l-r: Graeme Morrissey, Adam Roberts, Clement Cowley, Mike Elworthy

The Penny Group has completed its acquisition of Roberts Financial Consultancy, RFC.

RFC, led by by chartered financial planner Barrie Roberts, has been providing advice to HNW clients across the Midlands for over 25 years.

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Roberts and the RFC team will trade under their current brand from their existing office.

In addition, RFC will gain access to the Penny Group broader infrastructure and support.

Furthermore, the deal is part of the Penny Group’s “buy and build” strategy and cements the firm’s position as the largest wealth manager in the Openwork Partnership with assets under management (AuM) on target to exceed 31bn during 2024.

Barrie Roberts, owner of RFC, said: “I have known The Penny Group Directors for a number of years and been impressed with their client focus together with their strong track record of integrating other Openwork businesses. This change of ownership provides Roberts Financial Consultancy Limited and its clients a high degree of continuity as well as a platform to further develop our proposition and service model.

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“The Penny Group is a Chartered firm and their recent 6th successive annual appearance in the New Model Adviser Top 100 advice firms in the UK demonstrates the quality of the organisation we have chosen to partner with. As a Chartered Financial Planner, I recognise the importance of providing clients with excellent advice and service, so we are excited to be joining a group which has similar client centric values as ours.”

Graeme Morrissey, partner at the Penny Group, commented: “This is an exciting time to be working in and growing a Financial Advice business and The Penny Group are well positioned for this. We are therefore very pleased that Barrie and his team have chosen to partner with us and are entrusting The Penny Group with the future of Roberts Financial Consultancy Limited. Barrie has a loyal and long-standing client base and we look forward to welcoming them into the wider Penny Group family. This latest acquisition is another example of how well organised succession planning should be and we look forward to working with Barrie and his team to support and develop his client relationships.”

Last year, Penny Group concluded a deal to buy Bright Blue Wealth (BBW) for an undisclosed sum.

Based in Chertsey, England, BBW offers advice to high-net-worth clients in London and the Southeast.

With the completion of the deal, BBW owner Andy Wilmot along with the firm’s advisers and support team will continue to operate under the existing brand.