National wealth manager Bellpenny has acquired a £100m client book from the IFA arm of accountancy firm Spofforths.
The deal includes £100m of funds under management, with assets split between pensions and investment business.
It was completed with the financial planning arm of the accounting firm, Spofforths Financial Planning, and was down to the “increasing burden of regulation”.
Since the retail distribution review (RDR) came into effect on 1 January 2013, a number of accountancy practices have been considering and seeking to outsource their financial services advice.
Under the regulations...