Tag: Roundup

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RIA Roundup: Atria to Acquire Grove Point Financial From Kestra

RIA Roundup: Atria to Acquire Grove Point Financial From Kestra

This week, private equity–backed Atria Prosperity Answers announced ideas to purchase Grove Issue Economical, a Kestra Holdings subsidiary with $15 billion in consumer property.

In other M&A news, Aristotle Funds Management has acquired Pacific Life’s $21 billion asset administration small business Built-in Prosperity has joined Carson in Kansas Steward Partners has included its initially workplace in Southern California with The Valencia Group and Fortis Funds Advisors has expanded into Oregon. Meanwhile KMJ Economical Team jumped to Commonwealth from American Portfolios, and a father-son workforce remaining Edward Jones to start Ellicott Mills Prosperity Management with Ameriprise.

Associated: RIA Roundup: Retirement Strategy Biz Delivers $5.6B AUM to OneDigital Investment Advisors

In news reported previously this week, Beacon Pointe moved into New York with the acquisition of YorkBridge Prosperity Associates with offices in New York Town and Very long Island, and Sanctuary employed a new chief authorized officer away from Carson and reinstalled a previous CCO.

Atria Wealth Buys Kestra’s Grove Stage Financial

Atria Prosperity Solutions, a Lee Fairness Partners–backed prosperity management keeping company launched in 2017 by former Morgan Stanley govt Doug Ketterer, will receive Grove Level Fiscal from Kestra Holdings in a deal anticipated to shut in the second fifty percent of 2023.

Linked: RIA Roundup: EP Prosperity Advisors Adds $1B Lehman & DeRafelo Economical Resources

Started in 1984 as H. Beck, Grove Issue was obtained by Kestra in 2017 and rebranded in 2021. Primarily based in Rockville, Md., the hybrid broker/vendor and RIA serves about 400 impartial financial specialists with $15 billion in shopper belongings.

“Kestra has been a terrific companion for what we have been at the time,” mentioned Grove Stage President Michelle Barry. “With Atria, which has a deep connection with some of our strategic suppliers like Pershing and Envestnet—where we have a ton of business which is shared and strategic product sponsors—we really feel like they can genuinely give us the scale to help our advisors with more advisor-dealing with expert services on all those platforms.”

Atria features a number of proprietary tech platforms, which include Unio, an built-in engineering platform for fiscal industry experts that was a Wealthies finalist for its changeover assistance capabilities a customer portal referred to as Distinct1 and Contour, a fee-based advisory system that gives anything from processing and rebalancing to analysis, portfolio design and billing.

“Both firms have related cultures we have really similar fiscal professional types and demographics, and very very similar associations,” stated Ketterer. “It’s accretive throughout the board. It truly is leverage. It is really not about what they were not getting, it is about what they will get and lifting all boats.”

Because of to existing and overlapping custody and clearing relationships, he noted, no repapering will be needed for Grove Place clientele.

Atria will acquire 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of Grove Stage and its subsidiaries Grove Stage Investments and Grove Stage Advisors, bringing the holding organization to 2,700 monetary specialists with all-around $115 billion in shopper property.

Headquartered in New York Town, Atria’s subsidiaries contain SCF Securities, CUSO Financial, Cadaret Grant, Western Worldwide Securities and Future Economical.

Aristotle Acquires Pacific Asset Management

Aristotle Money Management introduced it experienced obtained Pacific Asset Management from Pacific Everyday living Insurance policies Organization, with all around $21 billion in client assets and experience in liquid credit history investments.

Pacific Asset Administration has been rebranded Aristotle Pacific Money and will continue on to work with its existing financial investment workforce, led by CEO Dominic Nolan.

Aristotle also announced the reorganization of sure Pacific mutual cash into new Aristotle resources, pursuing approval by shareholders of those funds. A freshly fashioned Aristotle affiliate, Aristotle Financial commitment Services, will administer and advise on the reorganized resources.

The acquisition and reorganization, accomplished on April 17, include 50 specialists and extend Aristotle’s suite of financial investment chances, even though bringing the firm and its affiliate marketers to a lot more than $77 billion in property less than administration.

“The completion of this initiative is a considerable phase in Aristotle’s shopper-centric system, increasing our credit history offerings and enabling us to offer a broader array of financial investment alternatives to our consumers,” Aristotle Chairman Richard Hollander explained, in a statement.

Pacific Existence will preserve a minority stake in Aristotle and prolong its partnership with the agency. Supplemental phrases of the agreement were not disclosed.

Aristotle affiliates contain five registered expense advisor groups specializing in equity and preset profits strategies, with offices in Los Angeles and Newport Seashore, Calif., Boston, Mass., and Sarasota, Fla.

Kansas-Centered Integrated Wealth Joins Carson 

Carson Wealth declared a partnership with Overland Park, Kan.–based Integrated Wealth. The deal, which contains an equity stake in Carson, will provide Integrated with the means to much better serve purchasers and aid development, in accordance to the announcement.

Built-in provides $400 million in assets beneath management to Carson, serving a lot more than 250 family members in 30 states. The business has rebranded as Carson Wealth, getting the 46th Carson area in the United States and the initially in Kansas.  

Started by Jack Lindsey in 1984, the present Integrated group includes 3 advisors, which include Craig Splan, Tray Wiltse and Invoice Working day, and a few operational team, like Katie Hampton, Kim Roberts and Vincent Extensive.

“With this fairness deal, Integrated Prosperity will be equipped to tap into Carson’s ecosystem of cutting-edge technologies and investments offerings to deliver a top-quality shopper knowledge, as perfectly as have obtain to an expanded workforce and established of methods that will enable them to run additional competently and continue on to expand,” Carson’s Handling Husband or wife of Prosperity Remedies Jamie Hopkins explained, in a assertion.

“We fulfilled with the Carson group and have been blown absent by what they had to give,” claimed Wiltse. “Not only were being they expansion focused, but they were way ahead of anybody else in their know-how choices. We observed that they experienced all the things that was needed to take a company like ours from $400 million to $1 billion.” 

With this most current acquisition, Carson oversees some $20 billion in belongings for more than 35,500 shoppers.

Echelon Associates suggested Integrated on the transaction.

Steward Companions Establishes 39th Office With Addition of UBS Team

Steward Companions World-wide Advisory, an worker-owned and personal equity–backed hybrid RIA partnership based mostly in New York Town, has included its initially partner business in Southern California.

The Valencia Group at Steward Associates in Valencia, Calif., contains James Forsyth and Steven Miller, dually registered running directors and prosperity supervisors with some $200 million in shopper assets. Prior to signing up for Steward, the pair put in 11 years at UBS pursuing much more than a ten years with Morgan Stanley, exactly where they joined forces in 2000.

“We did substantial because of diligence right before choosing to join Steward,” Miller said, in a assertion. “The thought of staying a companion with equity in the firm and nonetheless remaining in a position to run our observe the way we want, with an emphasis on money setting up and access to a vast assortment of expenditure sources, was quite interesting.”

“We get the job done a good deal with option investments and owning the potential to accessibility various platforms, regardless of whether it’s BNY Mellon | Pershing or Raymond James, dependent on the client’s desires, was exceptionally eye-catching to us,” claimed Forsyth.

Released in 2013, Steward has turn out to be just one of the swiftest-expanding RIAs in the nation, generally by way of the recruitment of wirehouse advisors.

Cynosure Group took a minority stake in 2019, getting Steward’s first non-public fairness backer. In 2021, The Pritzker Organization invested $100 million, and Steward included a 1099 affiliation product. The same calendar year, the organization purchased Umpqua Investments, bringing brokerage in-house, allowing various custodian interactions and growing expenditure options.

In the drop of 2022, the organization secured a $140 million credit rating facility led by alternative investment firm Apogem Capital, to fund ongoing recruitment and system investments, though introducing new custodial partners.

With a lot more than $25 billion in consumer property, Steward has plans to double in sizing around the future a few a long time, insert RIA-only abilities and go after more M&A prospects.

Fortis Money Advisors Expands to the Pacific Northwest

Fortis Funds Advisors, an rising RIA platform based mostly in the Kansas City area, introduced it has expanded its nationwide footprint with the addition of Matt Joyner, a money advisor in Portland, Ore.

“We had a purpose of increasing to the Pacific Northwest area, and Matt was the advisor we desired to anchor the new market,” Fortis CEO Rob Hagg said, in a statement. “Matt has a deeply rooted philosophy of detailed investment decision management, solid tax setting up and building potent shopper-advisor interactions, which are all properly aligned with the values of Fortis Money Advisors.”

Fortis was launched in 2020 with the intention of turning out to be a countrywide platform business, giving technological innovation, resources and compliance and back again-office environment aid to RIAs in search of accelerated growth. Affiliated advisors supply financial investment guidance and retirement, insurance policy, estate and distribution preparing, in accordance to the firm’s site, as properly as dollars circulation and threat management.

