Bristol-based Clifton Asset Management has acquired Leonard Gold Financial Management, which was previously a unit of Leonard Gold Chartered Accountants.

Financial terms of the transaction were not revealed.

Leonard Gold principle adviser Nas Khan said: “We met with a variety of differing potential acquirers and we felt that the flexible approach that Clifton offers suited our business well.”

Leonard Gold will initially become an appointed representative of Clifton before being acquired in 2021.

Clifton group financial planning director Anthony Carty said: “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.”

The latest deal forms part of Clifton’s plans to develop a regional network of small advice businesses.

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In line with this plan, the firm snapped up Shewsbury’s Plan For Life Wealth Management in June.

Clifton also unveiled plans to establish “Centres of Excellence” in key target areas and has introduced an adviser investment platform called Viewpoint Portfolio.

The firm recently collaborated with Charles Stanley and Brewin Dolphin to offer discretionary fund management to advisers.