The investment advisor and broker-dealer ecosystem continues to evolve rapidly, with transformative changes occurring on a monthly basis. FINTRX, the leader in family office and RIA data intelligence, has compiled a new monthly series 'RIA & Broker Dealer Roundup' to examine the latest happenings in the private wealth sector, highlighting notable advisor transitions, strategic mergers, acquisitions and the introduction of new firms throughout July 2024.
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- Private Advisor Group adds Delisanti Wealth Management ($155M AUM)
- LPL Financial recruits First Summit Capital ($380M AUM) from PNC
- LPL welcomes a father-daughter team from Edward Jones ($200M)
- Corient Private Wealth attracts a $600M advisor from Rockefeller
- UBS strengthens with $1.1B advisor Joshua Cummins
- UBS enhances its Tampa office with the Reynolds, Grindel & Hall team
- LPL Financial adds Integrity Financial Group ($475M AUM) from Ameriprise
- RBC Wealth recruits a $640M Callot Wealth Group from Merrill Lynch
- LPL brings on Summit Planning Group ($750M AUM) from Lincoln Financial
- LPL secures a $1B Investment Advisors Group from Osaic
- Arkadios Capital adds Stewardship Wealth Management ($325M AUM) from LPL
- LPL recruits Gerard "Jerry" Rizza ($250M AUM) from Osaic
- Merit Financial Advisors ($12B AUM) disaffiliates from LPL
- EP Wealth acquires Sloan Investment ($700M AUM) in Dallas
- WEG expands in Texas with Starfox Financial Services ($254M AUM)
- Kovitz acquires Relative Value Partners ($2.6B AUM)
- Coldstream Wealth merges with Arnerich Massena ($2B AUM)
- WEG acquires Peak Financial Services ($123M AUM)
- Cerity Partners merges with Keating Wealth Management ($202M AUM)
- Robertson Stephens acquires Rain Capital ($360M AUM)
- CW Advisors buys Cubic Asset Management ($700M AUM) and Mercadien
- WEG enters Utah with Rock House Financial ($272M AUM)
- Colony Group to acquire Gratus Capital ($3.8B AUM)
- World Investment Advisors acquires Boston Harbor Wealth Advisors ($3.5B AUM)
- Corient Private Wealth to acquire Geller & Co. ($9.6B AUM)
- KKR acquires Janney Montgomery Scott ($150B AUM)
- Waverly Advisors acquires River Capital
- Robertson Stephens acquires Ratio Wealth Group ($530M AUM)
- Four advisors break from Certuity to form Serenus Wealth Advisors ($1.2B AUM)
- Uptick Partners launches as an RIA platform with breakaway advisor Jonathan Dvorak ($275M AUM)
Private Advisor Group Picks Up $155M Advisor in Rochester, New York
Delisanti Wealth Management, a $155 million advisory firm based in Rochester, New York, has joined Private Advisor Group, leaving its previous affiliation with Angelo Planning Group. The move was driven by owner and president Robb Delisanti's attraction to Private Advisor Group's experience, compliance support, operational efficiency, and multi-custodian offering. Private Advisor Group, a $31.5 billion AUM RIA, launched WealthSuite in 2022, providing a multi-custodian investment management platform to its advisors. This transition is seen as a significant milestone for Delisanti Wealth Management, allowing them to enhance their client services and focus more on individual financial needs and goals.
→ Delisanti Wealth Management, a $155M AUM firm, has joined Private Advisor Group, leaving Angelo Planning Group.
→ Private Advisor Group is a $31.5B AUM RIA offering multi-custodian services, including its WealthSuite platform launched in 2022.
→ Robb Delisanti, owner and president of Delisanti Wealth Management, cited enhanced support, resources and operational ease as reasons for the move.
$380M Former PNC Team Joins LPL
A wealth management team from Wilmington, Delaware, known as First Summit Capital Management, has transitioned from PNC Investments to LPL Financial, aligning with Momentum Wealth Partners, an existing supported independence platform for LPL advisors. The team, led by Thomas Cooney and Mark Freed, managed approximately $380 million in client assets at their previous firm. LPL Financial, an independent broker-dealer, announced this move as part of its expansion strategy.
