RIA Archives - Page 2 of 3

January 16, 2023

RIA Edge Roundup: $12.6B+ in Assets on the Move

Registered investment advisors announced several deals this week, picking up fresh capital and switching broker/dealers. Here’s a look at more than $12.6 billion in client assets on the move as industry dealmakers remain undaunted by volatile markets.

Cerity Partners Completes $4.8B Merger With ARGI Financial

In its first M&A deal of 2023, Cerity Partners joined forces with ARGI Financial, a Louisville, Ky.–based registered investment advisor with 4.8 billion in client assets. The deal with ARGI Financial is one of the largest Cerity has made in its 24-year history.

Founded in 1995, ARGI provides financial planning and wealth management services to more than 3,000 individual investors, businesses, retirement plans and philanthropic institutions. The combined firm will operate as Cerity Partners, adding more than 250 professionals and expanding the firm’s workplace planning capabilities as well as its geographical footprint.

Cerity Partners CEO Kurt Miscinski expects the merger will accelerate the firm’s work with businesses, according to the announcement. “We are excited to welcome our colleagues from ARGI Financial,” he said. “Their breadth and depth of talent will accelerate our firm’s growth and development.”

“Although we considered several factors assessing this unique merger, we remained keenly focused on the importance of retaining objectivity in serving clients and providing growth opportunities for our colleagues,” said ARGI CEO Joe Reeves.

Founded in 2009, Cerity Partners now oversees more than $44.7 billion in assets across more than 5,700 clients in its wealth management unit and $13.2 billion across 165 retirement clients.

Lido Advisors to Partner With Colorado Financial Management

Lido Advisors, a wealth management firm for high-net-worth individuals, will partner with Colorado Financial Management, adding to Lido’s family office services and its presence in the Rocky Mountain region.

Founded in 1988, CFM provides financial planning and investment management services to some 840 clients. With offices in Denver, Boulder, and Loveland, Colo. the firm is considered one of Boulder’s oldest RIAs. The firm’s 26-person team will remain following the transaction, continuing to manage approximately $2 billion in assets primarily for high-net-worth individuals, families, and institutions.

“We chose to partner with Lido because of the strong alignment between our firms,” said CFM Managing Partner Brad Bickham. “Like CFM, Lido has a client-centric approach that considers estate, tax, and investment management with care and transparency for every client.”

“We are not motivated to achieve scale for the sake of scale,” said Lido CEO Jason Ozur in a statement. “Instead, we seek firms that want to be true partners with a voice and the opportunity to be additive to Lido’s evolution. CFM’s growth-focused, tenured, and highly credentialed team is exactly that type of firm.”

“We couldn’t have found a better partner to help Lido deepen its presence in the Mountain West,” added Lido President Ken Stern. “Managing the complexities of growing and protecting clients’ legacies is extremely challenging, requiring a team with skill, experience and passion.”

Headquartered in Los Angeles, Lido was established in 1999 by a group of family office advisors and now oversees more than $12 billion in client assets through 28 offices nationwide.

The transaction is expected to close this quarter, subject to customary conditions and regulatory approvals. Financial terms were not disclosed.

$2.5B Patriot Financial Group Jumps to Cetera From Securities America

Cetera Financial Group announced this week that The Patriot Financial Group, a registered investment advisor managing more than $2.5 billion for clients, has affiliated with its brokerage platform Cetera Financial Specialists. Based in Westborough, Mass., the firm joins Cetera from Securities America with more than 70 advisors across five northeastern states, Nebraska and Florida.

“We are delighted to enter into this strategic business venture with an industry leader in Cetera, which has proven resources and expertise to support and elevate our market penetration and position,” said TPFG Chair David M. O’Donnell, who founded the firm 18 years ago. “With access to leading solutions on our RIA platform and Cetera as our new broker-dealer platform, our reps are well equipped to best serve their clients with best-in-class resources, tools and support.”

