The Penny Group acquires Whiting Financial Ltd.
The Penny Group’s growth strategy continues as the company adds Whiting Financial Limited to the group.
The Penny Group is delighted to announce that it has completed its acquisition of Whiting Financial Limited. The Surrey-based financial planning firm was founded by Robert Whiting in 1987 and is part of the Openwork Partnership. Whiting has been providing financial planning advice to both individuals and corporates for over 25 years and brings £90m of assets under advice to the group.
The Whiting Financial team will continue to trade from their existing premises in Farnham, Surrey, and will integrate fully into the group over the next 12 months. Access to TPG’s broader infrastructure and support – both in terms of people resource and technology – will allow the team to continue developing and improving its financial planning proposition to clients. All Whiting Financial staff will remain in situ at the company, meaning there will be a seamless transition for both clients and staff.
This acquisition is a continuation of TPG’s targeted buy-and-build strategy which is designed to augment its organic growth initiatives. For the past 7 years TPG has been successfully engaging with practice owners in the Openwork Partnership early in their succession planning journey, thereby creating an environment of collaborative integration over time. Total assets under advice (AUA) now exceeds £1.2bn across close to 3,500 relationships and is forecast to more than double to £2.5bn over the next 3 years.
TPG are the largest wealth management firm within the Openwork Partnership by AUA, and the largest chartered financial planning firm with 37 advisers. This scale allows TPG to continue investing in its proposition and infrastructure, improving the offering to both clients and prospective practice owners who are considering their succession planning options.
Graeme Morrissey, Partner at The Penny Group, said, “We are delighted to welcome the Whiting Financial team to TPG and are also excited to now have a local office presence in Farnham.
2024 has been an important year for TPG which has seen the successful integration of Roberts Financial and the opening of new local offices in Sutton Coldfield (West Midlands), and Farnham (Surrey). Our AUA has doubled over the past 2 years, and we plan to maintain that focus on growth whilst continuing to reinvest into the next generation of financial planners via our academy program which has been at the heart of our business since it was launched in 2017.”
Rob Whiting, owner of Whiting Financial Ltd, commented, “Having built up my business over 37 years, it is of great importance to me personally to ensure that my valued team and clients are handed over to a practice which shares common business ethics and values. I have worked alongside The Penny Group over several years and I am confident that this strategic partnership is a positive development to move the business forward and ensure continuity for our staff and clients with a personalised and professional service for the long term.”
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