→ First Summit Capital Management, with $380M in client assets, moved from PNC Investments to LPL Financial.
→ The team is led by Thomas Cooney, a 32-year industry veteran, and Mark Freed, a former professional baseball player with over a decade of wealth management experience.
→ Momentum Wealth Partners, an LPL affiliate launched about a year ago, supports First Summit Capital Management in their transition to independence.
$200M Father-Daughter Team Joins LPL
Dan Countiss and Olivia Countiss, a father-daughter advisory team, have recently transitioned from Edward Jones to LPL Financial, where they’ve launched Countiss Wealth Management. Managing approximately $200 million in total assets, the duo chose LPL's broker-dealer, RIA, and custodial platforms to better serve clients across generations and expand their offerings to include 401(k) plan advising. This move reflects their commitment to broadening their services and enhancing client relationships.
→ Dan and Olivia Countiss, a father-daughter advisory team managing $200M in assets, moved from Edward Jones to LPL Financial.
→ They launched Countiss Wealth Management in Flowood, Mississippi, joined by investment analyst Chandler Duke and client services associate Christy Walker.
→ The team cited the ability to advise on 401(k) plans as a key reason for switching to LPL.
Corient Hires Pro-Athlete-Focused Advisor from Rockefeller
David Frankfort, an advisor specializing in professional athletes, has moved from Rockefeller Capital Management to Corient Private Wealth, a major RIA firm. Frankfort, along with client associate Sanjay George, registered with Corient in January and left Rockefeller in February. This move represents a significant shift in the wealth management landscape, with Corient, the US wealth management arm of Canadian asset manager CI Financial, continuing its growth through both acquisitions and individual recruits. Meanwhile, Rockefeller Capital Management, which has primarily grown through advisor recruitment, sees the departure of a high-profile advisor managing substantial assets.
→ David Frankfort, managing approximately $600M in assets for clients including MLB and professional basketball players, moved from Rockefeller Capital Management to Corient Private Wealth.
→ Corient Private Wealth, managing about $164B in client assets, is owned by CI Financial and has been expanding through acquisitions and individual recruits.
→Rockefeller, overseeing $133B in assets, is backed by Viking Global Management and IGM Financial, with the latter acquiring a 20.5% stake in April 2023.
UBS Hires Private Wealth Management Team in Westlake Village, CA
UBS Private Wealth Management USA has announced the addition of Joshua Cummins as a Private Wealth Advisor in their Westlake Village office. Cummins, joining from Merrill Lynch, brings over 25 years of wealth management experience and manages over $1.1 billion in client assets. His team, Cummins Wealth Management at UBS, specializes in serving ultra-high-net-worth clients, including corporate executives, entrepreneurs, and individuals in the entertainment industry. This move strengthens UBS's presence in the Los Angeles area and enhances their private wealth management capabilities.
→ Joshua Cummins, managing over $1.1B in client assets, has joined UBS Private Wealth Management from Merrill Lynch.
→ UBS has significantly expanded its AUM to 5.5T dollars following the acquisition of Credit Suisse.
→ Key UBS executives mentioned include Lauren Gorsche (Market Executive for Southern California PWM) and Kate Daniels (Los Angeles Market Director).
Three-Person Advisor Team Joins UBS Private Wealth Management in Tampa, FL
UBS Private Wealth Management has announced the addition of the Reynolds, Grindel & Hall Wealth Management Group to their Tampa, FL office. The three-person advisor team, consisting of Jeffrey Reynolds, David Grindel, and Jeremy Hall, brings nearly 70 years of combined industry experience to UBS. They join the firm from Morgan Stanley and will be working under the leadership of Greg Kadet, Managing Director and Florida Market Director. This move strengthens UBS's presence in the Greater Florida region and enhances its wealth management capabilities with the team's comprehensive planning approach and focus on serving families, organizations, and business owners.
