came into force.
“We are building a business which has the necessary economies of scale to enable all our clients to receive affordable, high-quality advice,” says Bellpenny's acquisitions and sales director, Dominic Rose.
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