Burnett & Reid sells wealth management business to Clifton Asset Management

Burnett & Reid sells wealth management business to Clifton Asset Management

Aberdeen-based advice firm Burnett & Reid Wealth Management has been acquired by Clifton Asset Management.

After receiving significant first round funding from independent asset manager, BOOST&CO, Clifton Asset Management plc has completed the acquisition of Aberdeen based, Burnett & Reid Wealth Management Limited. This is the first of a number of firms Clifton aims to acquire as it accelerates its ‘buy and build’ acquisition strategy.

Burnett & Reid (B&R) have been advising individual clients and businesses since 1991 and currently have assets under management of £180 million. The purchase of B&R will take Clifton’s total assets under management to £860m, with group revenues of circa £8m.

Since acquiring Plan for Life in 2019, Clifton has been working with smaller advisory firms, such as B&R, to compete with larger rivals by providing access to services and products under the Clifton umbrella – by joining via acquisition or AR status. In August 2021, Clifton completed the acquisition of Leonard Gold Financial Management, and after receiving significant first round funding last week, Clifton is expecting to realise an extensive pipeline of opportunities. This will create a number of additional jobs and optimise both the experience and services Clifton provides its clients.

Anthony Carty, group financial planning director at Clifton, said: “Colin & John at B&R have built an excellent business providing a first-class financial planning service to their clients and professional connections.

“We are delighted to welcome the B&R team to the Clifton family and will ensure that their clients continue to receive great advice - which is so important in these challenging times.”

Colin Morgan, financial advisor & director at Burnett & Reid, said: “Clifton has a like-minded attitude to client care to us. Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity, however our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us, and ultimately, the clients.”

Mr Carty concluded: “These are exciting times for all concerned. In addition to creating jobs and accelerating growth, the recent first round of funding will also enable us to continue our technological innovation, ensuring that we continue to lead the way with our technology-forward approach.

“We have a growing pipeline of potential acquisitions, and we hear from ongoing conversations that our proposition is forward thinking and compelling. We are happy to explore options with other firms thinking about their exit strategy.”

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