→ The Reynolds, Grindel & Hall Wealth Management Group, with nearly 70 years of combined experience, has joined UBS Private Wealth Management from Morgan Stanley.
→ Jeffrey Reynolds, with over 30 years of experience, is a multi-generation financial advisor and actively involved in local community organizations.
→ Greg Kadet, Managing Director and Florida Market Director at UBS, oversees the team's integration into the Tampa office.
LPL Reels in $475M Duo from Ameriprise
LPL Financial has recently brought on Justin Gore and Michael Fusco, a two-advisor team formerly with Ameriprise Financial, who now operate as Integrity Financial Group. Managing $475 million in client assets, the team has joined LPL's corporate RIA, broker-dealer, and custodial platforms. This move further demonstrates LPL's ongoing success in attracting top talent from Ameriprise and other firms, reinforcing its strong recruitment performance in 2024.
→ LPL Financial recruited Justin Gore and Michael Fusco, a $475M team, from Ameriprise Financial.
→ The team, now called Integrity Financial Group, is based in South Carolina and previously operated under the MG Private Financial brand.
→ LPL has attracted several other teams from Ameriprise in 2024, including groups managing $265M, $160M, $500M, $300M and $240M in assets.
RBC Attracts $640M New Jersey Team from Merrill Lynch
RBC Wealth Management has recently expanded its team by recruiting the Callot Wealth Management Group from Merrill Lynch. Led by David Callot, this New Jersey-based team brings approximately $640 million in client assets to RBC. This move reflects RBC's continued success in attracting high-value teams from competitors, highlighting the firm's strategic growth and strong appeal to established advisors.
→ RBC Wealth Management recruited the Callot Wealth Management Group, led by David Callot, with $640 million in client assets from Merrill Lynch.
→ David Callot, with over 30 years of experience, chose RBC for its global capabilities and supportive, entrepreneurial culture.
→ RBC Wealth Management, founded in 1909, currently manages approximately $583B in client assets and has over 2,100 financial advisors across 190 offices in 42 states.
LPL Nabs $750M Former Lincoln Financial Team
LPL Financial has recently welcomed Summit Planning Group, an advisory team from Lincoln Financial, to its brokerage, RIA, and custodial platforms. Based in Connecticut, the team manages around $750 million in client assets. This move follows Lincoln Financial's sale of its wealth business to Osaic, prompting several advisory teams to transition to LPL. The recruitment of Summit Planning Group underscores LPL's growing appeal to advisors and its commitment to offering the support and resources needed for advisory firms to thrive.
→ LPL Financial recruited Summit Planning Group from Lincoln Financial, a team managing $750M in client assets.
→ Summit Planning Group, founded in 1995, consists of seven advisors with offices in Branford and Glastonbury, Connecticut.
→ The move follows Lincoln Financial's sale of its wealth business to Osaic, which has led to several teams switching to LPL, including a group with over 100 advisors and $4.6B in AUM.
LPL Financial has recently bolstered its ranks by recruiting the $1 billion advisory team, Investment Advisors Financial Group, from competitor Osaic. Based in New Jersey, the team is led by Thomas Musumeci, alongside his daughter Annie Silvestro and James Flannery. Their decision to join LPL's corporate RIA, broker-dealer, and custody platform was driven by a desire for greater autonomy and the ability to enhance client experiences with integrated technology and services. This move underscores LPL's ongoing success in attracting top talent from Osaic and its impressive recruitment achievements in 2024.
→ LPL Financial recruited the $1 billion Investment Advisors Financial Group from Osaic, including 22 advisors and 8 associates.
→ The team is led by Thomas Musumeci, his daughter Annie Silvestro, and James Flannery, with a family-oriented approach to wealth management.
→ LPL reported $20B in recruited assets for Q1 2024, marking its biggest recruiting quarter ever with a 57% year-over-year increase.
