Lift-Financial acquires Balfour Wealth Management

Lift-Financial has acquired Balfour Wealth Management and its ten advisers who will become the restricted advice arm of the group after the retail distribution review deadline.

Edinburgh-based Balfour was acquired for an undisclosed amount and the advisers will now join Lift-Advice, which will focus on packaged products then restricted advice after 2013. Lift-Financial said the deal would broaden its proposition and strengthen its existing presence in Edinburgh.

Lift-Financial chief executive Michael Holden said some of the Balfour advisers including its managing director John Brown will transfer across to chartered financial planners Lift-Financial. Lift-Financial has grown to 47 staff after the Balfour deal, from seven around three years ago, said Holden (pictured).  

‘There will clearly be huge opportunities in the restricted advice space and Lift-Advice is the vehicle that will allow us to service clients in that market,’ he said. ‘With many advisers looking for assistance with their RDR strategy, the experience we already have of gearing a business to be RDR ready will be invaluable to them and we will use that experience to help advisers who work under the Lift-Advice brand.'

Balfour managing director John Brown said: ‘In Lift-Financial we have found an ideal business partner to see us through the RDR transition and beyond,’ he said.