Double acquisition sees financial services firm edge towards £50m target

Micky Johal and Mark Smith

A company formed less than a year ago has added two new firms to its portfolio as it forges ahead with plans to have £1bn of assets under its advice within the next 12 months.

Truinvest, the financial services group, has acquired Group Rapport and Bromwich Financial Planning as part of a five-year growth strategy targeting annual revenues of £50m.

Truinvest was set up in 2019 by co-founders Mark Smith and Micky Johal, former colleagues at Leicester wealth management advisors Mattioli Woods.

The firm calls itself a “market disrupter” and has the backing of prominent family office, Stonewood Wealth Management, which has injected an undisclosed amount of funding.

The deals mean the fledgling company is already handling assets under advice and influence of £350m.

Mark Smith, its chief executive officer, said today: “We are absolutely delighted to have added two such reputable and well-regarded companies to our ranks. We see it as a hugely significant development and a real statement of Truinvest’s intent”.

He revealed that “detailed discussions” were already underway over further transactions and that announcements would follow as these came to completion during 2020 and beyond.

It means Truinvest is now looking to grow its staffing numbers by recruiting and training new advisors.

Smith said: “Having the support of Stonewood Wealth Management means we have investors who understand our industry and are able to take a long-term view on our business.

“We are investing in cutting-edge technology to make the way we operate simpler for our clients, advisors and staff, particularly as we feel the current COVID-19 pandemic has brought into focus the need for change in the way we all interact with one another”.

Truinvest’s first acquisition, Group Rapport, is a Weybridge-based company providing a full range of advice services to both corporate and private clients. It was established 13 years ago and has four advisors.

Bromwich Financial Planning is based at Market Harborough and was formed in 1991.

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 advisors to spend more time with clients on the things that matter most in all aspects of their financial planning”.

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.”

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