$325M Wealth Team Hops from LPL to Arkadios
Arkadios Capital has strengthened its position by recruiting the Stewardship Wealth Management team from LPL Financial. Founded by Chris Albertson, Tyler Maness, and Alan Jenkins, the team brings $325 million in assets under advisement to Arkadios. This move is part of a broader trend, with Arkadios adding over $1 billion in assets from LPL within just a month. This development underscores Arkadios' growth strategy and its appeal to advisory firms that prefer a partnership model over a traditional platform.
→ Arkadios Capital recruited Stewardship Wealth Management, a $325M team, from LPL Financial.
→ Stewardship Wealth Management, led by Chris Albertson, Tyler Maness, and Alan Jenkins, has offices in multiple Texas cities.
→ Arkadios Capital, founded in 2017 by David Millican, reported nearly $2.7B in discretionary AUM as of June.
LPL Recruits $250M Advisor from Osaic
Gerard "Jerry" Rizza, an advisor formerly affiliated with Osaic, has recently joined LPL Financial, bringing approximately $250 million in assets under management to his newly established Rizza Financial Services. Rizza's diverse background, which includes a stint in Minor League Baseball, adds a unique dimension to his advisory practice. His move to LPL underscores the firm's continued success in attracting top talent from Osaic and other competitors.
→ LPL Financial recruited Gerard "Jerry" Rizza from Osaic, bringing $250M in assets.
→ Rizza, based in Melville, N.Y., had been with Osaic and its predecessor firms for nearly three decades before joining LPL.
$12B Merit Financial Advisors to Disaffiliate from LPL
Merit Financial Advisors, a private equity-backed hybrid RIA managing roughly $12 billion in client assets, is disaffiliating from LPL Financial after a long-standing partnership as an Office of Supervisory Jurisdiction (OSJ) since 2010. This strategic move is part of Merit's efforts to enhance its service offerings and align its key partnerships with long-term goals. The departure is mutually agreed upon by both Merit and LPL, with Merit seeking to better position itself for growth and innovation. Since taking on outside capital, Merit has accelerated its M&A activities, completing over two dozen acquisitions since 2020. The company is now exploring new investors, having hired investment bankers for a capital raise. Merit is led by CEO Rick Kent and President Kay Lynn Mayhue, both of whom emphasize the company's commitment to maintaining high levels of client service during this transition.
→ Merit Financial Advisors is disaffiliating from LPL Financial after being an OSJ partner since 2010.
→ Merit manages approximately $12B in AUM and has accelerated its M&A activities, completing 26 acquisitions since 2020.
→ LPL and Merit agreed on the separation due to strategic misalignment, with LPL continuing to support a smooth transition.
→ Merit is exploring new investors and has hired investment bankers Ardea Partners and William Blair for a capital raise.
EP Wealth Buys $700M Dallas RIA
EP Wealth, a Torrance, California-based company, has acquired Sloan Investment Management, a Dallas-based RIA managing approximately $700 million in client assets. This marks EP Wealth's third RIA acquisition in 2024, following the purchase of Wacker Wealth Partners earlier in the year. The acquisition of Sloan Investment Management pushes EP Wealth's total assets under management in the Dallas area to over $1 billion. EP Wealth, which now manages about $24.3 billion in client assets, is backed by private equity firm Berkshire Partners and Wealth Partners Capital Group (WPCG). This acquisition is part of EP Wealth's ongoing expansion strategy, with 32 acquisitions completed since July 2017.
→ EP Wealth acquires Sloan Investment Management, a $700M RIA based in Dallas, marking its third acquisition in 2024.
→ The deal increases EP Wealth's AUM in the Dallas area to over $1B, with the company now managing $24.3B.
→ EP Wealth is backed by Berkshire Partners and Wealth Partners Capital Group (WPCG), having made 32 acquisitions since partnering with WPCG in July 2017.
$85.3B WEG Buys Houston-Area RIA
Wealth Enhancement Group (WEG), a serial RIA acquirer, has agreed to purchase Starfox Financial Services, an RIA based in The Woodlands, Texas, with approximately $254 million in client assets. This acquisition will increase WEG's total assets to $85.3 billion and expand its presence in Texas to six locations. Starfox, founded in 2007 by Jose Palafox and co-owned with advisor Bill Friebel, sees the partnership as an opportunity to enhance resources for clients, particularly in estate and tax planning. This deal marks WEG's eighth transaction in 2024, following its recent acquisition of Atlas Fiduciary Financial.
