Ex-Mattioli Woods managers buy 2 adviser firms

Financial Planning firm Truinvest - set up by two ex-Mattioli Woods colleagues - has acquired two adviser firms to add to the two it acquired last year. The new acquisitions, NLP Financial Management and Birchwood Investment Management, are based in the south. The deals have helped family office-backed Truinvest, set up in 2019, to hit £1bn in assets under advice after completing its first takeover deal less than a year ago. Truinvest was set up by two ex-Mattioli Woods managers and is based in Market Harborough. It has acquired the two new firms as part of a five-year strategy to reach annual revenues of £50m. Truinvest was launched by co-founders Mark Smith and Micky Johal, former colleagues at wealth management firm and SIPP provider Mattioli Woods. London-based NLP Financial Management was established in 2003 and Birchwood Investment Management started business in 1982. Both firms will operate under their own brand name while being integrated in terms of operations and the investment proposition to clients. The two businesses provide Financial Planning and investment management services from two offices in London and Hertfordshire. Further acquisitions are likely in 2021, the firm says. Truinvest calls itself a “market disruptor” and says it plans to “reinvent” traditional Financial Planning in the UK. It is backed by family office, Stonewood Wealth Management, which has invested in the firm. NLP Financial Management and Birchwood Investment Management join previous acquisitions Group Rapport and Bromwich Financial Planning to push total assets under advice and management to nearly £1.1bn. Truinvest CEO Mark Smith 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”. Truinvest is adding to its adviser numbers and continues to look to grow staffing numbers by recruiting and training new advisers. Chief strategy officer Micky Johal 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.” Adam Katten, managing director of NLP Financial Management, said: “Having received approaches from potential suitors previously, very few shared our vision. In Mark and Micky and the team at Truinvest, we feel we have a trusted partner with the same core values in putting our clients first and ensuring we support them in each stage of their lives in achieving their objectives.” Lee Pittal, NLP Financial Management’s chief operating officer, said: “I am delighted we have linked with Truinvest and will be able to continue ensuring clients and our dedicated staff are central to the business.”

Ex-Mattioli Woods managers buy 2 adviser firms

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