20th November 2024
The Penny Group (TPG) has announced its acquisition of Whiting Financial Limited, a financial planning firm based in Surrey and founded by Robert Whiting in 1987. This acquisition adds £90m in assets under advice (AUA) to TPG’s portfolio, bringing its total AUA to over £1.2bn. As part of the Openwork Partnership, Whiting Financial has provided trusted advice to individual and corporate clients for over 25 years, aligning with TPG’s commitment to professionalism and client focus.
Whiting Financial will continue to operate from its Farnham office, ensuring continuity for clients and staff during the integration process. Over the next 12 months, the firm will benefit from TPG’s infrastructure, advanced technology, and resources, enhancing its financial planning services. TPG emphasises maintaining team stability and high service standards as part of its client-first approach.
This acquisition is a key component of TPG's targeted growth strategy, which combines organic initiatives with strategic buyouts. Over the past seven years, TPG has worked with Openwork Partnership practices to develop tailored succession solutions and ensure seamless integrations.
The year 2024 is proving to be significant for TPG, as it is marked by integrating Roberts Financial and opening new offices in Sutton Coldfield and Farnham. These developments have doubled TPG’s AUA in just two years, intending to reach £2.5bn within three years. A central element of this growth is TPG’s academy program, launched in 2017, designed to nurture the next generation of financial planners.
Rob Whiting, the founder of Whiting Financial, stated, “After building my business over 37 years, it was vital to find a firm that shares our ethics and values. I am confident this partnership will provide continuity and a personalised service for our clients.”
This acquisition highlights a recurring trend in the wealth management sector. Notable examples include Fairstone’s acquisition of Forbes Lawson Wealth Management, which strengthened its presence in Scotland, and Mattioli Woods’ purchase of Cullen Wealth, adding £1bn in assets under management to its portfolio. Similarly, Succession Wealth’s acquisition of True Wealth Group emphasised aligning values and ensuring seamless integration during growth periods.
Together, these deals illustrate how firms use acquisitions to scale their operations, expand their geographic reach, and maintain a client-centric focus—key drivers of consolidation in today’s dynamic market landscape.
At Chapters Capital, we specialise in financial planning and wealth management M&A, supporting firms navigating similar transitions or growth opportunities. Whether you are considering a sale, merger, or expansion, contact one of our professional associates today for a confidential, no-obligation consultation to discuss how we can help you take your next steps.