For each a Sort ADV submitted in late March, the business oversees a lot more than $245 million for all around 370 purchasers across 6 spouse corporations.

“Fortis signifies a new generation of wealth management and was the suitable organization to be a part of with,” mentioned Joyner. “It was clear from my initial meetings with Rob and the Fortis team that there is an unbelievably potent cultural alignment and deep dedication to customers.”

Joyner previously served as vice president at Denver-based mostly Individual Capital, now Empower Individual Wealth. Prior to that, he used 5 a long time with Fisher Investments in Camas, Clean.

“Since Matt joined our firm, we have seen more and extra desire in firms on the lookout to carry on their advancement with Fortis Cash,” reported Hagg.

KMJ Money Team Jumps to Commonwealth

Commonwealth Fiscal Community, a Waltham Mass.–based independent broker/vendor and RIA with much more than 2,100 independent economical advisors overseeing close to $243 billion in client property, introduced the addition of KMJ Economic Team in Whitehall, Pa.

Previously with American Portfolios, an affiliate of Advisor Group, managing partners Kirk Brown and Jake Ruggles, alongside with wealth advisor Dan Fratantoro, convey extra than $121 million in shopper property to Commonwealth.

Started more than two decades back, KMJ provides accumulation, retirement, estate and business organizing companies, as well as tax companies through a individual entity.

“Being in a position to combine our clients’ money and tax preparing is a fantastic profit to them and a correct differentiator for our firm,” Ruggles mentioned, in a statement. “Commonwealth’s know-how is a activity changer that will assistance us superior scale our business enterprise, allowing us to get on much more purchasers in our local community, which includes young children of current consumers who can benefit from our companies.”

KMJ expects to gain from Commonwealth’s integrated technological know-how, expenditure administration and research abilities and acceptable expenditures, according to Tuesday’s announcement, and will stimulate the firm’s tax-only customers to just take edge of the expanded providers.

At its Nationwide 2022 conference in November, Commonwealth announced the intention to improve to $1 trillion in assets as it establishes by itself as a national RIA.

Father-Son Duo Joins Ameriprise With $330M in Belongings

Father-son team Harry Slade III and Harry Slade IV have joined the branch channel of Ameriprise Economical from Edward Jones with all around $330 million in managed belongings.

Joined by three customer associates and primarily based in Ellicott City, Md., the dually registered, fourth-generation practice will now work as Ellicott Mills Wealth Management.  

“We’ve constantly experienced an eye on the foreseeable future and required far more management and versatility in how we take care of our small business,” Slade III claimed, in a statement. “Switching companies was not a choice we took lightly, but, in the end, Ameriprise was the ideal choice to help our vision.”

“We’re notably psyched about the opportunity to give customized money setting up and information for purchasers of all asset levels,” explained Slade IV. “The thoroughly built-in engineering suite at Ameriprise streamlines several of our working day-to-working day administrative tasks, freeing up our time to go deeper with consumers and help them navigate the complexities inside of their economic situations—ultimately positioning us to give a additional personalized and impactful degree of service.”

The staff will transfer into a new department office in the Ellicott Metropolis location, supported by Ameriprise elaborate director Ed Eckenroad and branch manager Karen Burkhart.

“We’re generally hunting to add top quality advisors who are passionate about their get the job done, and the consumers and communities they serve—and that’s this father-and-son workforce to a tee,” said Burkhart. “By joining Ameriprise, they are in a position to work as real partners, which is important to serving their consumers for yrs to come.”

Ameriprise finished the fourth quarter of 2022 with $758 billion in belongings less than its assistance and prosperity management division and $584 billion below its asset management division, according to a Q4 report—down 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the prior year, respectively.

In accordance to Monday’s announcement, 1,700 monetary advisors have joined the platform above the past 5 yrs.

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RIA Roundup: Perigon Wealth Does Deals with Stakeholders, Cognizant

RIA Roundup: Perigon Wealth Does Deals with Stakeholders, Cognizant

Perigon Prosperity Management introduced two additions this 7 days, although Concentration Money picked up its fifth Canadian husband or wife and Kestra helped start a new firm from Edward Jones. Meanwhile, Mission Prosperity introduced believe in products and services to bolster estate planning and Taylor Frigon Money Administration introduced a new family workplace.

In earlier news, Ensign Wealth Companions joined Steward Associates from Wells Fargo Advisors Economical Community and Prosperity Enhancement Group snapped up a billion-greenback Northern California organization in its fourth deal this 12 months.

Perigon Wealth Administration Adds Stakeholders Cash, Cognizant Prosperity 

Related: RIA Roundup: Wealthspire Advisors to Acquire Heron Prosperity in NYC

Perigon Wealth Administration, a San Francisco-dependent RIA with around $4.8 billion in customer assets, introduced the acquisition of Stakeholders Cash, an Amherst, Mass.-centered firm with $145 million in property below administration.

Stakeholders Cash and its team of 6 advisors and team will keep the firm’s branding.

Similar: RIA Roundup: LMP-Backed Pathstone Sells Stake to Kelso & Enterprise

Founded in 2008 by Andrew Bellak and Gregory Wendt, who heads up an extra office environment in Santa Monica, Calif., Stakeholders specializes in ESG and influence investing. Prior to founding the organization, the duo started out an options buying and selling firm that was acquired by Goldman Sachs. 

“Becoming a member of Perigon will allow us to increase our company as a result of the utilization of its ideal-in-course expert services and help,” Bellak stated in a statement. “And we’re thrilled to support Perigon grow their ESG/impression capacity and turn into the initial halt for any consumer or advisor who wants to adopt it into their portfolio or apply.” 

At the very same time, Perigon declared that Cognizant Wealth Advisors, a Palo Alto, Calif.-dependent duo with $100 million in AUM, has affiliated with the firm to leverage its expanded platform. 

Founder Artie Green and Sheetal Bagde will proceed to work as Cognizant, furnishing rich family members with expenditure, tax, stock choice and estate scheduling assistance.

“Perigon is proud that our adaptable affiliation models bring in such skilled people and groups,” stated Perigon CEO Artwork Ambarik. “Advisors appreciate our seamless way to plug into technology and recruiting platforms and streamline operations.”

The staff-owned agency has claimed its adaptable affiliation designs make it desirable to probable associates. Impartial economical advisors are available the chance to finish a full merger or acquisition, provide a minority stake, affiliate as an independent advisor or sign up for as W-2 staff members.

Founded in 2004 in San Francisco, Perigon followed an organic advancement trajectory till it began to recruit independent advisors as tuck-ins to the system in 2017. All-around 2020, the firm started pursuing a mergers and acquisitions strategy in addition to continued recruitment initiatives. 

Since December 2021, Perigon has extra groups and workplaces in five significant markets and far more than $1.5 billion in client property. At present, the agency has a lot more than 60 advisors overseeing $4.8 billion in belongings across a lot more than 9,000 customer accounts, according to a Form ADV submitted previous 7 days.

Kestra Personal Prosperity Services Recruits $250 Million Edward Jones Workforce

Kestra Non-public Wealth Products and services, a hybrid RIA system owned by Kestra Financial, announced the addition of Inspired Wealth Preparing, a 3-particular person group from Edward Jones with $250 million in customer property.

Founder and President Ricky Smith released the agency together with Registered Associate Jynni Bowyer and Customer Provider Associate Stacey Kamerer.

“The go to Kestra Non-public Wealth Companies delivers our workforce with the overall flexibility and choices for consumers that we were not capable to supply right before,” the workforce mentioned in a statement. “With so numerous jobs unrelated to shopper provider off our plate, we can target on sustaining and enhancing our substantial-touch consumer practical experience, strengthening our crew, and scaling our business.”

Situated in Cordele, Ga., the company specializes in financial organizing with a target on existence functions these kinds of as multi-generational planning, liquidity events, legacy procedures and longevity preparing.

Since it was released in 2010 by wirehouse breakaways trying to find to replicate the breadth of wirehouse expert services in an unbiased setting, Kestra PWS has presented support to extra than 30 firms. The Kestra PWS system oversees much more than $4 billion in assets across much more than 11,500 consumer accounts, in accordance to a Type ADV submitted before this thirty day period.

Westcourt Cash to Develop into Concentrate Financial’s Fifth Husband or wife in Canada

Emphasis Monetary Associates, a U.S.-based mostly RIA partnership system established to be bought this 12 months to private equity company Clayton, Dubilier and Rice, declared the addition of Toronto-based Westcourt Money Company.

Westcourt will come to be Focus’ fifth companion company in Canada and reflects the company’s focus on growing its extremely-high-web-well worth client base, in accordance to Thursday’s announcement.

