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Dragonfly Planning closes and moves clients to Kubera Wealth

Dragonfly Planning has closed down as an advice firm and transferred its clients to Kubera Wealth.

In December, Dragonfly managing director Adam Young decided to close his Kent-based firm and join Kubera so that he could concentrate on seeing clients. Young joined North London-based Kubera as business development director in January.

All his clients moved with him and are now clients of Kubera.

The firm also took on Dragonfly client relationship manager Chris Salacinski as part of the deal. Kubera has not paid anything to acquire former Dragonfly clients.

Kubera managing director Stuart Poonawala says: “This move gives us a fresh presence in the Kent area. Over the next few years we will be looking to continue that expansion with new hires. We will also look at expanding into areas such as St Albans and Beaconsfield. 

“The intention is to build on the affluent family office approach we have created here.”

Kubera has also set up an appointed representative arm, Knightsbride Wealth, which deals primarily with foreign clients seeking advice on UK investments and financial planning.

Aurora Financial Planning chartered financial planner Aj Somal says: “There are advantages and disadvantages to losing your own firm and joining another. But as the administration burden increases for small firms we could see more of this type of collaboration.”

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