Price Bailey Financial Planning, the financial services arm of accountancy group Price Bailey has been sold to Bellpenny for an undisclosed sum.

1,700 of Price Bailey’s active clients and funds under management of £150 million will move across to Bellpenny.

Bellpenny have already purchased Foot Davson Financial Services this month.

Bellpenny CEO Kevin Ronaldson says: ‘The completion of a second accountancy sector deal in as many weeks underpins our belief that the Bellpenny model is very attractive to professional services firms rethinking their approach to financial services.

‘Some, like Price Bailey, are looking to reshape their wealth management operations, while others have decided to exit the market completely.’

Price Bailey’s aim is to focus now on ultra-high net worth clients and employee benefits.

Price Bailey partner James King says: ‘The partners of Price Bailey concluded that, in light of the RDR, the optimum structure for our financial services practice is a smaller operation, focused on very high-net worth clients.’

 

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