Financial Planning Group Truinvest made its first two acquisitions since its formation last year and said that more acquisitions are to follow. 

The group told Financial Planning Today that the further upcoming acquisitions are focused on creating a centralised investment proposition, and further scale in client assets which they see as "key to enable us to have some interesting conversations with existing providers to drive down the cost of advice."

Group Rapport Ltd is a Weybridge-based Financial Planner providing advice to both corporate and private clients. It was established in 2007 and has four Financial Planners.

Bromwich Financial Planning Ltd is based in Market Harborough and was formed in 1991. The deal completed at the end of May.

Co-founder of Truinvest Micky Johal told Financial Planning Today that rather than making redundancies that the business is "in the build phase" and look to grow each of the acquired businesses. They are looking to recruit Financial Planners looking to support their organic growth plans.

He also said that Truinvest is looking at the options of acquiiring a SIPP and SSAS business to provide clients with a broader service offering.

Mr Johal said that the Group has not had to furlough and staff and has not received any government grants as a result of the Coronavirus pandemic.

He said: "The pandemic has not put us back on the growth plans, however, acquisitions are taking much longer to complete and our organic growth strategy might be put back as we support advisers looking for new challenges in making sure their clients are well looked after in such difficult times."

With the addition of these acquisitions, Truinvest now has £350m of assets under advice. It aims to have £1bn of assets under advice within the next 12 months.

Mark Smith, chief executive officer of Truinvest, said: “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 said that “detailed discussions” were already underway over further transactions.

Mr Johal said: “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.”