“Like Cetera, we are agnostic about how our advisors affiliate their business to deliver the best service, solutions and guidance,” added TPFG CEO Mike Tashjian. “We believe that this model provides a powerful combination of options that will serve our advisors and their clients well for years to come.”

“We are confident that by pairing Cetera’s resources with the Cetera Financial Specialists culture and community, the Patriot team will be positioned well to elevate their business to achieve their long-term goals while best serving their clients,” said CFS President Ron Krueger.

The affiliation with TPFG rounds out a record year of recruiting and business development for Cetera. The firm brought in $6.3 billion in assets during the third quarter alone, according to the company.

As of the end of 2022, Cetera advisors oversee around $322 billion in assets under administration and $115 billion in assets under management.

Captrust Adds $2.3B in Assets With TrustCore Financial Acquisition

Captrust Financial Advisors announced the acquisition of TrustCore Financial Services, a registered investment advisory firm based in Nashville, Tenn., with $2.3 billion in client assets.

TrustCore CEO Gary Dean and a team of 48 employees, including 16 financial advisors, serve some 2,100 clients, among them 600 high-net-worth families, along with 16 charitable organizations and one business at the end of last year, according to its latest Form ADV. Three quarters of those live in the mid-Tennessee region, according to the announcement.

Per the firm’s integration model, TrustCore will adopt Captrust’s branding. The deal, which closed late last year, represents Captrust’s 63rd acquisition since 2006 and its second office in Nashville following the 2021 acquisition of New Market Wealth Management.

“Joining Captrust takes our business to the next level,” Dean said in a statement. “We look forward to tapping into the valuable resources the firm has to offer to make our clients’ experience even better.”

“The combination with Captrust creates a powerful presence in a great market,” said Republic Capital Group Managing Director John Langston, whose industry-focused investment bank represented TrustCore through the transaction. He described TrustCore as “one of the finest” partner-led firms in the region.

“Gary and his team bring decades of industry experience,” said Rush Benton, who heads up strategic growth for Captrust. “[W]e look forward to growing our business in the Nashville area through their expertise in both individual wealth management and services for nonprofits.”

Based in Raleigh, N.C., Captrust was founded in 1997 and currently claims more than 1,200 employees across 70 locations nationwide. As of a September 2022 filing, the firm manages more than $100 billion in assets and advises on $750 billion more.

Destiny Wealth Partners Buys Nichols Wealth in Boca Raton

Destiny Wealth Partners, a registered investment advisor near Orlando, Fla. with approximately $1 billion in client assets, announced the acquisition of Nichols Wealth Partners, a Boca Raton, Fla.–based RIA led by founder Chris Nichols.

Nichols Wealth will operate as an independent firm alongside Destiny Wealth Partners and sister firms Ruggie Asset Management and Destiny Family Office in Central Florida and KCG Investment Advisory Services in Savannah, Ga. Nichols will continue to lead the firm.

“Investors are demanding more and more from advisors,” Nichols said in a statement. “The Destiny Wealth Partners team recognized this shift taking place and has made some extraordinary leaps to prepare for the future growth of their firm. I know my clients will see the immediate effects of our partnership by having increased access to a broad sphere of investments including alternative investments for accredited investors and direct investments and co-investments for our qualified purchasers.”

“Over the past two decades, Chris has earned a reputation as a caring, hardworking, passionate advisor who wants to see people win,” said Destiny founder Thomas Ruggie. “He recognized the growth/balance/time constraint many advisors face as they build their businesses and found that joining Destiny Wealth Partners was a solution that allows him to do even more for his firm, his clients and others.”

Financial Partners Capital Management to Join Focus Partner GYL Financial

Focus Financial Partners announced this week that partner firm GYL Financial Synergies, based in West Hartford, Conn., agreed to buy Financial Partners Capital Management, a New York City–based registered investment advisor with more than $700 million in client assets (as of March 2022).

Founded in 1988, FPCM is led by the three partners—Aaron Cohen, Vincent Marsden and Craig Giventer—with a team of financial advisors and client support service professionals. The firm provides financial planning and investment management services to high-net-worth individuals and families.

