The rebranding follows the merger of the two companies in July 2017, with Bellpenny and Ascot Lloyd providing both restricted and independent advice respectively at the time.

The company says the two businesses will now operate wholly as an IFA under the Ascot Lloyd name, following “strong demand” from both advisers and clients. Restricted advice will be dropped. The firm says the change will enable the business to provide a “broader product set” and reflects the group’s aim to become one of the largest independent wealth managers in the UK.

Nigel Stockton, chief executive of Ascot Lloyd, said: “Ascot Lloyd is a well-known, trusted and highly regarded name and we are excited to go to market under this brand with a fully independent offering.

“The merger of Ascot Lloyd and Bellpenny in 2017 has already proven highly successful, generating strong growth momentum in only a few months. We are a highly profitable and fast growing business, underpinned by a great team of advisers.

“At the heart of our success is a client driven business, and our move to become fully independent is in direct response to what our clients and advisers want, while also allowing us to offer a more comprehensive service. We have now established an outstanding platform, with significant scale and a trusted brand. We look ahead to 2018 with great confidence.”

Following the merger, the combined business saw strong growth in the second half of the year. The combined firm has a turnover in excess of £40m, with over £6bn in funds under management, 80 financial advisers and 40,000 clients.