Wealth manager and Chartered Financial Planner The Penny Group has completed its acquisition of Midlands Financial Planning firm Roberts Financial Consultancy (RFC) Ltd for an undisclosed sum.

The Sutton Coldfield business is headed by Chartered Financial Planner Barrie Roberts.

The firm has been providing advice to high-net-worth clients across the Midlands for more than 25 years and will continue to trade under its current brand from its existing office.

The deal will give the firm access to The Penny Group’s broader infrastructure and support as one of the largest firms in the Openwork Partnership.

The acquisition is part of The Penny Group’s “buy and build” strategy, it said. That involves collaborating with practice owners within the Openwork Partnership early in their succession planning journey to ensure there is a structured integration over an extended period of time.

The Penny Group is the largest wealth manager in the Openwork Partnership with assets under management (AUM) on target to top £1bn during 2024.

Mr Roberts said he plans to remain active in the business for a number of years to ensure a seamless transition for clients and staff.

He said: “I have known The Penny Group directors for a number of years and been impressed with their client focus together with their strong track record of integrating other Openwork businesses.

“The change of ownership provides Roberts Financial Consultancy Limited and its clients a high degree of continuity as well as a platform to further develop our proposition and service model.”

Graeme Morrissey, partner at the Penny Group, said: “Barrie has a loyal and long-standing client base and we look forward to welcoming them into the wider Penny Group family. This latest acquisition is another example of how well organised succession planning should be.”

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