“This transaction will provide us with additional resources, allowing us to continue focusing on providing our clients with excellent service,” said Cohen, FPCM president. “Leveraging GYL’s impressive infrastructure will enable us to expand our service model and enhance our client experience even further.”

The deal will enable GYL to establish a presence in the New York City wealth management market, according to the announcement. Once it has closed in the first quarter of this year, the firm’s institutional and private client services in West Hartford and Westport, Conn., Parsippany, N.J., and New York City will move forward together under the GYL brand.

“Their service philosophy complements ours and their talented team will bring additional expertise to GYL, especially to our investment advisory services,” GYL CEO Gerry Goldberg said of the incoming team. “We look forward to expanding our presence into the New York City market.”

First registered with the U.S. Securities and Exchange Commission in 2016, GYL currently has more than 50 employees overseeing $5 billion in client assets for more than 4,600 clients in 38 states.

Mercer Global Advisors Buys $250M Empyrion Wealth Management

Mercer Global Advisors announced the acquisition of Empyrion Wealth Management this week, adding another California location and its 15th women-owned practice.

Located near Bakersfield in Rosedale, Calif., Empyrion was founded in 2002 by President Kimberly Foss and has a focus on serving women going through transitions, like a divorce, death of a spouse or balancing family care with careers. Foss and her team serve 90 clients with approximately $250 million in assets under management.

“[W]e wanted to join a leading national RIA to add more scale and leverage capabilities to our team and clients,” Foss said in a statement, noting that she had longstanding awareness of Mercer though the firms’ shared relationship with Dimensional Fund Advisors and a personal relationship with Dave Barton, who heads up M&A for Mercer. “Their comprehensive ‘family office’ approach to client care with in-house services like estate planning, tax consultation and tax return preparation, etc., adds the depth and breadth of service I was looking for and allows me to offload burdensome back-office work so that I can focus on what is most important—my clients.”

Foss, who is the author of Wealthy by Design: A 5-Step Plan for Financial Security, has shared her expertise on numerous media outlets such as CNBC, Fox Business, The Wall Street Journal, MSN Money, Forbes and U.S. News & World Report.

“Kimberly is an exceptional financial planner, speaker, author, a real renaissance woman, and her skill set is highly distinct and valuable,” said Barton. “We are proud to add Kimberly’s voice to our team and help share our message of financial freedom across multiple media platforms.”

Founded in 1985, Denver-based Mercer has now added more than 70 firms to its rapidly growing platform, supported by majority investments from private equity firms Oak Hill Capital, in 2019, and Genstar Capital, in 2015. The firm currently oversees more than $46 billion in client assets, with more than 870 employees and 90 offices nationwide.

Snowden Lane Partners Secures $100M Credit Facility

Snowden Lane Partners, a boutique, hybrid wealth management firm based in New York City, has secured a new $100 million credit facility in partnership with private equity backer Estancia Capital Partners.

The new credit line replaces one with ORIX Corporation first in 2018, and expanded in 2022. The available credit will enable Snowden Lane to “significantly bolster its recruiting momentum and position itself for sustained growth through 2023 and beyond,” according to an announcement Monday.

“We’re excited to kick off the new year with this announcement, as this additional, nondilutive capital will allow us to execute our vision for the firm’s next stage of growth,” said Snowden CEO Rob Mooney. “We are extremely grateful for Estancia’s support. Estancia continues as a committed partner since the early days of our business and played a crucial role helping Snowden Lane realize its potential.”

“Estancia’s most important investment criteria is always partnering with companies who have experienced management teams capable of executing on their growth strategy and maximizing value,” said Estancia Managing Director Takashi Moriuchi. “Snowden Lane and its executive team is a prime example of why this is so important. Under the management team’s leadership, the firm rapidly become a key player in the independent wealth management space and is an attractive destination for advisors seeking a full-service alternative to the wirehouses.

