Financial services group hits £1bn mark with double acquisition

Micky Johal and Mark Smith

A company which completed its first deals less than a year ago has added two new firms to its portfolio and says it has hit its ambitious target to have £1bn of assets under its advice within the first 12 months of trading.

Truinvest, the Leicester-based financial services groups, has acquired NLP Financial Management and Birchwood Investment Management Ltd as part of a five-year growth strategy targeting annual revenues of £50m.

NLP Financial Management was established in 2003, while Birchwood Investment Management started business in 1982. Both firms will continue to operate under their own brand name whilst being integrated into Truinvest. The businesses provide financial planning and investment management services from two offices in London and Hertfordshire.

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

It identifies itself as a “market disrupter” – and says it wants to reinvent how traditional financial planning is delivered in the UK. The firm is backed by Stonewood Wealth Management, which has injected an undisclosed amount of funding.

The addition of NLP Financial Management and Birchwood Investment Management follows previous deals for Group Rapport and Bromwich Financial Planning and means the company is already handling assets under advice and management of almost £1.1bn.

Mark Smith, chief executive officer, said: “We are absolutely delighted to have added two more highly reputable and well-regarded companies to the group. We see it as another hugely significant development and a further statement of Truinvest’s intent.”

He revealed that “detailed discussions” were already underway over further transactions.

The announcement follows the news in February that Truinvest had added to its adviser numbers and continues to look to grow its staffing numbers by recruiting and training new advisors.

Micky Johal, its chief strategy officer, said: “Having the support of Stonewood Wealth Management means we have investors, a family office who understands our industry and are able to share our vision of making our clients’ lives better.”

“We continue to further invest in cutting-edge technology to make the way we operate simpler for our clients, advisers 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.”