Chartered Financial Planner firm The Penny Group has acquired fellow Openwork Partnership firm Surrey-based Whiting Financial.

The Penny Group is the largest firm within the Openwork Partnership and has 37 advisers.

The acquisition, for an undisclosed sum, brings £90m of assets under advice to the group. This brings total assets under advice for the group to £1.2bn on behalf of 3,500 clients.

Whiting Financial was founded by Robert Whiting in 1987 and serves both individuals and corporates.

The Whiting Financial team will continue to trade from their existing office in Farnham, Surrey, and will integrate fully into The Penny Group over the next 12 months.

Rob Whiting, owner of Whiting Financial Ltd, said: “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.”

Over the past seven years The Penny Group has been working with advisers that are part of the Openwork Partnership and looking to make succession plans.

The group expects its assets to more than double to over £2.5bn over the next three years due to its acquisition pipeline.

Graeme Morrissey, partner at The Penny Group, said: “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.”

In March The Penny Group completed its acquisition of Midlands Financial Planning firm Roberts Financial Consultancy (RFC) Ltd for an undisclosed sum.

The London-based Penny Group was founded in 2010 when it joined Openwork Limited. It began acquiring other Openwork practices in 2016.