Founded in 2011 and led by Mooney, COO Greg Franks and Chairman of the Board of Managers Lyle LaMothe, Snowden Lane is a multicustodian, open-architecture registered investment advisor and broker/dealer providing wealth advisory services to high net-worth individuals, families and institutional clients. The firm has brought on advisors from Morgan Stanley, Merrill Lynch, UBS, JPMorgan, Raymond James and Wells Fargo, among others, according to the firm.

In the past two years alone, Snowden Lane added 23 new advisors with a collective $4 billion in client assets. Today, the firm has more than 70 financial advisors overseeing approximately $9 billion through 12 offices around the country in San Diego and Pasadena, Calif.; New Haven, Conn.; Coral Gables, Fla; Chicago; Pittsburgh; Baltimore, Salisbury and Bethesda, Md.; San Antonio; Buffalo, N.Y., as well as its New York City headquarters.

Apogem Capital served as administrative agent in connection with the new facility, while Apogem and Monroe Capital both served as joint lead arrangers and joint bookrunners, according to the announcement.

Wealthcare Acquires Sommers Financial Management

The acquisition of Sommers Financial Management in Tucson, Ariz., and Scappoose, Ore., is the third Wealthcare has completed in its 24-year history and adds $100 million to the firm’s nascent acquisitive model. Read here for more on this acquisition and Wealthcare’s growth strategy.

January 10, 2023

$5.7B RIA Parallel gets investment from Golden Gate

After approximately doubling in measurement in less than three several years, a significant registered financial investment advisor has a new non-public equity backer and a new asset management arm.

San Francisco-centered Parallel Advisors ordered Autus Asset Management of Scottsdale, Arizona while obtaining a strategic expenditure from Golden Gate Capital, a private equity company in San Francisco. The influx of funds acquired out Emigrant Bank’s Emigrant Companions from its prior minority placement in the prosperity and asset administration firms, the get-togethers mentioned Jan. 5. The conditions and size of the transaction were not disclosed. When Emigrant invested in Parallel in May well 2020, the advisory company managed roughly $3 billion in client belongings. Soon after advancement in the past 3 yrs and the addition of Autus and its $900 million in shopper belongings, Parallel has $5.7 billion.

“The chance to exit Parallel and Autus in a merged transaction to Golden Gate Cash in a command deal was a terrific end result for every person, which includes Emigrant,” Emigrant CEO Karl Heckenberg reported in an electronic mail. “We would like Golden Gate properly in their entry to prosperity management.”

Representatives for Parallel and Golden Gate declined to focus on the terms of the deal. Industry information outlet Citywire RIA very first described the transaction.

Emigrant and other dealmakers have propelled a ten years of document-breaking volumes of transactions across wealth management into the new calendar year. Soon after investing on a minority, non-voting foundation in 20 prosperity administration corporations with a blended $94 billion in shopper assets, Emigrant also announced the same day as the Parallel offer that it experienced invested in Dakota Wealth Management. That Palm Seashore Gardens, Florida-based organization, led by veteran RIA dealmaker Peter Raimondi, has additional than 1,700 clientele and $2.5 billion in customer assets.

Other massive specials of note from the past 7 days consisted of New York-centered wealth supervisor Snowden Lane Companions securing a credit rating facility of $100 million via financing led by its Scottsdale-centered private equity backer, Estancia Cash Companions, and the initially trading of New York-centered wealth and asset manager Alvarium Tiedemann Holdings on the Nasdaq exchange.

The recently community business valued at $1.17 billion as a enterprise spans $60 billion in world customer belongings just after the mix of two multi-relatives workplaces in Tiedemann Advisors and Alvarium, moreover Tiedemann’s choice asset administration unit, TIG Advisors, in accordance to an investor presentation. Like yet another distinctive function acquisition business offer that’s at present pending, the go to go community as a blended business has navigated delays prompted by slumping shares and considerably less urge for food for special purpose acquisition firms, or SPACs, and regular IPOs.

