Solomon was founded by former Quilter Financial Planning CEO Andy Thompson and CFO Darren Sharkey last year.

The Beaufort Group was set to be acquired by adviser network Socium Group last year but the network chose to withdraw its offer due to 'not being able to fit the business into its model'.

Beaufort said at the time that it would look for ‘another funding partner’. 

Under the terms of the acquisition, Solomon will take full ownership of Financial Planning firm Beaufort Financial and YOU Asset Management.

YOU is a discretionary fund manager with £1.4bn in funds under management on behalf of private investors, trusts, charities, and corporate bodies. It offers active, income, enhanced passive and ethical model portfolios as well as its own multi-asset blended funds.

The acquisition remains subject to FCA approval.

Beaufort Financial and YOU will retain their own brand identities and control over day-to-day operations.

Following the completion of the deal, Beaufort Group CEO Derrick Dunne and co-chair Simon Goldthorpe will join the Solomon executive team. Mr Goldthorpe will become vice chairman of Solomon.

Mr Thompson said: “Over the years, Simon, Derrick, Andrew Bennett and the team have built tremendously successful businesses in Beaufort Financial and YOU, earning great reputations in the process. The complimentary businesses provide a significant and strong set of foundations on which we can build, with a shared vision for the future. The talented professionals they employ and the proposition they have developed is second to none.”

Mr Goldthorpe said: “The deal with Solomon is a positive, natural and planned next step for the business and one about which we are extremely excited. We partnered with Solomon because the quality and vision of its leadership team, combined with the strength and track record of its financial backer, will provide us with the platform to set new standards in how financial advice is delivered in the UK.”

Former Quilter duo Mr Thompson and Mr Sharkey launched Solomon last year with the view to creating a technology-led, national advice firm to bring holistic and hybrid advice to mass affluent customers across the UK.

Mr Thompson joined Quilter as part of its acquisition of Intrinsic, having sold his Blueprint businesses to them. He became CEO and joined the Quilter executive committee in 2016. He left the firm in June 2020.

Mr Thompson and Mr Sharkey plan to build a national advice firm serving in excess of 50,000 clients.

Solomon is backed by private equity firm J.C.Flowers & Co.

Beaufort Financial is a nationwide partnership if Financial Planning firms offering advice to private companies and individual clients. The Beaufort Group was established in 2012.