Clifton acquires Leonard Gold – Sept 19

We’ve just announced that Clifton Asset Management plc has agreed to acquire Leonard Gold Financial Management Ltd – leading to coverage in FT Adviser, Professional Adviser, New Model Adviser, Financial Planning Today, and Money Marketing.

Leonard Gold Financial Management, based in Southsea, who were originally part of Leonard Gold Chartered Accountants, 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 – by joining via acquisition or AR status. With a significant pipeline of advice businesses that are acquisition targets now established, Clifton is seeking an external funder to accelerate its plans.

Clifton’s Group Financial Planning Director, Anthony Carty said in the press release:

“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.

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.”