In an job interview, Alvarium Tiedemann CEO Michael Tiedemann explained he and the other events expected investors’ fascination in SPACs to wane over time. In their situation, he stated, they considered the use of an entity called Cartesian Development as supplying “the framework to set all these pieces together” in a manner “that would have been extremely difficult to do privately.” In the previous 3 decades, the put together firm’s recurring revenue jumped 53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $265 million.

Tiedemann’s crew “definitely believed long and challenging about what would be a terrific path for the small business,” he claimed.

“That involves a whole lot of reflection,” he mentioned. “It forces you to consider the business and what could be complementary and what could be place jointly to create a really dynamic company.”

Golden Gate’s document of investing in financial products and services consists of New York-based Pico Quantitative Investing, Sausalito, California-based mostly individually managed account agency Aperio and insurance policy companies in Hartford, Connecticut-primarily based Nassau Financial Group and Bermuda-centered Mosaic Insurance coverage. With the new influx, Parallel ideas to improve its natural and organic progress and pursue far more M&A offers of its own, Golden Gate Managing Director Dan Haspel mentioned in a statement.

“Parallel has demonstrated an spectacular trajectory of the two organic and inorganic progress, underscored by a holistic platform approach and whole array of prosperity providers offerings,” he explained.

The 17-calendar year-previous RIA has extra than 90 workers just after introducing Autus to the company. Parallel works with substantial web worth purchasers and businesses by way of their pension and earnings-sharing strategies and has additional offices outdoors its headquarters in Dayton, Ohio, Dallas, Honolulu and Oklahoma Town. Its new acquisition, Autus, gives Parallel a boutique asset manager specializing in the unique range of shares and bonds.

Expenditure banking firm Republic Cash Team encouraged Autus on the deal to fold into Parallel, then represented the blended entity in pinpointing and choosing Golden Gate as the firm’s new money backer. In a press launch, Republic described the deal negotiated by founder John Langston as “1 of the most complex bargains in prosperity management to date.”

“There are extremely number of expense banking companies that could pull off such a advanced transaction in this dynamic environment,” Parallel Advisors CEO C.J. Rendic claimed in a statement. “We are honored to be clientele and search forward to completing supplemental M&A deals with John and his crew in the foreseeable future.”

December 16, 2022

Wealth Enhancement Group Expands by Adding BFS Wealth Management, a Hybrid RIA with Over $523 Million in Client Assets

This Acquisition Grows Wealth Enhancement Group’s Existence in the Tri-State Area to 12 Places of work Across New York, Connecticut and New Jersey

MINNEAPOLIS, Dec. 15, 2022 /PRNewswire/ — Prosperity Improvement Group, a nationwide independent prosperity management organization with much more than $57.9 billion in full customer property, announced the acquisition of BFS Prosperity Administration a hybrid RIA located in Iselin, NJ. BFS Prosperity Management oversees additional than $523 million in client assets with a group of three advisors and 6 support employees, led by President John B. Burke.

“We are energized to welcome the outstanding workforce of money professionals at BFS Wealth Management to Wealth Improvement Team,” reported Jeff Dekko, Chief Executive Officer of Wealth Improvement Group. “John and the group at BFS Wealth Administration figure out the electric power of a collaborative tactic to monetary organizing, and we are keen to insert their experience and expertise to our business and increase together in the long run.”

Founded in 2005, the crew at BFS Wealth Administration has been devoted to building a variation in each their clients’ assets and lives. The workforce presents extensive prosperity management and monetary products and services to significant-internet-worthy of families in the New York Metropolitan area, as nicely as institutional consumers, business enterprise entrepreneurs and company executives who are nearing or in retirement.

Mr. Burke explained, “Our two corporations have really very similar wealth administration philosophies and enterprise values, all of which aim on delivering the very best attainable advice for each and every of our purchasers. By integrating our team’s diversity of knowledge and experience, with the methods readily available at Prosperity Enhancement Team, we believe our collective expertise will bolster the guidance we offer to our clients.”

The addition of BFS Wealth Management marks Prosperity Improvement Group’s 12th workplace site in the strategically crucial Tri-State area, encompassing New York, Connecticut and New Jersey.