→ WEG acquires Starfox Financial Services, an RIA with $254M in client assets, increasing WEG's total assets to $85.3B.
→ The acquisition expands WEG's presence in Texas to six locations and represents its eighth transaction in 2024.
→ Starfox Financial Services was founded by Jose Palafox in 2007 and co-owned with Bill Friebel, who joined in 2017 after 13 years at Merrill Lynch.
Kovitz Buys $2.6B Focus RIA Relative Value Partners
Focus Financial Partners is orchestrating a merger between two of its partner firms, with Kovitz Investment Group acquiring Relative Value Partners, a $2.6 billion RIA based in Northbrook, Illinois. This merger will increase Kovitz's total assets to approximately $24 billion. The deal, expected to close in the third quarter of 2024, is part of Focus Financial's strategy of internal consolidation following its majority stake sale to private equity firm Clayton, Dubilier & Rice (CD&R) in 2023. This acquisition continues Kovitz's expansion as a Focus "hub" for consolidation, following its previous acquisitions of Strategic Wealth Partners and Telemus Capital.
→ Kovitz Investment Group, a Focus Financial partner, is acquiring Relative Value Partners, a $2.6 billion RIA, increasing Kovitz's assets to about $24 billion.
→ Focus Financial has been implementing an internal consolidation strategy, converting large network RIAs into "hubs" through management buyouts.
→ Focus Financial underwent significant leadership changes after its sale to CD&R, with all three co-founders leaving their operational roles and Michael Nathanson of The Colony Group becoming the new CEO.
Coldstream Hits $10B After Merging in Oregon RIA
Coldstream Wealth Management, based in Bellevue, Washington, has announced a merger with Arnerich Massena, a Portland, Oregon-based RIA managing approximately $2 billion in client assets. This merger, Coldstream's first deal of 2024, will increase Coldstream's total assets under management to around $10 billion. The deal was financed with a mixture of cash and equity and includes the addition of 19 Arnerich Massena employees to Coldstream, all of whom will receive equity in the combined firm. This merger follows Coldstream's previous acquisitions in 2023 and aligns with the company's growth strategy focused on cultural fit and employee ownership.
→ Coldstream Wealth Management merges with Arnerich Massena, adding $2B in assets and pushing its total AUM to $10B.
→ Key figures in the deal include Kevin Fitzwilson (Coldstream's managing shareholder), Bryan Shipley and Reegan Rae (Arnerich Massena's co-CEOs).
→ This merger marks Coldstream's first deal with an RIA represented by an established advisor (DeVoe & Company).
WEG Acquires $123M Massachusetts RIA
Wealth Enhancement Group (WEG) has announced its agreement to purchase Peak Financial Services, an RIA based in Northborough, Massachusetts. This acquisition will add approximately $123 million in client assets to WEG's portfolio, bringing its total assets to $85.4 billion and expanding its presence in Massachusetts to four locations. Peak Financial, founded by Kevin O'Brien in 2005, chose WEG after considering offers from several national RIA firms. This deal marks WEG's ninth RIA transaction in 2024, following its recent acquisition of Starfox Financial Services.
→ Wealth Enhancement Group is set to acquire Peak Financial Services, adding $123M in client assets and bringing their total AUM to $85.4B.
→ Kevin O'Brien, founder and president of Peak Financial Services, will join WEG along with his team.
→ WEG is jointly backed by private equity firms TA Associates and Onex Corporation.
→ This ninth RIA acquisition in 2024 expands WEG's presence in Massachusetts to four locations, contributing to its network of 115 offices nationwide.
