IFA ACQUIRER Bellpenny has completed the purchase of the IFA arm of Tunbridge Wells based accountancy firm, Foot Davson. The acquisition brings with it 850 active clients and funds under management of £60m, reports sister publication IFAonline.
As well as facilitating the transition of Foot Davson’s existing wealth management clients across to Bellpenny, the deal will also ensure that future clients of the accountancy practice will continue to have access to a full financial planning service.
Bellpenny’s CEO Kevin Ronaldson said: “Foot Davson’s decision to partner with Bellpenny is another big vote of confidence in our team and our model.
Now that the dust has settled on the introduction of the RDR and the realities of a more onerous regulatory framework have sunk in, we expect more professional services firms to follow Foot Davson’s lead.
“For the majority of accountants and solicitors, the business case for operating their own financial planning operations has become far harder to make in the new environment.”
Tina Clay, principal of Foot Davson financial services, said:”As I’m sure is the case with accountancy practices up and down the UK, the RDR has necessitated a reappraisal of the way we provide financial planning services to our clients.
“We concluded that the balance of commercial risk and reward now favours partnering with a specialist wealth management company and Bellpenny offers the ideal long-term solution, both for Foot Davson and our clients.”