Following the recent acquisition of Plan for Life Wealth Management Clifton has agreed to acquire Leonard Gold Financial Management.
Leonard Gold, based in Southsea, was originally part of Leonard Gold Chartered Accountants.
It will initially join the Clifton Wealth Partnership as an appointed representative with an agreed downstream purchase to take place in 2021.
In June, Clifton launched its Clifton Wealth Partnership to allow smaller advisory firms to compete with larger rivals by providing access to services and products under the Clifton umbrella.
Clifton’s group Financial Planning director Anthony Carty said: “Nas and the other partners of Leonard Gold have been a delight to get to know and we are excited to be working with them and their clients over the years to come.
“We have a significant pipeline of potential acquisition and AR firms at the moment.
“These smaller advisory firms are, on the one hand, finding that current and foreseeable regulatory pressures such as MiFID and SMCR are making life more and more difficult for them, whilst on the other hand, they can see that joining forces with a larger firm with great technology and deeper resources makes eminent sense.”
Nas Khan, principle advisor of Leonard Gold Financial Management, said: “We met with a variety of differing potential acquirers and we felt that the flexible approach that Clifton offers suited our business well.
“Above all else, Clifton’s client centric approach and the various tools it has at its disposal, including pension provider Morgan Lloyd, a low cost investment platform and recently launched DFM, Eden Park, leaves me confident that our clients will be well looked after.”
Since the acquisition of Plan for Life Wealth Management, Clifton Asset Management has established a number of strategic initiatives – including the launch of Viewpoint Portfolio, a new investment platform, and Eden Park Investment Management (EPIM), partnering with Charles Stanley & Brewin Dolphin, to provide Discretionary Fund Management (DFM) to advisers.
Mr Carty added: “Whilst we can continue to make modest progress with our consolidation plans via our own resources, we’ve had many very positive conversations with advice businesses, and with a strong pipeline developed, it is now our intention to significantly accelerate those plans and this will require an external funding partner.”