Clifton Asset Management has purchased Shewsbury-based Plan For Life Wealth Management in the first of a series of acquisitions to set up a regional network of small advice firms.
The asset manager says it has “key target areas around the country” on its radar to establish “centres of excellence” that aim to disrupt the established advice firm acquisition model.
Clifton did not put a number on the size of the regional footprint it wants, or over what time-frame it is looking to build, but describes Plan For Life as the “first step” in its future model
The centres of excellence will be able to compete with larger rivals by delivering advice under Clifton subsidiary Clifton Wealth Management, offering access to products under the Clifton brand, with advisers allowed to join either through acquisition or as an appointed representative.
Joiners will also gain access to back office functionality when they join.
Clifton group financial planning director Anthony Carty said: “Plan For Life is a great business which has been running since 2011 in a region not known as a ‘hub’ for financial services. 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. These services include our own low-cost investment platform, in house discretionary model portfolios and highly-interactive client portal.
“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.”