- Citizens Adds $1B Former First Republic Team
- RBC Snags $855M Advisory Team from JP Morgan
- Kestra Private Wealth Services Snags $500M Merrill Lynch Team
- Ameriprise Adds $105M Advisor Team From LPL
- Merrill Broker Managing $1.9B Breaks Away for RIA Summit Financial
- Equitable Advisors Lands $326M Team from Truist
- LPL Nabs $300M Advisory Duo from Stifel
- UBS Adds $540M Merrill Team, Loses $256M Group to Morgan Stanley
- Wealth Enhancement Group Snaps Up $219M East Coast RIA
- NewEdge Advisors Welcomes $540M Stonebridge Financial Partners of Michigan
- Rockefeller Hires $3-Million UBS Private Wealth Broker in San Francisco
- Private Advisor Group Welcomes Delisanti Wealth Management
- Allworth Acquires $1B San Francisco RIA
- Corient Buys $915M RIA Led by Ex-NFL Players in First Deal of 2024
- WEG Acquires $658M Michigan RIA in Sixth Deal of 2024
- Beacon Pointe Acquires $775M Physician-Focused RIA
- Corient Buys $3.2B RIA Paragon Advisors
- Cresset Buys 130-Year-Old Family Office, Bringing AUM Above $52B
- WEG Buys $219M RIA in its Seventh Deal of the Year
- $150M Commonwealth Financial Team Joins Perigon
- Billion-Dollar Advisors Break Away from Merrill with RIA Launch
- Highway One Capital Launches With Support From LPL Strategic Wealth Services
- Advisor Duo Joins LPL Financial to Launch 1818 Wealth Management
- LPL Financial Welcomes James River Private Wealth

Read on for more info...

Rep Movement

Citizens Adds $1B Former First Republic Team

→ Brian Nagle and his team, managing nearly $1 billion in client assets, joined Citizens Financial Group from First Republic/JP Morgan Chase.
→ Citizens Financial added a $5 billion team from JP Morgan in April and hired former JP Morgan executives Michael Cherny and Tom Metzger for key wealth management roles.
→ Mark Thompson, former CEO of Boston Private Bank, was appointed as market executive for Citizens' new Boston office. 

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RBC Snags $855M Advisory Team from JP Morgan

RBC Wealth Management has welcomed The Taggart Group, a former JP Morgan advisory team managing $855 million in client assets, to its Florham Park, N.J. office. Led by Michael Taggart, the team includes Dalia Bubbico, Jerry Azzollini, and Ria Taggart. This addition is part of a recent trend for RBC, which also acquired two other significant advisory teams in the past month. RBC Wealth Management, a subsidiary of RBC Capital Markets, currently oversees $583 billion in client assets across 190 locations in 42 states.

What You Need to Know:

→ The Taggart Group, managing $855 million in client assets, moved from JP Morgan to RBC Wealth Management.
→ RBC Wealth Management recently added two other major teams: a $900 million Merrill Lynch team in Maryland and a $730 million former Truist team in Tennessee.
→ RBC Wealth Management oversees $583 billion in client assets across 190 locations in 42 states.

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Kestra Private Wealth Services Snags $500M Merrill Lynch Team

Kestra has added Attain Wealth Partners, a team of five advisors from Merrill Lynch managing $500 million in client assets, to its Private Wealth Services division. Co-founded by Shakir Kaka and David Weinberg, the team includes Bridget Tetak, Ross Weinberg, Sierra Brown, and Nazneen Kaka, with Anissa Judd as the administrative partner. Attain Wealth Partners will use Fidelity for custody and focus on ultra-high-net-worth clients. Kestra's Private Wealth Services division, launched in 2010, aids advisors in transitioning to independence, offering logistical and compliance support.

What You Need to Know:

→ Kestra's Private Wealth Services division adds a five-advisor team from Merrill Lynch, managing $500 million in assets.
→ Attain Wealth Partners, co-founded by Shakir Kaka and David Weinberg, joins Kestra. 
→ The team includes wealth advisors Bridget Tetak, Ross Weinberg, Sierra Brown, and Nazneen Kaka, and administrative partner Anissa Judd. 
→ Attain Wealth Partners will use Fidelity for custody and specializes in services for ultra-high-net-worth clients. 
→ Kestra's division, launched in 2010, supports wirehouse and W-2 advisors in becoming independent, offering comprehensive logistical and compliance assistance.

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Ameriprise Adds $105M Advisor Team From LPL

Advisor team Kyle Rasmussen and Nick Blasberg, managing over $105 million in client assets, have joined Ameriprise Financial’s independent channel from LPL Financial in Reinbeck, Iowa. They now operate as Generational Wealth Partners, with financial planning specialist Hunter Bell. Rasmussen, who previously worked for Ameriprise, rejoined the firm due to its integrated technology and support, facilitating a smooth transition for their clients.