Cerity Partners Acquires $202M Denver RIA
Cerity Partners, a New York City-based RIA, has merged with Keating Wealth Management, a Denver-based firm managing approximately $202 million in client assets. Founded in 2016 by Tim Keating, Keating Wealth Management served about 42 individual clients. The acquisition follows Cerity Partners' recent merger with Agility, which pushed the firm's assets under management to over $100 billion. Cerity Partners, now controlled by private equity firm Genstar Capital, continues its strategy of acquiring firms that serve ultra-high-net-worth clients and provide complementary services.
→ Cerity Partners merges with Keating Wealth Management, a Denver-based RIA with $202M in client assets.
→ The group is backed by private equity firms Genstar Capital and Lightyear Capital.
Robertson Stephens Buys $360M Oregon RIA
Robertson Stephens has expanded its reach in the Pacific Northwest by acquiring Rain Capital, a Lake Oswego, Oregon-based RIA managing approximately $360 million in assets. The acquisition, which was structured with a mix of cash and equity, strengthens Robertson Stephens' presence in the region, adding to its growing network of 21 locations nationwide. Rain Capital, founded in 2011 by David Reichle, C. Ellen Kim, and Chris Abbruzzese, primarily serves high-net-worth clients. Upon joining Robertson Stephens, Reichle and Kim, along with their team, assumed roles as managing directors and principals. This acquisition pushes Robertson Stephens' advisory assets to over $6 billion.
→ Robertson Stephens acquired Rain Capital, a Lake Oswego, Oregon-based RIA managing $360M in assets.
→ Rain Capital's co-founders, David Reichle and C. Ellen Kim, have become managing directors and principals at Robertson Stephens.
→ The acquisition was structured with a mix of cash and equity, though specific financial terms were not disclosed.
→ This deal expands Robertson Stephens' advisory assets to over $6B and increases its nationwide presence to 21 locations.
CW Advisors Buys $700M Boston RIA
CW Advisors (CWA), formerly known as Congress Wealth Management, has acquired Cubic Asset Management, a Boston-based RIA managing approximately $700 million in client assets. This acquisition marks CWA's second deal since receiving private equity backing from Audax Group in 2023. Cubic Asset Management, founded by James Kaplan in 2007, offers investment management services to various institutional and individual clients. With this acquisition, CWA now manages over $8.6 billion in assets, operates eight offices, and employs 88 people. The firm, led by CEO Paul Lonergan, is actively pursuing further growth opportunities, with additional deals expected to be announced in the near future.
→ CW Advisors acquires Cubic Asset Management, adding $700M in client assets.
→ James Kaplan, founder of Cubic Asset Management, brings expertise in applied mathematics and investment management to CWA.
→ CWA now manages over $8.6B in assets, with eight offices and 88 employees.
→ Scott Dell'Orfano, CWA's chief strategic officer, indicates a robust deal pipeline with more acquisitions expected soon.
Wealth Enhancement Group Buys $272M Utah RIA
Wealth Enhancement Group (WEG), a Minneapolis-area RIA and serial acquirer, has announced its entry into Utah through the acquisition of Rock House Financial. Based in Farmington, Utah, Rock House Financial manages over $272 million in client assets and serves a diverse clientele including business owners, women, and social media influencers. This acquisition marks WEG's first location in Utah and its 10th acquisition of the year, bringing its total client assets to more than $85.7 billion. The deal aligns with WEG's strategy to expand in the Mountain West region and provides Rock House with access to WEG's centralized support functions.
→ Wealth Enhancement Group acquires Rock House Financial, a $272M AUM firm in Farmington, Utah, marking WEG's entry into the state.
→ Rock House Financial, founded by Bob Aamodt in 1998, has four financial advisors and specializes in serving business owners, women and social media influencers.
→ This is WEG's 10th acquisition of the year, bringing its total client assets to over $85.7B.