Jim Cahn, Main Investments & Business enterprise Progress Officer at Wealth Enhancement Group said, “The workforce has previously shown, via their many years of progress and success, the ability to offer their shoppers an superb assistance working experience. Collaborating with us will enable them to refine and improve these capabilities further, and we are prepared to support the group accelerate their strong progress packages as element of our system.”

By way of each regular natural and repeated inorganic progress, Prosperity Improvement Group proceeds to broaden its footprint and mix the energy of a countrywide community with deep neighborhood roots across the nation.

About Wealth Improvement Team
Wealth Enhancement Group is an impartial wealth management agency presenting complete and personalized money setting up and expense management services. Now serving a lot more than 47,000 homes, the enterprise has about 85 offices nationwide and is expanding rapidly through natural and organic development and acquisitions. Established in 1997, Wealth Enhancement Team specializes in giving retail purchasers with the workforce-based mostly knowledge and means they have to have to simplify their economic life. For more facts, you should visit www.wealthenhancement.com.

Advisory solutions offered as a result of Prosperity Improvement Advisory Solutions, LLC (WEAS), a registered financial commitment advisor. Certain, but not all, financial commitment advisor representatives (IARs) of WEAS are also registered representatives of and present securities as a result of LPL Financial, Member FINRA/SIPC. Prosperity Improvement Team and Wealth Enhancement Advisory Companies are individual entities from LPL Fiscal. Wealth Improvement Team is a registered trademark of Prosperity Enhancement Group, LLC.

Prosperity Improvement Group and its Registered Expenditure Advisor, Wealth Enhancement Advisory Solutions, had $56.2 billion in client belongings, together with $4 billion of brokerage assets held at LPL Financial, as of October 31, 2022. BFS Prosperity Administration had more than $523 million in consumer assets, which include $71 million of brokerage belongings, as of August 2, 2022. With the addition of previously introduced acquisitions and the acquisition of BFS Wealth Administration, Prosperity Improvement Team has more than $57.9 billion in consumer, advisory, trust and brokerage assets.

Media Contacts
Marianne Gebhardt
[email protected]
(704) 409-2589

Prosek Associates, on behalf of Wealth Improvement Group
[email protected]

Supply Prosperity Enhancement Team

July 18, 2022

Raimondi’s Dakota Wealth Management makes Montana RIA buy

Venerable RIA builder Peter Raimondi is on the lookout west to find his most recent deal concentrate on.

Raimondi’s $2.3bn RIA, Dakota Prosperity Administration, firm has acquired Loveless Wealth Management, a 4-worker RIA controlling $230m which is based mostly in Billings, Mont. The transaction marks the initially expansion for Dakota, which is based mostly in Palm Seaside Gardens, Fla., out of the japanese time zone.

‘When we to start with listened to about their availability, we handed on it mainly because of how far west it was,’ Raimondi (pictured) said of Loveless Wealth. ‘They came back to us and claimed they seriously wished to talk to us independently, that they had realized a minor little bit about Dakota and asked if we would at minimum take a connect with in its place of passing on it.’

‘I believed: “If somebody desires to communicate to you that badly, you must possibly do it,” and I’m certain happy we did. The minute we experienced a conversation with them, we actually favored them a lot.’

Raimondi declined to comment on unique financial conditions of the transaction but mentioned that it was financed with a mixture of money and equity. The deal closed on July 1.

Loveless Prosperity Management, which is led by president Don Loveless, experienced sought a buyer for roughly a calendar year ahead of it teamed up with Dakota. It even improved expenditure bankers alongside the way. The firm’s ultimate consultant, Nunnally International, assisted it detect Dakota as a likely husband or wife.

Dakota ‘separated by themselves out in that they did not demand from customers that the administration of the portfolios be taken in excess of right away by a centralized financial investment committee,’ Loveless explained.

Dakota is Raimondi’s 3rd RIA undertaking he beforehand established The Colony Team and Banyan Associates. Considering the fact that Dakota begun in 2018, the company has acquired seven distinctive RIAs about the east coast.

