Bellpenny has confirmed it will buy EFG Independent Financial Advisers as it moves to set up an independent advice arm.
New Model Adviser® revealed the consolidator was in talks to buy European-owned EFG last December.
Bellpenny has now confirmed it will buy EFG Independent Financial Advisers for an undisclosed fee. The deal will add £650 million of assets under advice to the consolidator, taking its overall assets past £3.5 billion. EFG will also bring 800 clients and 11 advisers to the consolidator.
However, unlike with previous deals, Bellpenny will not push EFG into a restricted model.
Instead, the firm will remain independent under the name BIA Financial Planning.
Nigel Stockton (pictured), chief executive of Bellpenny, said the deal was part of his strategy to make fewer acquisitions. He set out the strategy after becoming chief executive in September 2015.
'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,' he said.