Colony Buys $3.8B Focus Affiliate Gratus Capital
Focus Financial Partners' largest affiliate, The Colony Group, has agreed to acquire Gratus Capital, a prominent Atlanta-based RIA managing approximately $3.8 billion in client assets. This acquisition is part of a new strategy led by Focus's new majority owner, private equity firm Clayton, Dubilier & Rice, to consolidate Focus's affiliate firms. The deal, expected to close in the third quarter of 2024, follows Colony's recent merger with Buckingham Wealth Partners, creating a combined entity with about $115 billion in assets under management and administration. This acquisition strategy aims to provide optionality for Focus-backed RIAs and consolidate the network's firms under larger "hub" organizations.
→ The Colony Group is acquiring Gratus Capital, a $3.8 billion Atlanta-based RIA and fellow Focus Financial Partners network firm.
→ Gratus Capital, led by CEO Hank McLarty, joined Focus's network in 2014 with $800 million in assets.
→ This acquisition is part of a broader strategy by Focus's new majority owner, Clayton, Dubilier & Rice, to consolidate its affiliate firms.
World Investment Advisors Buys $3.5B Former RayJay Affiliate
World Investment Advisors, formerly known as Pensionmark Financial Group, has acquired Boston Harbor Wealth Advisors (BHWA), a $3.5 billion Massachusetts-based wealth firm. This acquisition aligns with World Investment Advisors' goal of expanding its wealth management business, which now comprises 64% of the firm's total revenues. BHWA brings 76 team members and 15 offices across the Northeast and Ohio to World Investment Advisors. This deal aligns with its strategy to expand its wealth management assets, which total approximately $11.5 billion out of $55 billion in overall assets.
→ World Investment Advisors acquired Boston Harbor Wealth Advisors (BHWA), a $3.5B firm with 76 team members and 15 offices.
→ The acquisition is led by Troy Hammond, CEO of World Investment Advisors, and Matthew Davis, CEO of BHWA.
→ The firm is owned by World Insurance Associates, which received a $1B investment from funds advised by Goldman Sachs Asset Management in 2022.
→ World Investment Advisors now has nearly 400 affiliate advisors and over 65 locations nationwide, aiming to transition affiliates to an in-house model.
Corient In Talks to Acquire $9.6B Geller & Co.
Corient Private Wealth, the US wealth management division of CI Financial, is reportedly in talks to acquire Geller & Co., a $9.6 billion multi-family office. Geller & Co., founded in 1984 by Martin Geller, has been seeking to sell a majority interest in the company. This potential acquisition would be one of Corient's largest RIA deals since it began purchasing American wealth managers in 2019. Corient, led by CI's CEO Kurt MacAlpine, has approximately $164 billion in US wealth assets and has made several significant acquisitions in recent years. The deal, if finalized, would further expand Corient's presence in the wealth management sector.
→ Corient Private Wealth is in talks to acquire Geller & Co., a $9.6B multi-family office based in New York City.
→ Martin Geller, founder of Geller & Co., is known for being Michael Bloomberg's financial advisor and accountant.
→ CI Financial, Corient's parent company, recently sold a 20% stake in Corient for $1B to a consortium led by Bain Capital and the Abu Dhabi Investment Authority.
KKR to Acquire Janney Montgomery Scott
KKR, a private equity firm, has announced its acquisition of Janney Montgomery Scott, a wealth management firm currently owned by The Penn Mutual Life Insurance Company. The deal, expected to close in the fourth quarter of 2024, will be primarily funded through KKR's North America Fund XIII. Janney, based in Philadelphia, manages $150 billion in assets and has over 900 financial advisors across 135 offices. Post-acquisition, Janney will operate as an independent, standalone private company. KKR plans to implement a broad-based equity ownership program for all 2,300 Janney employees. This move marks KKR's expansion into the wealth management sector, with the firm citing strong growth potential in the U.S. wealth management market.
→ KKR is set to acquire Janney Montgomery Scott, a wealth manager with $150B in AUM.
→ The deal is expected to close in Q4 2024, with Janney operating as a standalone private company post-acquisition.
→ KKR plans to implement an equity ownership program for all 2,300 Janney employees.
