His successor has been named as Nigel Stockton, who is currently the financial services director at Countrywide, an estate agency and property services group.

National wealth manager Bellpenny, owned by Oaktree Capital Management, announced the changes as part of plans for a board and senior management restructure.

Mr Stockton, who has been a director of Bellpenny since inception and was closely involved in its formation, will, subject to FCA approval, be the new chief executive. The changes are expected to take effect in September.

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Mr Ronaldson has led Bellpenny since launch in October 2012, during which time it has grown to a team of 70 Financial Planners.

He said: "In less than three years, Bellpenny has gone from nil funds under management, no clients and just a handful of staff in a small Reading office to looking after more than £3 billion of investments for clients the length and breadth of the UK. I am incredibly proud both of what we've all built at Bellpenny and of the whole team that has done it.

“With these strong foundations in place, we now need to be planning further ahead, particularly as regards the long-term leadership of the business. Nigel is the logical choice to succeed me. He will be a dynamic and stimulating leader and is ideally equipped to take Bellpenny to the next stage of its evolution.”

His new role will see him working closely on strategic planning with the board and incoming CEO. He also remains a Bellpenny shareholder and investor.

He said: “My founder director position at the company means I can enjoy the best of both worlds. I'll remain closely involved with the business while also having time for my other interests, which have rather taken a back seat over the past three years."

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Mr Stockton has spent almost his entire career in financial services.

His previous roles included Lloyds Banking Group, sales director for mortgages; managing director of Birmingham Midshires; and he has also held various commercial directorships with the Financial Times.

Bellpenny's chairman Grenville Turner said: "Kevin staying on as founder director, shareholder and investor is the best-possible outcome for us in terms of continuity.

“In Nigel we're especially fortunate to have a tailor-made replacement for Kevin. He and I have worked closely together for much of the past 20 years and I can't think of anyone better equipped to drive Bellpenny to even greater heights."

Mr Stockton said: “The Bellpenny vision remains the same today as it was on day one - to build the UK's most-respected financial advice brand. The team have already made huge progress along that road, and I’m thrilled to have the opportunity to lead them on the next stage of the Bellpenny journey.”