Countrywide group chief executive officer Grenville Turner will be chairman, with Intrinsic Financial Services founder Kevin Ronaldson (pictured) as chief executive.
Countrywide financial services director and former Halifax Bank of Scotland Intermediary managing director Nigel Stockton is a non-executive director and Zurich Independent IFA founder Dawn Pearce-Herzberg is operations director.
It has recruited former Towergate Financial head of acquisitions Dominic Rose as acquisitions director and Sandy Bryson, who developed national IFA businesses including Rensburg Sheppard, as sales director.
Stockton says Bellpenny has an acquisition war chest in the tens of millions of pounds, with other tranches of funding available in future. It is targeting up to 60 adviser acquisitions in the first 18 months and will offer a restricted advice proposition.
Bellpenny will look to acquire client banks and adviser assets but liability for advice given before the acquisition will remain with the original firm.
Turner says: “With Oaktree and Countrywide’s full backing, Bell-penny will provide any IFA thinking of exiting the market with a fully funded cash option and the assurance that clients will be properly looked after by highly regarded professionals.”
Page Russell director Tim Page says: “There is a big difference between buying client books and delivering a consistent advice offering.”