The transaction is anticipated to near in the next quarter of 2023.

Launched in 2009, Westcourt provides expenditure guidance to extremely-substantial-internet-value buyers, household places of work and pick out institutional shoppers with a emphasis on alternate investment decision approaches.

“[Westcourt’s] knowledge in different investments, coupled with its properly-set up staff in a well known world-wide market place, will present a beneficial system for Concentrate and our partners to leverage,” stated Target CEO Rudy Adolf, noting that the transaction denotes the second husband or wife agency Emphasis has additional this year, and the 16th transaction. “This transaction more boosts our existence in the extremely-high net really worth room and in Canada, positioning us to obtain even greater accomplishment in the several years in advance.”

Mission Prosperity Introduces Trust Products and services

Mission Prosperity, a Santa Barbara, Calif.-primarily based RIA that oversees $5.3 billion in shopper property, has added trust services to its wealth management platform to enhance the firm’s estate organizing expert services.

“Our consumers normally question us to be their successor trustees to shepherd their wealth for the gain and defense of their heirs,” Chief Technique Officer Brad Stark claimed in a assertion. “These Have faith in Providers now permit us to fulfill people requests.”

Mission will provide a suite of answers, together with independent trustee products and services article-dying administration have faith in splitting and funding tax foundation resets appraisals marshalling property statutory heir reporting tax optimization and compliance investment decision management asset safety belief distributions exclusive wants bill paying out and charitable providing.

In accordance to Friday’s announcement, bringing rely on services in-house will make the agency far more adaptable, extra unbiased and in a position to much more efficiently take care of taxes, while clientele will potentially gain from Mission’s entry to alternate investments.

“In-house providers will let our clients’ dependable advisors to keep on to work with their people far into the long run to ensure that their needs are honored and carry on to be great stewards over their difficult-acquired wealth,” claimed Director of Estate Method Andrew Kulha.

Founded in 2000, Mission Wealth features financial scheduling, expenditure information, tax methods, estate and trust administration, philanthropic assistance, and asset safety solutions.

Taylor Frigon Funds Management Launches Relatives Business

Scottsdale, Ariz.-centered Taylor Frigon Capital Management, with roughly $264 million in belongings beneath administration, announced the launch of a loved ones business to serve the wants of significant-internet-worth clients.

The new Taylor Frigon Household Office environment is a multi-family members business providing financial management, tax prep and organizing, estate scheduling and lawful counsel to rich family members as a result of qualified partnerships with Arizona-based mostly lawful and CPA corporations.

Family place of work clients will also have accessibility to the firm’s expenditure methods, including authentic estate investment management, as perfectly as undertaking funds and private fairness chances available through the firm’s personal financial investment fund, Taylor Frigon Money Associates.

“We truly feel the time is suitable to start a system that gives substantial-net-worthy of and ultra-substantial-web-really worth clients these vital companies in 1 complete providing,” CIO and President Gerry Frigon claimed in a assertion.

Taylor Frigon was established in 2006, has two branch workplaces in Paso Robles and Santa Barbara, Calif., and is targeted on investing in firms with significant opportunity for swift progress. The business delivers 4 major strategies—three created around progress and an profits strategy— as perfectly as a mutual fund developed all-around undervalued organizations and TFCP, which invests in private businesses and micro and compact-cap public firms. 

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RIA Roundup: Carson Group Acquires $500M The Shobe Financial Group

RIA Roundup: Carson Group Acquires $500M The Shobe Financial Group

In a slower week for dealmaking amid RIAs, Carson Group made its very first full acquisition of the yr and Buckingham Strategic Prosperity declared its 3rd.  

In earlier news, a younger Merrill Lynch prodigy broke absent to start his have organization.

Carson Wealth Provides $500M Baton Rouge RIA: The Shobe Financial Team 

Associated: RIA Roundup: Lazard Asset Administration Acquires Truvvo Associates to Produce $8B Family Workplace

Carson Team on Thursday declared the acquisition of The Shobe Money Group, a $500 million registered expenditure advisory agency dependent in Baton Rouge, La.

The offer signifies the seventh whole acquisition that Carson Wealth, 1 of three Carson Group subsidiaries, has produced in its historical past. It is also amongst the most significant.

Similar: RIA Roundup: LMP-Backed Pathstone Sells Stake to Kelso & Organization

Led by founder and Chairman Ed Shobe and President Jason Windham, each companions at the company, the complete 16-human being team will be a part of Carson and continue to keep functioning below the Shobe name—under the Carson Wealth model.

Shobe discovered the have to have for a succession strategy as a essential motive for the move, put together with a motivation to facilitate advancement.

“We see Carson Team as a lengthy-expression partner that will permit us to develop and serve our customers for generations to arrive,” he explained in a assertion. “This alignment strengthens our offerings and is an crucial phase in our 100-calendar year approach.”

“We prefer to refer to them as mergers if the team is keeping intact,” explained Jamie Hopkins, managing spouse of wealth answers for Carson Wealth. “Shobe has 7 CFPs, which is some thing that we prioritize, and does a genuinely great position at monetary arranging. There are points they do seriously well that we’re just sort of merging in with Carson Wealth, whilst permitting them to continue to operate their way—even nevertheless that wasn’t how we pushed factors in the earlier.”

Carson offers technological innovation, expenditure and economic setting up “stacks,” he mentioned, but has calm specifications that acquired and partnering companies adopt these wholesale.

“We have some approved know-how that’s not element of the tech stack that firms can have and leverage,” Hopkins said. “We’re definitely striving to be additional adaptable and meet up with advisors and corporations in which they are compared to our giving as it stood before.”

“We did not just take this final decision lightly—it’s been more than a calendar year in the building,” said Windham. “As a Carson Wealth office we will have entry to expanded methods and can focus on what we do most effective.”

The Baton Rouge place is the seventh wholly owned Carson Prosperity office in the United States.

Centered in Omaha, Neb., Carson Group was founded in 1983 by Ron Carson and serves economic advisors and traders by means of its three companies – Carson Prosperity, its retail wealth management arm Carson Associates, an RIA partnership platform and Carson Coaching, an advisor coaching services. Carson Group currently manages $21 billion in property across all a few, serving far more than 45,000 family members by means of a community of more than 460 advisors in 37 states.

Buckingham Strategic Prosperity Announces 3rd Acquisition of 2023

Aim Economic Companions declared Friday it struck a offer to be part of Hausman Advisors, a registered financial investment adviser primarily based in Hood River, Ore., with Target associate firm Buckingham Strategic Wealth.

Founded in 2008 by Jason Smith and Karen Hausman Smith, Hausman generally serves purchasers working in technological and scientific fields. The firm has been affiliated with Buckingham because 2012 by means of its partnership with Buckingham Strategic Associates, Buckingham’s affiliated turnkey asset administration system.

“Karen and I expended our early careers in the scientific arena,” Smith explained in a statement. “We firmly believe this history allows us to present differentiated perspectives to our consumers, and tailor the everyday living and economical arranging that we do to their specific instances. We share Buckingham’s proof-centered investment philosophy and unwavering commitment to customer assistance. Which is how we knew they would be an suitable in shape for our company.”

“We have experienced the enjoyment of doing work with the Hausman crew for the past 10 years and have a really strong romantic relationship with them,” explained Buckingham CEO Adam Birenbaum. “Each of our corporations share a deep dedication to client service and evidence-dependent assistance. For all of these reasons, we could not be far more thrilled to have them join our advisory staff. Their backgrounds incorporate a unique factor to their ability to serve their clientele and we glance ahead to serving to them improve their footprint in Northern Oregon.”

Founded in 1994, Buckingham Strategic Prosperity now manages more than $20 billion in property, in accordance to it’s hottest Sort ADV, across extra than 40,000 customer accounts. The St. Louis, Mo.-centered firm has 50 workplaces nationwide.

The transaction is anticipated to near in the second quarter of 2023, issue to customary closing ailments.

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RIA Roundup: Lazard Acquires Truvvo, Creates $8B Family Office

RIA Roundup: Lazard Acquires Truvvo, Creates $8B Family Office

Registered investment advisors announced more than $18.8 billion in transacted assets this week, an indication that M&A in the space has not slowed as much as some predicted.

Lazard Asset Management and Truvvo Partners combined to create Lazard Family Office Partners, while Stratos Wealth Partners took ownership of First Wealth Financial Group in the wake of the sudden death of its CEO.

Related: Integrated Partners Adds $2.25B RIA Laurel Wealth

Meanwhile, Beacon Pointe announced it completed five acquisitions over the past three months, Pathstone is set to acquire $1.5 billion in assets and Merchant-backed Legacy Capital added $365 million in Arkansas. At the same time, Hightower facilitated the first tuck-in for partner firm Schultz Collins, while Snowden Lane lured another Morgan Stanley advisor.