The transaction with Loveless is Dakota’s 2nd of the yr. In January, it obtained $440m Pineno Levin & Ford Asset Management in Richmond, Va.

Raimondi has taken a rather circumspect approach to the new surge in RIA dealmaking fueled by non-public fairness firms and their RIA holdings.

‘Price doesn’t appear to be to mirror the real value of the company any more,’ he said. ‘Price seems to replicate the availability of money of the purchaser. The a lot more non-public equity cash buyers have, the extra they are prepared to invest it. It is really just like paying out other people’s money.’

‘From our point of view, we have normally expended our own dollars. These aren’t purchases for us — they are investments.’

May 6, 2022

RIA aggregator Focus Financial confident of remaining on growth track.

RIA aggregator Aim Monetary Partners posted 1st quarter revenue of $536.6 million on Thursday, a 36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-more than-12 months enhance, exceeding analyst expectations and environment the stage for a further lively year in mergers and acquisitions even with geopolitical and market place problems.

“Our 2022 very first quarter benefits ended up superb, reflecting our solid fundamentals and the resiliency of our business in spite of the tough macro backdrop,” reported Focus founder and CEO Rudy Adolf, a indigenous of Austria. “We continued to devote in major wealth management firms that complement our partnership even though additional strengthening our existence in strategically vital wealth markets.”

Year to date, Target reported it has closed on 4 mergers and a single companion organization acquisition. The organization also has one lover agency offer and one particular further merger pending. Adolf and CFO Jim Shanahan acknowledged that growth was probable to continue being somewhat slower in 2022, as opposed with 2021, but claimed they’re confident they’ll keep on to meet advancement ambitions and will possible be incorporating partners at a increased speed by means of the rest of the year.

“We just arrived out of a year the place we did 38 bargains,” claimed Adolf. “So we wanted to get a minimal little bit of a breather, but you will see a single announcement after yet another of really interesting transactions.”

In December, Adolf laid out lofty growth aims for the subsequent a few a long time, stating he expects to increase to 125 associate firms, $4 billion in earnings, $1.1 billion in EBITDA and 28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} margins by 2025.

In the course of the May 5 quarterly earnings connect with, Adolf and Shanahan both expressed self esteem in the energy of their M&A pipeline and touted a new enlargement into the Swiss industry with the signing of Octogone Group, an “elite” business with $500 million in shopper belongings.

As soon as the transaction is finished in the next or third quarter of this calendar year, Octogone will become Focus’ 86th companion firm—and its first in Switzerland, characterised by the two gentlemen as a particularly fascinating sector area.

Expressing private worries for those people impacted by the unstable scenario in Ukraine, Adolf and Shanahan mentioned the geopolitical and current market uncertainties would not have any substantial adverse outcomes on the company’s ongoing growth.

“We have properly navigated current market dislocations as a result of our 16 a long time of background, and classes from individuals ordeals are embedded in our enterprise model,” stated Adolf.

“While the dynamics driving the current environment are different than what we professional at the outset of the pandemic in 2020, our companion firms are similarly nicely geared up to weather this storm and are making great success,” stated Shanahan. “Similar to 2020, we are positioning ourselves to choose advantage of the opportunities that will occur write-up-disaster. I have no doubt that we will navigate the existing worries and our small business will emerge even more powerful and greater positioned for progress.”

The two execs cited range, discipline and their decentralized company model as reasons for Focus’ resiliency and ongoing achievement.

“Our momentum continues to be strong,” mentioned Adolf. “I am self-assured that 2022 will be an fantastic yr for our company, and that we will continue on to be the beneficiaries of considerable business advancement and consolidation.”

