A subsidiary of US-based The Marygold Companies has purchased UK investment adviser Step-By-Step Financial Planners Limited for an undisclosed sum.
Marygold & Co was formed in August 2021 to make acquisitions in the UK for its parent company The Marygold Companies.
Based in Staffordshire, Step-By-Step has around £27mn in assets under advice with its core business involving managing clients’ financial wealth across a diverse product range.
Matthew Parden, chief executive of Marygold & Co, said: “The acquisition of Step-By-Step is a very important deal for Marygold & Co in the UK, in line with our strategy of building and developing digital channels for savings and investments.
“We see here an opportunity to leverage our highly transformative fintech capabilities within the UK and help address the recognised advice gap faced by too many consumers.
"Step-By-Step brings a client base, a valuable infrastructure, and additional staff to help us grow and expand our traditional advice services to new clients.”
Kevin Pratt, founder of Step-By-Step, added: “I am delighted that Step-By-Step Financial Planners Ltd has become an integral part of the Marygold Companies’ family and I look forward to maintaining my relationship with our existing and very much valued clients by continuing to advise them and to maintain the high standards of service they have come to appreciate.”
This is Marygold & Co’s second deal in the UK after it purchased Northampton-based adviser Tiger Financial & Asset Management in 2022.
At the time the firm said it would use the fintech capabilities of The Marygold Companies, which was in development, and provide wealth management services to UK clients through app-based functionality, expanded further by access to qualified financial advisers.
alina.khan@ft.com