In stories published earlier this week, Integrated Partners and Falcon Wealth Planning each announced their first acquisitions ever, Americana Partners added a $6 billion Houston RIA and Clearstead purchased its second trust business.

Lazard Asset Management Acquires Truvvo Partners, Creating Family Office

Related: Rivermark Wealth Management Joins Falcon Wealth Planning

Lazard Asset Management, which manages about $216 billion in assets, announced it acquired Truvvo Partners, a New York City-based RIA with $3.8 billion in assets that provides strategic advice, wealth planning and investment management to families.

Together, the firms have formed Lazard Family Office Partners to manage approximately $8 billion in assets—including Lazard’s existing U.S. private client business—and provide advice and investment solutions across public and private markets. The family office will integrate investment management, risk management and family office services into one offering.

As a result of the deal, Lazard’s global wealth management division now oversees approximately $22 billion in client assets, including a European wealth management business.

“Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment,” Lazard CEO Evan Russo said in a statement.

“We believe leveraging Lazard’s expertise, infrastructure and resources will strengthen our platform and enable a holistic approach, allowing us to better serve our clients,” added Truvvo CEO and CIO Casey Whalen.

Lazard’s global investment franchise is expected to complement Truvvo’s open-architecture platform and expertise in private markets, according to the announcement. The family office unit will provide investment management, as well as expertise in wealth transfer, tax planning, philanthropy, operational solutions, cash flow and liquidity planning.

The Truvvo team, which will be based in Lazard’s New York office, includes Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman.

One of the world’s largest asset management firms, Lazard currently operates out of 26 countries on five continents, providing a wide range of financial advice and management to corporations, partnerships, institutions, governments and individuals.

The firm celebrates its 175th anniversary this year.

Stratos Wealth Partners Expands Ownership Stake in First Wealth

Stratos Wealth Partners, an RIA of Stratos Wealth Holdings, expanded its ownership in First Wealth Financial Group to a majority stake, following the unexpected passing of Founder and CEO Breton Williams.

The owner and leadership transitions are effective immediately, according to Thursday’s announcement, “with no impact to the firm’s operations.” As a part of the transition, minority owner Andrew Meyers has been named president of First Wealth.

“As we continue processing the loss of our friend and colleague, we are grateful that Breton had such a detailed business continuity plan in place,” Meyers said in a statement. “I want to assure our clients that First Wealth’s team of advisors and staff is committed to providing the valued investment advice and financial planning care they have become accustomed to. Our strengthened partnership with Stratos will allow us to build an even greater business and provide additional services to these loyal clients.”

Established in Clinton, Iowa, in 1987, First Wealth oversees more than $348 million in combined brokerage and advisory assets. The firm provides investment management and retirement, estate, pension and tax-favored planning. Stratos has been a non-ownership partner in the firm for eight years, supporting growth as it expanded to six advisors in four locations.

“Breton was a well-respected member of the wealth management community in Iowa, who cared deeply about the well-being of his clients and community, and will be sorely missed,” said Charles Shapiro, founding partner and Chief Development Officer at Stratos. “On behalf of Stratos, I extend my condolences to the Williams family, staff of First Wealth and clients whose lives Breton improved over the years. We are honored to build on his legacy alongside Andrew and the First Wealth team, providing an exceptional client experience and growing the firm.”

Meyers, an advisor with First Wealth since 2011, recently stepped into a leadership role as part of the planned succession. Working with Senior Client Service Representative Cari Bush, Meyers began implementing the plan established by the late Williams to “ensure a seamless transition for clients.”

Stratos Wealth Partners manages more than $9.6 billion in advisory assets and advises on more than $6.9 billion in brokerage and third-party assets held away at LPL Financial. The platform offers infrastructure and operational, strategic and revenue-generating resources to growth-minded firms. Since its founding, Stratos has grown to 275 independent advisors, with more than 60 home office staff and more than 87 locations nationwide.

Beacon Pointe Adds Five RIAs in Three Months

Newport Beach, Calif.-based Beacon Pointe Advisors completed five RIA acquisitions over the last three months, according to an announcement, with three deals closing at the end of 2022 and two closing earlier this year.

Midwest Financial Advisor Group, Nexus Wealth Advisors, Pinnacle Wealth Management, Ailsa Capital and Bennicas & Associates have become Beacon Pointe regional offices in new and existing markets and extend the firm’s footprint to additional states, including Illinois, Michigan and Utah.

They added a combined $1.5 billion in assets under management, bringing Beacon Pointe to approximately $25 billion in AUM and 46 offices nationwide.

“Coming off of a busy year of M&A activity in 2021, it was great to keep that same momentum in 2022,” Beacon Pointe President Matt Cooper said in a statement. “Not only did we expand into several new territories, including three new offices in the Midwest, but we added further density in existing markets that we have been pursuing for quite some time.”

With office locations in Skokie, Ill., and Bloomfield Hills, Mich., Midwest Financial Advisor Group brings Beacon Pointe to both states for the first time. Serving clients in the greater Chicago region with around $300 million in assets, husband and wife founders Heather O’Neill Fairbanks and Isamu Fairbanks lead the five-person team.

“A big part of what we were looking for when searching for the right partner was a firm that could provide us the back-office support and resources we needed while still fostering a sense of community and culture that we aligned with,” said O’Neill Fairbanks. “Those elements paired with initiatives of Beacon Pointe’s Women’s Advisory Institute is what truly drew us into the firm.”

Pinnacle Wealth Management joins Beacon Pointe with $155 million in assets under management and expands the firm’s presence in the Denver region. Joined by a team of six, President Tom Stefaniak is taking on the role of managing director at Beacon Pointe.

“I was fortunate to have heard about Beacon Pointe through an existing partner at the firm,” Stefaniak said. “We’re excited to begin leveraging the robust platform and technology Beacon Pointe has cultivated over the years.”

Ailsa Capital will become Beacon Pointe’s first office in the state of Utah, with around $210 million in client assets. John Martindale is joining as managing director and bringing a team of three.

“The depth of Beacon Pointe’s service offerings, particularly from a client standpoint, was what truly drew us into the firm from the outset,” said Martindale. “That, paired with established back-office services that would enable us to spend more time with our clients, was one of the main drivers of our decision to partner with Beacon Pointe.”

With $240 million in assets under management, Bennicas & Associates is located in Portola Valley, Calif., and will be joining one of Beacon Pointe’s existing Bay Area office locations. Founder Georgia Bennicas is joining as partner and senior wealth advisor, along with advisor Michael Dunn and two staff members.

Nexus Wealth Advisors, located in Santa Cruz, Calif., is an extension of Beacon Pointe’s existing Bay Area office in Campbell. Nexus founder Lance Wexler and his team will continue serving clients in the Santa Cruz County and South Bay Area.

Financial terms of the deals were not disclosed.

Pathstone Will Acquire Rex Capital Advisors

Pathstone, a partner-owned and private equity-backed RIA serving families, family offices, foundations and endowments, entered into an agreement to acquire Rex Capital Advisors. Based in Providence, R.I., Rex provides investment advisory and family office services to ultra-high-net-worth families and related entities.

Founded in 2002 by Arthur Duffy, Rex Capital originally served as a single-family office. Working with Michael Chase, Matthew Thibault and Timothy Devlin, Rex has grown to advise 12 client families across the U.S., representing approximately $1.5 billion in assets. In addition to customized family office solutions, the Rex team brings private equity and venture capital expertise.

Once the deal has closed, the Rex team will have access to Pathstone’s infrastructure, expanded services and talent to accelerate growth.

“From the first conversation with Arthur and his team, we saw alignment in the way we approach client service, embrace innovation, and view the future of the family office business model,” said Pathstone CEO Matt Fleissig. “We’re thrilled to partner with such a culturally aligned group and to continue strengthening our presence in New England, in line with our goal of growing within our existing regional offices.”

Based in Englewood, N.J., the acquisition will bring Pathstone’s total client assets to almost $80 billion, with 17 office locations and nearly 350 team members­—more than 175 of whom are shareholders of the firm.

Merchant-backed Legacy Capital Recruits $650M Arkansas Team

Legacy Capital, a Little Rock, Ark.-based RIA and wealth management firm backed by Merchant Investment Management, is opening an office in Northwest Arkansas with the addition of Brian Wood, Michael Peebles and DeAnn Gann. The team of advisors were most recently with Arvest Bank’s wealth management division.

The deal will expand Legacy’s geographic footprint and strengthen its position as one of the largest independent wealth management firms in Arkansas, according to the announcement, including more than $1 billion in client assets and more than $2.5 billion of in-force life insurance.

