MIFA brings with it more than 2,000 active clients and funds under management in excess of £100m taking Bellpenny past £400m.
Andrew Lewis, managing director of Monmouthshire Building Society, said: “Monmouthshire IFA has experienced rapid growth over the past five years and in an increasingly regulated environment it was decided that the ongoing needs of its customers would be better served as part of an organisation that specialises in this area.
“The quality of the MIFA business and client base meant there was no shortage of prospective buyers.”
Lewis said the overriding priority going into the process was to achieve the optimum outcome for all MIFA’s core stakeholder groups.
The Board concluded that Bellpenny’s client proposition, ethos and post-RDR vision made them the most suitable choice.
Bellpenny will implement a transition process for existing MIFA clients which will include a dedicated integration programme where existing MIFA clients will continue to benefit from a full financial advice service.
As part of the deal Monmouthshire Building Society customers will still have access to professional financial advice available from all its branch offices where an appointment can be made with the local Bellpenny financial adviser.
The chief executive of Bellpenny, Kevin Ronaldson, said: “All of us at Bellpenny are excited to welcome MIFA’s clients and advisory team on board. Monmouthshire Building Society made their decision based on a comprehensive market evaluation and they clearly had many options open to them.
“We’re naturally delighted they chose to partner with Bellpenny. We're now looking to explore further partnership opportunities with other building societies around the UK."
Grenville Turner, chairman of Bellpenny, said: “Closing a deal of the size and stature of MIFA so soon after launch shows the UK advisory market that we really do mean business and puts down a clear marker for the future. It just goes to show what can be achieved with a great team, a clear vision and sound financial backing.”
Last week Bellpenny announced the acquisition of four IFA businesses.