UK financial planning firm Truinvest has made a double acquisition reaching £350m ($431m, €383m) in assets under advice and influence.
The company was founded in 2019 by Mark Smith and Micky Johal, who used to work together as wealth management advisers at Mattioli Woods.
Truinvest acquired Group Rapport, a Weybridge-based financial advice business serving both corporate and private clients, and has four advisers.
The second company is Bromwich Financial Planning based in Market Harborough.
The two M&A deals are part of the firm’s plan to have £1bn in assets under management within the next 12 months and reach annual revenues of £50m.
Truinvest also revealed that it is undergoing “detailed discussions” for further acquisitions that should come to completion throughout 2020.
Investing in technology
Truinvest chief executive Smith said: “Micky and I formed Truinvest to create a modern, forward-thinking financial services business focused on giving highly-personalised advice and supported by the best of technology.
“We believe this will enable the group to deliver great client services while freeing-up our advisers to spend more time with clients on the things that matter most in all aspects of their financial planning”.
Chief financial officer Johal added: “The use of modern technology and platforms is at the heart of the Truinvest strategy.
“The business will partner with like-minded firms as well as developing its own technology, particularly in supporting the advice process – from welcoming a new client, suitability reporting and maintaining a robust ongoing advice service, all against a backdrop of a constantly evolving regulatory framework.
“We feel this infrastructure will help firms joining the group to be able to continue to grow with confidence and remain focused on their long-term client relationships.”