March 30, 2022

Wealth Enhancement Group Joins Forces with Financial Management Concepts, a Fee-Only RIA with More Than $188 Million in Client Assets

Addition of the Central Florida Firm Raises Prosperity Improvement Group’s Complete Shopper Belongings to much more than $55.6 Billion

MINNEAPOLIS, March 30, 2022 /PRNewswire/ — Wealth Enhancement Group, an independent wealth administration agency, nowadays introduced the acquisition of Monetary Administration Concepts, located in the Orlando suburb of Wintertime Springs, Fla. Led by founder and President, Brian Fricke, CFP, the company oversees much more than $188 million in client belongings. With this hottest partnership, Prosperity Enhancement Group builds on its expansion momentum, elevating full client property to more than $55.6 billion.

Jeff Dekko, Chief Govt Officer of Prosperity Enhancement Team, explained, “Brian has developed an unbelievable business enterprise more than 31 many years in serving to non-public clientele close to retirement, or currently retired, develop fiscal plans that address their major dread — jogging out of funds. In addition to managing a sturdy follow, Brian is the creator of two publications and at present serves on the Board of Trustees of the LCMS Basis and the New Smyrna Seaside Fire Pension Board. We’re happy to incorporate Fiscal Administration Concepts to our at any time-expanding roster of substantial-high quality RIAs and search forward to decades of collaboration.”

Economic Management Concepts, started in 1991 with a modest team of private shoppers, has grown by focusing on retirement arranging, revenue distribution procedures and minimal life time tax practices. The business also will help consumers navigate the fiscal complexities bordering the care of getting older moms and dads. They are devoted to supporting consumers go after a flexible retirement — accomplishing what they want, when they want.

“We constructed our small business on the thought that retirement can be a pretty emotional and nerve-racking time for purchasers. Our approach has aided manual our shoppers on when they can retire, how much they can spend and what they can leave driving, ” Mr. Fricke said. “Prosperity Enhancement Team understands our exclusive method and will make it possible for us the versatility to proceed our philosophy. I am energized to husband or wife with a business that has the culture, resources and guidance we require to achieve our advancement targets and proceed defining our personal results.”

Jim Cahn, Prosperity Enhancement Group’s Main Investments & Business Advancement Officer, included: “An RIA of Fiscal Management Concepts’ caliber has a good deal of choices. The simple fact that Brian and his staff chose Prosperity Improvement Group is a testomony to the strength of our value proposition of enabling financial advisors to build their enterprise, operate far more competently and provide clients much more correctly. We’re psyched to begin this new marriage with such a remarkably highly regarded organization.”

On the closing of the transaction on March 31, Mr. Fricke will provide as Senior Vice President, Fiscal Advisor.

About Prosperity Improvement Team

Prosperity Enhancement Team is a Increased Minneapolis-dependent unbiased wealth administration agency supplying complete and custom made financial preparing and investment administration providers. Started in 1997, Wealth Enhancement Group serves clients nationwide. Prosperity Enhancement Team specializes in providing retail customers with the team-centered awareness and means they have to have to simplify their financial lifetime. For a lot more info, be sure to visit www.wealthenhancement.com.

Advisory solutions supplied through Wealth Improvement Advisory Services, LLC (WEAS), a registered financial commitment advisor. Specific, but not all, expenditure advisor reps (IARs) of WEAS are also registered representatives of and supply securities through LPL Fiscal, Member FINRA/SIPC. Wealth Enhancement Group and Wealth Improvement Advisory Expert services are individual entities from LPL Economical. Wealth Improvement Group is a registered trademark of Wealth Improvement Team, LLC.

Prosperity Enhancement Team and its Registered Expenditure Advisor, Prosperity Improvement Advisory Providers, had $54.9 billion in customer brokerage and advisory assets as of 2/28/2022. Money Management Principles had more than $188 million in client brokerage and advisory belongings as of 10/15/2021. With the addition of beforehand introduced acquisitions and the acquisition of Financial Administration Ideas, Wealth Improvement Group expects to have over $55.6 billion in consumer brokerage, advisory and believe in property as of March 31,2022.

Media Contacts
Donald Cutler
Haven Tower Group
424 317 4864
[email protected] or [email protected]

Resource Wealth Enhancement Team