A Bristol self-investment company has acquired a Shrewsbury-based financial advisory firm.
It is the first acquisition for Clifton Asset Management, which has bought up Plan For Life Wealth Management, and is part of a plan to create a regional network of small financial advisory businesses.
Plan For Life will continue to trade under its own brand and retain ownership of its clients, while Clifton Asset Management will provide additional systems and technical support.
The move, says Clifton group financial planning director Anthony Carty, is the first step in the firm’s “blueprint for the future”.
He said: “We aim to build a new regional advisor footprint in key target areas around the country.
“This new model aims to disrupt the established advisory firm acquisition model by creating targeted, geographic 'centres of excellence'."
The 'centres' will be delivered by Clifton Asset Management via its subsidiary Clifton Wealth Partnership.
Bristol Business News
The model, explains Mr Carty, will allow smaller firms to compete with larger rivals by providing access to services and products under the Clifton umbrella.
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They can join the centres either through acquisition or appointed representative (AR) status.
Mr Carty said: “We aim to build on the excellent work that Plan For Life has delivered thus far, with a package of services to enhance the customer journey still further.
“We have spent years developing our capability, both with resources and technically. We believe we have a model which will appeal to advisers who simply want to concentrate on providing the best outcomes for their clients.
Russell Beesley, founder of Plan For Life Wealth Management, added: “Clifton’s focus on the client journey and use of technology where appropriate, means my clients can look forward to developing their financial plans with a safe pair of hands.”
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