The former Arvest Bank team will provide everything from asset management and investments to financial and estate planning, banking and trust services, and insurance solutions to high-net-worth and ultra-high-net-worth families.

Legacy has served individuals and families since 1977 with financial planning, asset management, legacy and estate planning, and insurance solutions. Backed by Merchant since 2018, Legacy has doubled AUM since a 2020 merger with Trent Capital and now serves 400 households with a staff of 20.

“Matt and the team at Legacy Capital were one of Merchant’s first partners,” said Merchant co-founder and Managing Partner Tim Bello. “It’s been remarkable working with them and growing the firm.”

Hightower Supports 1st Acquisition for Partner Firm Schultz Collins

Schultz Collins Investment Counsel, a Hightower firm in California’s San Francisco Bay area, completed its first acquisition with support from its parent platform.

DHR Investment Counsel in Oakland, Calif., a $385 million firm led by husband-and-wife team Davis Riemer and Louise Rothman-Riemer, is joining Schultz Collins and bringing the firm’s assets under supervision to more than $1.3 billion.

Founded in 1987, DHR Investment Counsel “pioneered the implementation of the fiduciary standard of practice among investment advisory firms,” according to the announcement, and is among the industry’s first fee-only firms.

Founded in 1995, Schultz Collins serves individual investors, retirement plan sponsors and institutions. The firm joined Hightower in January 2020.

“Together, Schultz Collins and DHR Investment Counsel serve a highly attractive, complementary clientele,” said Hightower Chairman and CEO Bob Oros. “This acquisition will go a long way in supporting the firm’s ambitious growth plans and helping empower their next generations of advisors.”

Hightower has a dedicated M&A team to help its partner firms execute mergers and sub-acquisitions by providing sourcing, valuation, deal structuring, due diligence, legal and regulatory and pre- and post-close integration services, as well as the capital resources needed for transactions.

The growing platform of independent advisors supports 131 firms in 34 states and the District of Columbia with a range of services designed to catalyze and accelerate growth. At the end of 2022, the firm managed $113.7 billion in client assets, up from $106.1 billion just three months earlier, and $144.3 billion in assets under administration.

Snowden Lane Partners Adds Morgan Stanley Advisor in Miami

Eduardo Alvarez Andreu, a Miami-based advisor managing $132 million in client assets, left Morgan Stanley to join Snowden Lane Partners, a hybrid RIA based in New York.

Working out of Snowden Lane’s Coral Gables, Fla. office, Alvarez Andreu will serve as partner and managing director. He brings nearly two decades of experience in financial services, with expertise in international wealth management and alternative investments.

Prior to Snowden Lane, Alvarez Andreu held the roles of first vice president, international client advisor, alternative investments director and portfolio manager at Morgan Stanley in Miami. He joined the wirehouse as a team research analyst and fixed income trader in 2010.

He has also worked as senior sales associate and trading specialist at Barclays and as a private wealth management certified sales assistant at Lehman Brothers. He’s fluent in English, Spanish and Portuguese.

“It’s always humbling to receive interest from advisors as qualified as Eduardo,” said Snowden Managing Director Doug Flaherty. “His experience working with clients both domestically and internationally will be invaluable, and his attention to detail for each of his clients is a true differentiator.”

Since its founding in 2011, Snowden Lane has grown rapidly by recruiting advisors from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, Wells Fargo and Fieldpoint Private, among others.

Today, the firm employs 136 professionals, 75 of whom are client-facing advisors, across 13 offices around the country.

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RIA Roundup: Mariner Wealth Advisors Acquires Tax Practice

RIA Roundup: Mariner Wealth Advisors Acquires Tax Practice

RIAs are getting plenty of dealmaking done in February. Mariner Wealth Advisors, Hightower, Focus Financial’s Buckingham Strategic Wealth, Sanctuary’s Alluvial Private Wealth, Kestra’s Grove Point and Ashton Thomas Private Wealth all announced acquisitions this week, in deals worth more than $1.4 billion in cumulative client assets.

Meanwhile Savant and Wealthspire both added talent in newly-created roles to facilitate growth, Strategies Wealth Advisors has a new name and NAPFA named Kathryn Dattomo as its new CEO.

Mariner Wealth Advisors Acquires Arizona Tax Practice 

Related: Private Wealth Management Adds $1B US Bank Expats

Mariner Wealth Advisors announced its first acquisition of 2023—the Arizona-based tax practice Hopkins Tameron Hostal.

Joe Tameron and David Hopkins founded the firm in 2017. They previously worked together at the national CPA firm CliftonLarsonAllen and launched Hopkins with the intention of providing clients with more personalized services. Their team of 10 offers tax, consulting and wealth management services to professionals in industries such as construction, real estate, manufacturing, hospitality and technology. In 2022, Hopkins also completed 1,500 returns for corporate and individual clients.

Related: Sequoia Financial to Buy $5B Zeke Capital

The integration of Hopkins’ services aligns with Mariner’s goal to provide clients with “a full catalog of solutions in-house,” according to Wednesday’s announcement

“It has always been our vision to provide our clients with national firm experience and knowledge, while still offering the individualized and personal attention they deserve,” Hopkins said in a statement. “Joining Mariner Wealth Advisors will accelerate our mission of turning vision into value for our clients, and we are excited to broaden the scope of services we’re able to provide with the firm’s support.” 

“Hopkins and Tameron have demonstrated admirable success in their operations on both a national and independent scale,” Mariner CEO Marty Bicknell said in a statement. “I look forward to seeing this success translate into the team’s work with our advisors and clients in the greater Scottsdale and Phoenix area, as well as nationwide.”

The deal is somewhat unusual for Mariner—which has an aggressive M&A strategy primarily targeting registered investment advisors—but isn’t the first in its history. The firm has completed six such acquisitions and three lift-outs, including two 2019 acquisitions that established tax affiliates in Los Angeles and New Jersey.

The firm has grown to 84 locations nationwide since its 2006 launch and is now working to provide clients with a “seamless” wealth management experience, including access to tax, trust, insurance and estate specialists.

The transaction closed Jan. 31, 2023, and Hopkins’ Scottsdale office officially joined the Mariner brand on Thursday. Following integration, the Hopkins team will remain in their Scottsdale office and provide support for Mariner’s Scottsdale and Phoenix locations.

Launched with just $300 million in client assets less than 20 years ago, Mariner and its affiliates now advise on more than $105 billion in assets.

Hightower Buys $625M Bickling Financial Services

Hightower announced the acquisition of Bickling Financial Services, a Lexington, Mass.-based registered investment advisor with approximately $625 million in assets under management and three offices across the state.

Bickling is a family-owned business founded in 1984 by Dorothy Bickling, one of the first 600 people—and one of the first women—to earn the Certified Financial Planner designation. Sons Spencer and Andrew Betts joined the firm in 2000 and 2007, respectively, helping to transition Bickling to an SEC-registered firm in 2015. They currently work as co-managing principals and have aimed to institutionalize the business.

“As a firm, we have experienced tremendous growth over the past few years,” Spencer Betts said in a statement. “To continue achieving our growth goals, we knew we needed a strategic partner that could help us scale the business and invest in its future.”

“We see this as the next evolution of our business,” added Andrew Betts. “We knew we wanted a firm that would add resources and expertise, but also gives us the freedom to implement our strategic vision.”

With a staff of 14 employees, including five advisors, Bickling provides full-service wealth management and financial planning services to more than 850 clients and 27 pension plans in 13 states, according to its latest ADV filing.

“We look forward to helping them achieve their ambitious growth goals, both organically and through talent acquisition, scale their operations and develop the next-generation of leaders through programs like our Hightower Center for Leadership,” said Hightower CEO Bob Oros.

Hightower’s model is predicated on buying independent, growth-oriented firms and providing them with the means to facilitate that growth in a wide variety of ways, including M&A support, talent acquisition, technology, investment management, back-office support, business development resources and more. Firms are fully acquired and moved to the Hightower ADV.

The Chicago-based RIA platform currently boasts 132 affiliates in 34 state and the District of Columbia. The company ended 2022 with around $144.3 billion in assets under administration and $113.7 billion under management.

Schwinck Private Wealth Team Joins Ashton Thomas Private Wealth from Wells Fargo

Schwinck Private Wealth, which managed more than $500 million at Wells Fargo Advisors, joined Ashton Thomas Private Wealth and established two new offices in the Rocky Mountain region.

“We’re committed to a collaborative approach in providing solutions-oriented, advice-driven wealth management services for each client we have the privilege of serving,” Schwinck Managing Director Karl Schwinck said in a statement, noting that months of due diligence went into the search for an independent partner.

“We believe Ashton Thomas will allow us to elevate that experience for our clients and ensure we continue providing the ‘white glove’ concierge service they have come to expect from us,” Schwink said.

