National wealth manager Bellpenny announced today that it has completed the takeover of two more adviser firms with more than 250 clients combined.

The two companies acquired have total funds under management of £56m. Surrey-based IFA TJ Financial Services - the Financial Planning arm of chartered accountancy firm Tudor John LLP - brings £34m funds under management.

TOR Financial Advisers, based in Kingsteignton, Devon, brings £22m in FUM.

As part of the TJFS deal, Bellpenny said it will “continue to work closely” with Tudor John LLP by offering Financial Planning services to existing and future clients.

In May, Bellpenny took over two firms with combined funds under management of £84m. Caledonia Edinburgh in Scotland and Warwickshire based Rawson Steele IFA were acquired.

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Bellpenny’s chief executive Kevin Ronaldson said: “It’s exciting to maintain our acquisition momentum with four deals in as many weeks. It speaks volumes for our tried-and-tested integration process that we’ve now completed 28 acquisitions in under three years.”

Don Nelson, partner of Tudor John LLP said: "In common with many other accountancy firms, Tudor John has decided that the contemporary regulatory environment is no longer conducive to having a dedicated financial advice arm.

“The market has moved in favour of larger-scale operators like Bellpenny, who we believe are the ideal wealth management partner to serve the long-term Financial Planning needs of current and future clients.”

Tom Cooper, director of TOR said: “Many of my clients have been with me since I started out as a financial adviser more than 20 years ago, so selling the business was not a decision I took lightly.”

He said he liked Bellpenny’s approach, its national presence and also felt the firm combined what he regarded as contemporary business practices with old-fashioned virtues.

He said: “I’m confident this formula will be well received by TOR clients.”