The deal is the first in a series of “targeted acquisitions” planned by the company to create a network of small financial advisory businesses.
The firm said its business model aims to “disrupt the established advisory firm acquisition model by creating targeted, geographic centres of excellence”.
These regional centres will be run by Clifton Asset Management through its subsidiary Clifton Wealth Partnership.
Each regional centre will enable smaller firms in the area to compete better with larger rivals by providing access to back office services, technology and products under the Clifton umbrella.
Clifton said IFA firms will be able to join the centres either through acquisition or via appointed representative (AR) status.
Clifton Asset Management group financial planning director, Anthony Carty, said of the first acquisition:“Plan For Life is a great business which has been running since 2011 in a region not known as a ‘hub’ for financial services.
“We aim to build on the excellent work that Plan For Life has delivered thus far, with a package of services to enhance the customer journey still further.
“These services include our own low-cost investment platform, in-house DFM model portfolios and highly-interactive client portal.
“We have spent years developing our capability, both with resources and technically. We believe we have a model which will appeal to advisers who simply want to concentrate on providing the best outcomes for their clients.
“This is the first in a series of targeted acquisitions.”