In addition to Schwinck, the team includes Senior Wealth Advisor John McCloskey, Wealth Advisor Cade Hammarquist, Private Wealth Client Associate Sandy Martin and Private Wealth Marketing Associate Tiffany Shorkey. They will co-locate in the firm’s new Denver and Colorado Springs offices.

“We believe the addition of Karl, John, and team mark a pivotal point in the growth of Ashton Thomas,” said Ashton Thomas CEO and Founder Aaron Brodt. “We opened a 9,300-square-foot office in a prime location in the Cherry Creek section of Denver. We also took down space in Colorado Springs, a metro area which fits the profile of others in which we’ve had success to date. We’re committed to Colorado, and the addition of the Schwinck team is a clear demonstration of that commitment to the community.”

Based in Scottsdale, Ariz., Ashton Thomas manages more than $2 billion across more than 1,500 clients. The firm provides foundations, businesses and wealthy individuals and families with fee-based financial planning and investment portfolio management, as well as retirement plan consulting and financial education.

Alluvial Private Wealth Expands in Cleveland with Sanctuary Support

Sanctuary Wealth completed a sub-acquisition for partner firm Alluvial Private Wealth, enabling Alluvial to open a new office in a Cleveland Opportunity Zone district.

Led by Randall and Kerry Bliss, the team from HB Wealth Advisors joins Alluvial with $70 million in assets. It is the first acquisition Alluvial has made since launching with Sanctuary’s support in January 2021.

“We’re thrilled they’ve chosen to partner with us as we continue to grow Alluvial Private Wealth,” said Alluvial founder Lars Olson, in a statement. “The fact that so many of their clients represent multiple generations of the same family is indicative of the quality of the work that they do on behalf of their clients.”

“There were numerous reasons why I decided to join with Lars and Alluvial Private Wealth,” said Randall Bliss in a statement. “But I was really impressed with the Sanctuary platform and the deep bench and more sophisticated approach that I would have access to through Alluvial.”

The sub-acquisition is the fifth Sanctuary has completed on behalf of a partner firm, following closely on the G Squared Private Wealth tuck-in of Brandi Cooper’s team from Morgan Stanley.

“Our goal since first launching Sanctuary was to provide the assistance our partner firms need to grow to the next level, including through mergers and acquisitions,” said Michael Longley, Sanctuary’s chief growth officer. “Alluvial Private Wealth have shown themselves to be great partners and we’re proud to help them expand through this strategic acquisition and excited to welcome Randy and Kerry Bliss into the Sanctuary network.”

Randall Bliss has almost 40 years of financial services experience and for the last 21 years has been an independent financial advisor affiliated with Concourse Financial Group. He spent 16 of those years as a supervising principal while building his own practice, resigning six years ago to focus on his clients.

He is joined by his wife, Kerry, who has more than a decade of experience and holds multiple professional licenses.

Headquartered in Marion, Ohio, Alluvial has opened its first Cleveland location where the team is based.

“We chose to open in an Opportunity Zone because we are committed to helping to revitalize our communities by bringing jobs and economic activity back into the heart of downtown Cleveland,” said Olson. 

Latest Focus Tuck-In, Davis Financial Planning, to Join Buckingham Strategic Wealth  

National RIA partner platform Focus Financial Partners has struck a deal to join Davis Financial Planning with Focus’ partner firm Buckingham Strategic Wealth.

Founded in 2010, Asheville, N.C.-based Davis provides financial planning and advisory services, as well as tax planning and preparation, to individuals and families. It manages around $105 million in client assets. The deal will expand Buckingham’s North Carolina presence.

“We have been looking at options to evolve our services, enhance our technology and increase our community engagement while continuing to provide our clients with the excellent service they expect and deserve,” Davis Financial Founder Al Davis said in a statement. “We needed a partner that would allow us to focus on what we do best—helping our clients plan for all of their life changes. Buckingham is the perfect cultural fit for our team.”

“We are pleased that Davis Financial Planning will be joining Buckingham allowing them to expand into Asheville, which is an important wealth market in North Carolina,” said Focus CEO Rudy Adolf. “This addition will not only add a talented team of advisors to Buckingham but will also further solidify its position as a leading wealth manager with a national footprint.”

Headquartered in St. Louis, Buckingham has 50 offices across the country and manages around $20 billion in assets.

In December, Focus announced that Buckingham would be acquiring Oxford Financial Partners in Cincinnati in a deal set to close this quarter.

The transaction with Davis is expected to close in the second quarter of 2023, subject to customary conditions.

Father-Son Team with $62M Joins Grove Point Financial

Grove Point Financial, a hybrid RIA platform owned by Kestra Financial, has announced the addition of Garner Group Financial, a Delaware-based father-son team managing $62 million in client assets.

Led by founder Eugene Garner and his son Joe Garner, the firm specializes in retirement planning and multi-generational wealth strategies. Eugene Garner, who is dually registered, launched the firm after 18 years with David Lerner Associates and nearly two decades running his own business. Joe Garner is a FINRA-registered broker and his father’s planned successor.

“We were looking for a partner who embraced and elevated our entrepreneurial spirit, and that is exactly what Grove Point did for us,” Eugene Garner said in a statement. “We firmly believe in Grove Point’s mission of supporting a community of like-minded financial professionals and are thrilled to be a part of it.”

The transaction gives Garner access to Grove Point’s investment solutions and back office support, according to the announcement.

“We are dedicated to bringing value to every aspect of our financial professionals’ businesses and providing them with the tools to grow and further support their clients,” said Grove Point’s EVP of Business Development Rob Engle.

Operating out of Rockville, Md., Grove Point currently provides broker/dealer and RIA services to more than 500 professionals nationwide.

Savant Wealth Management Hires 2 in Support of Growth Goals

Savant Wealth Management, a Rockford, Ill.-based RIA with around $14 billion in client assets, has announced the recruitment of two more industry professionals to support the firm’s aggressive mergers and acquisitions strategy and a new client service platform.   

The newly-created positions are intended to facilitate Savant’s plans to grow in scale by three to five times over the next five years.

Myles Cavell joined Savant from Edelman Financial Engines, where he spent the last 4 1/2 years in various roles, most recently as regional director for M&A integrations. Prior to Edelman, he spent more than eight years with TD Ameritrade and several months with Financial Engines. In his new role as director of partner optimization, Cavell serves as an “advocate” to newly acquired firms and guides leadership through the transition and integration processes.

Cavell sits on Savant’s advisory leadership team, reporting to Chief Advisory Officer Chris Walters.

Brad Felix came to Savant from TruePoint Wealth Counsel, where he was director of innovation and a shareholder, and Commas, an RIA he founded and remained with as a portfolio manager, according to his LinkedIn profile. Prior to that, he was a portfolio manager at Opus Capital Management.

At Savant, Felix will work with with Chief Strategy and Innovation Officer Rob Morrison to develop and launch the firm’s Ideal Futures Platform, a fintech-based financial planning process aimed at improving overall client experience.

“In 2023, we are focused on growth and committed to making experiences more seamless and hassle-free, not only for clients, but also with the partner firms we acquire,” Savant CEO Brent Brodeski said in a statement. “Myles will be dedicated to smoothing the transition for firms partnering with Savant, from both an operational and cultural perspective. As director of our Ideal Futures Platform, Brad will be working to create a more impactful onboarding process and an easier way for clients to follow their progress toward their goals.”

Earlier this month, Savant announced Patrick Lawlor joined Savant as head of mergers and acquisitions, a role created to help expand its M&A activity. In 2021, Savant recapitalized to accelerate from incremental to exponential growth, and last year, it strengthened its advisory leadership team by bringing in Walters as chief advisory officer, Jason English as director of growth and John Hanley as director of practice management.

Savant Wealth Management offers investment management, financial planning, retirement plan and family office services to wealthy individuals and institutions, while providing corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting. 

Wealthspire Advisors Names Channing Olson Head of Integration and Project Management

Wealthspire Advisors, NFP’s subsidiary RIA platform, tapped Channing Olson to lead integration, project management and communication initiatives at the firm as it continues to expand through mergers and acquisitions.

Olson is joining from Private Ocean, a firm that had 22 partners and $2.7 billion in assets when it was acquired by Wealthspire in late 2021. Following that integration effort, she was involved in the integration of multiple other firms, according to Monday’s announcement. Prior to Private Ocean, Olson managed operations and marketing for Partners In Leadership, a consulting firm to Fortune 1000 companies, and was a litigation legal assistant for law firm Greenberg Traurig.

“Channing’s role will greatly enhance the integration process by providing more focused support to those who are actively involved and improving the overall experience for staff who join,” said Wealthspire Head of M&A Hoyt Stastney, adding that she “knows firsthand what needs to happen in order for these integrations to be successful.”