Waverly Acquires RIA River Capital
Waverly Advisors, LLC, a federally registered investment adviser, has acquired River Capital Advisors, L.C., an investment advisory firm based in Jacksonville, Florida. This acquisition marks Waverly's 15th transaction since receiving an equity investment in December 2021 from Wealth Partners Capital Group and HGGC's Aspire Holdings platform. The deal, which closed on July 19, increases Waverly's assets under management to approximately $12.5 billion. Both companies expressed enthusiasm about the merger, citing enhanced resources and growth opportunities.
→ Waverly Advisors acquired River Capital Advisors, expanding its presence in Jacksonville, Florida.
→ The deal increases Waverly's AUM to approximately $12.5B.
→ Key figures mentioned include Justin Russell (president of Waverly), Robert Simon (president of River Capital), and Mac Selverian (WPCG Principal).
Robertson Stephens Buys $530M Denver RIA
Robertson Stephens Wealth Management has announced its fourth acquisition of 2024 with the purchase of Ratio Wealth Group, an RIA managing approximately $530 million in client assets. Based in Denver, Ratio Wealth was co-founded by Graham Gerlach and Derek Scarth, who, along with their team, have joined Robertson Stephens as managing directors and principals. The acquisition aligns with Robertson Stephens' growth strategy and expands its advisory assets to over $6.5 billion. The firm operates in 22 locations nationwide, including new additions in Colorado. This acquisition follows Robertson Stephens' earlier purchase of Rain Capital, an Oregon-based RIA with $360 million in assets.
→ Robertson Stephens Wealth Management acquired Ratio Wealth Group, an RIA with $530M in client assets.
→ Ratio Wealth co-founders Graham Gerlach and Derek Scarth, along with their team, have joined Robertson Stephens as managing directors and principals.
→ This acquisition brings Robertson Stephens' total advisory assets to over $6.5B across 22 locations nationwide.
$1.2B Certuity Team Breaks Away, Forms Cali RIA
A team of four advisors from Certuity's Santa Monica office has left the $4 billion firm to establish their own independent RIA, Serenus Wealth Advisors. Led by Kara Boccella as CEO and managing partner, and Devon Galindo as partner, the new firm also includes directors Rebecca Tipp and Laura Lemoine, and chief compliance officer Lonny Elfenbein. While Serenus has not officially reported its AUM to the SEC, the team claims a track record of overseeing $1.2 billion in assets. The firm targets high-net-worth individuals and families, offering services through Fidelity and its subsidiary National Financial Services.
→ Four advisors from Certuity's Santa Monica office break away to form Serenus Wealth Advisors, an independent RIA.
→ Kara Boccella and Devon Galindo, who worked together at Certuity since 2014, lead the new firm as CEO/managing partner and partner, respectively.
→ Serenus claims a track record of overseeing $1.2B in assets, with a $1M minimum account balance and a $10,000 minimum annual fee for asset management.
→ Certuity, formerly known as Camden Capital, underwent a rebrand in 2023 and was recognized as the fastest-growing RIA in Florida last year by Citywire RIA.
Uptick Partners Launches With New $275M Financial Advisor
Uptick Partners, a new RIA platform, has officially launched to assist advisors in transitioning from captive broker-dealers to independence. Founded by former Edward Jones veterans Steve Barber, Jason Barber and Taylor Pankratz, the firm has welcomed its first breakaway advisor, Jonathan Dvorak. Dvorak managed $275M in client assets during his 14-year career at Edward Jones and established Dvorak Financial Planning in Cullman, Alabama. Uptick Partners aims to provide comprehensive support for advisors seeking greater autonomy, offering a 95% gross payout, modern technology, and a growth-oriented culture.
→ Uptick Partners launches as an RIA platform to help advisors transition from captive broker-dealers, founded by former Edward Jones veterans Steve Barber, Jason Barber, and Taylor Pankratz.
→ Jonathan Dvorak, managing $275M in AUM, becomes Uptick's first breakaway advisor, leaving Edward Jones after 14 years to establish Dvorak Financial Planning.
→ The firm's "Bridge Builder Path to Independence" framework has helped four advisors transition from Edward Jones, with an average 90% asset retention in the first year.
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