New financial services provider acquires two firms

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

Truinvest has acquired Group Rapport and Bromwich Financial Planning as part of a five-year growth strategy targeting annual revenues of £50 million.

Detailed discussions are already under way over further transactions.

The business, based in Market Harborough, was set up by Mark

Smith and Micky Johal, former colleagues at Leicester wealth management adviser Mattioli Woods.

They aim to be a “market disrupter” for financial planning.

The firm has the backing of Stonewood Wealth Management, which injected an undisclosed sum.

Group Rapport, of Weybridge, and Bromwich Financial Planning, of Harborough, are Truinvest’s first acquisitions, and mean the fledgling company is already handling assets worth £350 million.

Truinvest chief executive Mark said: “We are delighted to have added two such reputable and wellregarded companies to our ranks. We see it as a hugely significant development and a real statement of Truinvest’s intent.

“Micky and I formed Truinvest to create a forward-thinking financial services business focused on giving highly-personalised advice and supported by the best technology.”

Chief finance officer Micky said: “Having the support of Stonewood Wealth Management means we have investors who understand our industry and are able to take a longterm view on our business.

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

Jeremy Martell, managing director of Group Rapport, said: “We have received approaches from potential suitors previously, but very few shared our vision for the future.

“In Mark, Micky and Stonewood Wealth, we believe we have found a partner who will embed our core values within a new and growing business to drive our company and client offering in the direction we all want.”

Bromwich Financial Planning managing director Nigel Bromwich said: “I am proud we have linked with Truinvest and will be able to continue ensuring clients are central to the business, while employing the latest technology to provide a better service.”