“Investing in this area is a strategic advantage for us and a true differentiator in the M&A space,” said Olson. “It’s exciting to be in a role where I can leverage my expertise in change management and culture to emphasize our focus on our people and our clients.”

The Private Ocean arm of Wealthspire, which maintains a separate ADV and accounts for close to $3 billion in assets, has been included on WealthManagement.com’s RIA Edge 100 list as a registered investment advisor growing at a faster pace than its peers while maintaining an above average advisor-to-client ratio and investing in CFP certificants.

Last spring, NFP realigned the company to place a greater emphasis on its wealth management businesses, including Wealthspire and Fiducient Advisors, another SEC-registered entity serving retirement plan sponsors, private clients, endowments and financial institutions. At the time, NFP President Mike Goldman said the move was meant to create greater visibility for the segment, which accounted for more than 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of revenues. 

“We also want to show clients that wealth management stands side-by-side and integrates well with our P&C and Benefits & Life segments,” he said.

Across all entities, Wealthspire currently has 19 offices in 10 states managing around $18.8 billion in assets.

Strategies Wealth Advisors Rebrands as Innovia Wealth

Strategies Wealth Advisors has become Innovia Wealth in a rebranding effort meant to “better reflect changes in the wealth management landscape and the firm’s continued evolution and growth,” according to an announcement.

“A lot has changed in wealth management since I founded Strategies Wealth Advisors in 2007,” Innovia Managing Director Michael Berkemeier said in a statement. “We’ve grown in size and scope, by adding professional staff, adopting new technologies, broadening our offerings, and finding new ways to better serve our clients.”

“We chose the name Innovia because it reflects our commitment to innovation, joined with the word ‘via,’ which means the ‘way’ or ‘path,’” said CIO and Managing Director Aaron Veldheer. “Proven ideas become innovation when they can be replicated reliably on a meaningful scale at practical costs. We work every day to innovate our clients’ financial lives better and provide a path forward that will allow them to realize their dreams.”

With $1.5 billion in assets under management, Innovia provides holistic financial planning and investment advice to entrepreneurs, high-net-worth families and nonprofits, bolstered by a credentialed team experienced in tax, legal, insurance and estate-related matters.

“As far as the families we work with are concerned, the only thing changing is our name,” said Berkemeier. “They can rest assured that our fiduciary mindset and steadfast commitment to their financial well-being remains the same as is has been since the start of our relationship.”

NAPFA Appoints New CEO

The National Association of Personal Financial Advisors, a professional organization of fiduciary, fee-only financial advisors, announced that Kathryn A. Dattomo has been appointed CEO—effective March 13.

She will relieve Leslie Stokes, who became interim CEO when Geoffrey Brown stepped down to follow another career opportunity in November.

In her new role, Dattomo will lead NAPFA membership while representing the organization to donors, sponsors, partners and other stakeholders. According to the announcement, she will also work to expand membership and programming with a focus on DEI, advocacy and “professional excellence.” 

“As a veteran association professional, I’m very excited to join NAPFA,” Dattomo said in a statement. “NAPFA’s commitment to professional development and member success mirrors my own values and I look forward to upholding the organization’s strong priorities and expanding its reach to advance NAPFA, the member community and the financial planning profession.”

Founded in 1983, NAPFA is dedicated to fiduciary financial planners, providing education, professional connections, business development resources and advocacy in support of members’ success. Headquartered in Chicago, Ill., NAPFA represents more than 4,500 SEC- and state-registered advisors in the U.S. and abroad.

Dattomo comes to NAPFA from the American Association of Neurological Surgeons, where she served as chief development officer for three years, leading the Neurosurgery Research & Education Foundation, marketing communications and industry relations. Prior to that role, she spent 15 years at the American Society of Gastrointestinal Endoscopy as executive director of the ASGE Foundation.

Dattomo holds a master’s degree in nonprofit administration from North Park University and is both a Certified Association Executive and a Certified Fund Raising Executive.

“Kathryn’s strategic drive and her long, distinguished career in the association management community make her the perfect choice to lead NAPFA into the next phase of its development,” said NAPFA Board Chair Jeff Jones. “We’re thrilled to welcome Kathryn aboard.”

The search was conducted by association and non-profit search experts Vetted Solutions.

In other RIA news…

NewEdge launches W2 model, TruClarity is selling its businesses separately, Sequoia adds $5 billion firm and Private Wealth Asset Management recruits two U.S. Bank expats.

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RIA Roundup: Steward Partners Adds First Team on Pershing Platform

RIA Roundup: Steward Partners Adds First Team on Pershing Platform

Steward Partners, Prosperity Improvement Team, Mission Wealth, Buckingham Strategic Partners and Ahead Financial all introduced acquisitions this 7 days, whilst Mariner Wealth and Savant Wealth brought on new expertise to facilitate expansion and Emigrant Partners and Slate Hill each took minority stakes in growing firms.

Steward Companions Provides H.L. Wiginton as To start with Workforce on Pershing Platform and First in Alabama

Steward Companions World-wide Advisory, an personnel-owned, hybrid partnership of independent advisory corporations, recruited its first team on the BNY Mellon | Pershing custodial platform—and its initial in Alabama.

Associated: RIA Roundup: New Offers, Roles and Grads

H.L. Wiginton Capital Administration, a four-particular person group led by Mike Wiginton, brings about $220 million to the Steward platform from Cambridge Financial commitment Study Advisors. Wiginton joined Cambridge in 2022 right after 13 a long time with Cantella & Co., in accordance to his SEC registration, subsequent short stints at Wachovia and A.G. Edwards & Sons.

“I released H.L. Wiginton 13 many years in the past due to the fact I wished to be ready to give my clientele far more than what was readily available to me in a wirehouse ecosystem, and that’s the identical impetus powering my determination to be part of Steward Associates,” he explained in a statement. “In addition to owning accessibility to a lot more powerful know-how and partners who can assistance us streamline and grow our follow, Steward Companions has a tradition that matches our personal by putting clients’ passions at the forefront of anything we do.”

Linked: RIA Roundup: Frank Smith Normally takes Around as CEO at Private Advisor Group

The team includes Tom Ferrell, vice president and financial advisor Luke Ferrell, financial advisor and Kristi Alexander, workplace manager and profits assistant.

Launched in 2013 with a person advisor and around $100 million in assets less than management, Steward has because grown to extra than $23 billion in customer belongings throughout a lot more than 350 associates, largely as a result of the recruitment of breakaway wirehouse advisors.

Very last fall, the company secured a $140 million credit history facility to expedite recruiting next the move to a multicustodial model, which CEO Greg Banasz explained “opened up the floodgates” of new recruits.

“Look for a lot of motion,” he said of the initially fifty percent of 2023.

Prosperity Improvement Team Adds $371M Hybrid RIA Legacy Monetary Arranging

Prosperity Improvement Team, a Minneapolis-dependent aggregator of wealth management corporations with more than $60.6 billion in total customer property, obtained Legacy Economic Planning—a hybrid RIA with offices in Rochester and Oswego, N.Y. and Naples, Fla.

With more than $371 million in shopper property, together with $87 million in held brokerage accounts, Legacy is led by co-founders CEO Tammy Mogilski and President Brian Bedford. Alongside with a workforce of 3 advisors and four guidance staff, the agency delivers monetary arranging, financial investment administration, retirement profits setting up, estate setting up and existence coverage setting up to people nearing or in retirement.

“Following several months of watchful thought in our search for the appropriate strategic associate with a identical culture and proven heritage of development and accomplishment, we are fired up to companion with Prosperity Improvement Group,” Bedford claimed in a assertion. “Their organization provides the methods we are hunting for to choose our products and services to the future degree.”

“This partnership will provide their crew with the resources and support needed to permit further more professional growth and greatly enhance the provider that their consumers receive,” explained Jim Cahn, WEG’s main investments and enterprise growth officer. “We search forward to collaborating with and mastering from the crew as we develop alongside one another.”

Advisor Growth Approaches, a administration consulting and transaction advisory business serving the RIA industry, served as Legacy Monetary Planning’s transaction advisor.

Started in 1997, WEG now has in excess of 85 places of work serving 50,000 homes nationwide. The agency has additional more than $6 billion in assets considering the fact that late September.

Mission Prosperity Merges with Murphy Funds Advisors

Mission Wealth, a $5.3 billion RIA integrator out of Santa Barbara, Calif., declared a merger with Murphy Funds Advisors, a $110 million apply west of Phoenix, Ariz.

Established in 2005 by Matt Murphy, Murphy Capital provides boutique wealth administration products and services for shoppers all over Arizona and in Illinois. The organization will adopt Mission branding, for each its acquisition design, and develop its abilities in the Arizona industry.

