Clifton Wealth Partnership has bought another two financial planning firms adding £146mn to its assets under management.
The firms, based in Yorkshire and Bristol, have been working with the CWP team for over 10 months.
Grovebridge Financial is based in Bingley and has been providing financial planning services to 200 family groups in the Yorkshire area and surrounding counties for almost a decade.
The deal will see Paul Smith, director and chartered financial planner continue with the business while fellow director Hilary Stephenson is retiring.
Stephenson said: “We spent a considerable amount of time understanding the potential purchasers in the market.
“CWP stood out because they are closely aligned to our culture, values and views of how clients really are the central pillar of our profession and how best to provide for their future needs.
“We are impressed with CWP’s forward-thinking approach and use of technology to enhance the service proposition.”
The second firm — based in Bristol — is Clifton Business Consultancy and has been operating for 16 years.
Company director Michael Lloyd will be retiring while his fellow director Bob Thomas will be staying with the business.
Lloyd said: “Building this business has been one of the greatest accomplishments of my life, and I am proud of what we’ve achieved together.
“As we looked towards the future of the company, we thought long and hard about who we could trust to carry on the values and service standards we’ve worked so hard to uphold.
“After careful consideration, we are confident in our decision to align with CWP. Their approach, ethos, and commitment to clients mirror our own, and we believe this transition will ensure a continued high level of service and care for all our valued clients.”
Earlier this year in March, CWP completed the acquisition of seven financial planning businesses from across England and Wales, adding £500mn AUM and 25 team members.
The firm is part of the Bristol-based Clifton Group, which has over 12,000 clients, 120 employees and greater than £2.5bn in AUM.
Anthony Carty, managing director at CWP, said: “Selling your business is one of the toughest decisions you’ll ever make.
“Our job is to give financial planning firms absolute assurance that both their clients and team will continue to receive the best support as part of the CWP family.
“We know that integration processes in particular can be a daunting thought for a financial planning business.
“Technology is part of our DNA at CWP and our in-house capabilities make everything as smooth as possible both during the acquisition process and the day-to-day experience for advisers and clients.”
“As both Hilary from Grovebridge and Michael from Clifton Business Consultancy say in their own words, we are always upfront and honest about what we stand for, so that firms can judge for themselves if we’re the right fit for them.”
sonia.rach@ft.com
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