“I am thrilled to just take my solo apply to a company with this sort of an amazing management workforce, excellent support infrastructure, technologies stack and a philosophy of putting customers first,” Murphy reported in a statement. “I realized that merging with Mission Prosperity would be the fiduciary and the proper matter to do to assistance my consumers and to continue to develop.”

Through his vocation, Murphy has held different leadership roles in just the National Affiliation of Personalized Financial Advisors and the CFP Board, exactly where he assisted codify the fiduciary necessity for all CFP gurus, as properly as served on the board of the Economic Arranging Association’s Phoenix chapter.  

“Matt represents the greatest ethical requirements in our sector and has continuously led by instance with his customer-initial, fiduciary strategy,” stated Mission President Dannell Stuart. “His many management roles with the CFP Board and the Countrywide Affiliation of Particular Fiscal Advisors are illustrations of his commitment to the economic organizing occupation.”

“After browsing his business office in Arizona and meeting his household, Matt Murphy firmly represents the values and caring solution that provide as the basis of Mission Prosperity,” explained Mission co-founder and Chief Affect Officer Seth Streeter. I glimpse forward to a thriving partnership alongside one another and to increasing our arrive at in the Phoenix region.”

Started in 2000, Mission serves more than 2,000 clients. Previous summer, Streeter discussed to podcaster Michael Kitces that the firm’s acquisition product is more of an “acquihire,” under which the firm is including attractive talent as a result of the M&A system. But it’s not Mission’s only expansion gambit. In addition to giving scholarships by the CFP Board to help the growth of youthful pros, the organization is actively reaching out to bring with each other teams in its several communities.

“We unquestionably have clear programs as considerably as wherever the company is heading,” he advised Kitces. “We want to be form of thought leaders in these locations of influence with extra values-based mostly organizing, values-dependent investing, carrying out group work.”

The goal is to get to $30 billion in assets in the subsequent eight many years, he said.

Mariner Wealth Advisors Hires Todd Cassler to Accelerate Development Strategy

Mariner Prosperity Advisors announced that Todd Cassler will be part of its Enterprise Management Team as the firm’s chief system & growth officer.

Cassler is joining Mariner adhering to nearly two many years of rapid growth at the firm, for the duration of which a lot more than 25 acquisitions have been accomplished. He will be charged with setting up on the current trajectory as it continues to incorporate new advisors and abilities to its system.

He joins Mariner from John Hancock and Manulife Expenditure Management, exactly where he was president of financial establishments and advisory answers and the head of institutional distribution for the U.S. and Europe. For the duration of 16 several years with the firm, Cassler was accountable for gross sales, consumer assistance and partnership administration for the RIA and the firm’s broker/supplier system, as very well as the financial institution rely on, international money institutions, insurance plan trust system and additional. His encounter also contains roles as vice president at Neuberger Berman and national distribution improvement manager at American Skandia.

“I’ve recognised Todd for a long time, and I have the utmost regard for the impression he has experienced on the expansion of John Hancock’s enterprise,” Mariner CEO Marty Bicknell stated in a statement. “Todd’s sturdy standing and associations within the sector will enable us increase in new arenas and will enhance the present strengths of our Organization Leadership Staff.

Cassler will lead natural and inorganic progress initiatives, which include corporate development, advisor recruiting, referral lover packages, conventional small business progress, advisory methods and specialty packages. His target will be on driving organization growth throughout all organization models, such as its ultra-higher-internet-value apply and the Mariner Advisor Network platform, although expanding services for existing purchasers.

“Throughout my vocation, I’ve had the chance to do the job with the most effective and brightest in the business,” said Cassler. “[Mariner] has revealed tremendous expansion and has an excellent observe report of good results, and I’m hunting ahead to actively playing a purpose in its up coming phase of growth.”

Dependent in Mariner’s Dedham, Mass. office environment, Cassler’s initial working day was January 31.

Emigrant Companions Takes Stake in SteelPeak Wealth

Emigrant Associates produced its next investment decision of the 12 months with a strategic, non-voting minority stake in SteelPeak Prosperity, a hybrid RIA headquartered in Los Angeles, managing $2 billion in property for over 1,700 clients.

The partnership will give SteelPeak with capital and strategic means to support the organization in its future section of expansion, in accordance to the announcement.

“We have been really deliberate in our choice procedure for a strategic partner—the cultural healthy and alignment on our potential vision was paramount, and protecting our independence was critical,” SteelPeak CEO Reza Zamani said in a assertion. “EP checked all the bins. We imagine they will assistance us to notice our expansion targets, throughout natural and organic, M&A and advisor recruitment, a lot quicker.”

“We are thrilled to welcome the SteelPeak workforce to the Emigrant Associates network,” stated Emigrant CEO and President Karl Heckenberg. “We were being carefully amazed with their shopper engagement product, proprietary expense administration capabilities and organic and natural development motor. SteelPeak is well-positioned for upcoming growth with a powerful foundation in the Southern California market, and a escalating presence in eye-catching prosperity marketplaces this sort of as Dallas and Miami.”

“At this phase of our advancement, we are hunting to keep on to boost our capabilities for our shoppers and broaden our footprint,” included SteelPeak CIO Maziar Esmailbeigi. “EP has a proven track document of helping their husband or wife companies differentiate and deliver shopper results to a broader, countrywide customer base.”

Emigrant Companions is owned by Emigrant Lender and is at the moment invested in 19 firms overseeing more than $86 billion in aggregate property. The firm’s financial commitment design allows companions to retain management in excess of technique, investment decision choices and working day-to-day functions, according to the announcement.

Ahead Fiscal Joins Grove Position for Advertising, Investments and Open up Architecture

Grove Point Monetary, a broker/supplier and investment advisory system in Rockland, Md., declared the addition of Forward Fiscal, a Baltimore-primarily based organization running $34 million in belongings.

Headed by Aaron Polun, Forward Fiscal provides charge-dependent preparing and prosperity and expenditure management to persons going through vital existence events, these as retirement, divorce or a occupation modify.

“As an experienced economic specialist, Aaron is committed to serving to his shoppers on the path to fiscal accomplishment, significantly in the course of tough situations in their life,” said Rob Engle, Grove Point’s government VP of enterprise enhancement. “We appear ahead to partnering with him as we acclimate Ahead Fiscal into our society of provider and aid.”

The move to Grove Stage was pushed by a need to use the firm’s open up-architecture platform, financial commitment possibilities, advertising and marketing and expanded expert services, according to the announcement. Ahead will leverage Grove Point’s means to attain extra consumers, whilst Polun remains unbiased. Forward Economic options to improve throughout Maryland, Virginia, Delaware, and the Washington, D.C., metro area by attracting extra cost-primarily based and financial investment management purchasers.

A subsidiary of Kestra Holdings, Grove Position Economic delivers broker/dealer and RIA solutions to a lot more than 500 economic pros nationwide.

Buckingham Strategic Wealth Opens Two New Workplaces

Buckingham Strategic Prosperity declared the formal openings of its 49th and 50th locations with the addition of Oxford Economic Associates in the metro Cincinnati place and Convergent Money Strategies in Philadelphia.

Both equally groups have adopted Buckingham branding but have managed their individual SEC registrations.

“We are thrilled with the chance to extend our countrywide footprint and join with even far more family members,” Buckingham wrote in a LinkedIn submit Thursday.

Run by Controlling Director Alan Schapire and CIO Carl Nadwodny, the Convergent workforce oversees approximately $174 million in consumer belongings throughout 85 shoppers. The offer was initially declared in December.

“Buckingham and Convergent share tremendous synergies,” claimed Buckingham CEO Adam Birenbaum. “Just like us, they are focused to supplying clients with a substantial-contact, customized encounter every single move of the way. Their tax planning and arranging abilities is a terrific addition to Buckingham’s wealth of awareness.

“By partnering with Buckingham, we are ready to broaden our collective knowledge and means to assist our shoppers for yrs to occur,” reported Nadwodny.

The Oxford acquisition, announced earlier this thirty day period, provides an additional $278 million in assets managed by Erik Christman and his team.

“By joining Buckingham, we can draw from their expansive sources, expertise and countrywide footprint to positively impression the lives of our clients now and in the long term,” Christman unhappy, “all while retaining the personalization of a local company.”

“The workforce at Oxford is driven by a people today-to start with philosophy,” explained Birenbaum. “We search ahead to leveraging our operational scale to increase to their superior-contact wealth administration experience and to setting up our footprint in the metro Cincinnati space and further than.”

Headquartered in St. Louis, Buckingham Strategic Wealth manages all over $20 billion in regulatory property below management.

In other M&A information …

Savant Wealth hired a new head of M&A away from competitor The Mather Group, and Mission Prosperity obtained a minority stake in XO Prosperity Administration.