What You Need to Know:

→ Kyle Rasmussen and Nick Blasberg, managing over $105 million in client assets, joined Ameriprise Financial from LPL Financial and now operate as Generational Wealth Partners.
→ Rasmussen returned to Ameriprise for its integrated and streamlined technology.
→ Ameriprise added more than 400 advisors in 2023 and about 1,700 in the last five years.

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Merrill Broker Managing $1.9B Breaks Away for RIA Summit Financial

Summit Financial has added Richard J. McWhorter, a former Merrill Lynch broker who managed $1.9 billion in assets, to its team in Pasadena, California. McWhorter, along with associates Sandra Parracino and Kyle Szesnat, formed SRM Private Wealth and affiliated with Summit's Growth Partners channel. They will manage client assets through Goldman Sachs. McWhorter, a career wirehouse broker, was drawn to Summit for its resources and support. Summit, rebranded in 2018, manages over $10.5 billion in assets.

What You Need to Know:

→ Richard J. McWhorter, managing $1.9 billion in assets, joins Summit Financial from Merrill Lynch. 
→ The new practice, SRM Private Wealth, includes Sandra Parracino and Kyle Szesnat, and has affiliated with Summit's Growth Partners channel to manage client assets through Goldman Sachs.
→ Summit Financial, rebranded in 2018, manages over $10.5 billion in assets.

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Equitable Advisors Lands $326M Team from Truist

Equitable Advisors, a New York-based hybrid RIA, has welcomed Star City Private Wealth, a five-person team from Truist managing $326 million in client assets. The Roanoke, Va.-based team is led by Lori Brown and Jim Carroll, who cited Equitable's platform, capabilities, and philosophy as reasons for the move. This addition follows Equitable's recent recruitment of two California advisors from Lincoln Financial and the appointment of Jim Kais as head of its retirement business. Equitable Advisors, a subsidiary of Equitable Holdings, manages nearly $30 billion in client assets.

What You Need to Know:

→ Star City Private Wealth, a $326 million team led by Lori Brown and Jim Carroll, moved from Truist to Equitable Advisors.
→ Equitable recently recruited two California advisors from Lincoln Financial, managing $177 million in client assets.
→ Jim Kais was appointed as head of Equitable's retirement business, replacing Jessica Baehr who became president of Equitable Investment Management.
→ Equitable Advisors is a hybrid RIA managing nearly $30 billion in client assets.

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LPL Nabs $300M Advisory Duo from Stifel

Stephen Shevlin and Jonathan Joelner, two advisors formerly with Stifel, Nicolaus and Co., have launched their independent practice, 1818 Wealth Management, in affiliation with LPL Financial. The duo, who previously managed around $300 million in client assets, have chosen LPL's RIA, broker-dealer, and custodial platforms for their new venture based in Swansea, Illinois. They cite the desire for autonomy and access to LPL's resources, particularly marketing support and retirement tools, as key factors in their decision to go independent.

What You Need to Know:

→ Stephen Shevlin and Jonathan Joelner, managing $300 million in client assets, left Stifel to launch 1818 Wealth Management with LPL Financial.
→ The team, led by advisors Richard Austin and Douglas Austin, is based in Westport, Connecticut. 
→ The new practice is utilizing LPL's RIA, broker-dealer, and custodial platforms.

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UBS Adds $540M Merrill Team, Loses $256M Group to Morgan Stanley

UBS Wealth Management experienced both a gain and a loss in Texas on Friday. They hired a father-son team, Gary W. Owens and Travis L. Owens, from Merrill Lynch in Dallas, who managed $540 million in client assets. However, UBS also lost two advisors, Dax P. McCracken and John S. Puailoa, from their Austin office to Morgan Stanley. The article details the career histories of the advisors involved and mentions recent moves between UBS, Morgan Stanley, and Merrill Lynch in other locations. It also provides context on the current advisor headcounts for these major wealth management firms.

What You Need to Know:

→ Gary W. Owens and Travis L. Owens, managing $540 million in client assets, moved from Merrill Lynch to UBS in Dallas.
→ Dax McCracken and John Puailoa left UBS for Morgan Stanley in Austin, managing $265 million.
→ UBS recently hired a Morgan Stanley team in Boulder, Colorado, managing $470 million in assets.
→ Morgan Stanley acquired a UBS team in Los Angeles that managed $375 million in client assets. 
→ UBS reports 6,079 advisors in the Americas region, while Morgan Stanley has around 15,000 brokers, and Merrill Lynch had approximately 11,000 experienced brokers as of 2022. 

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Wealth Enhancement Group Snaps Up $219M East Coast RIA

Wealth Enhancement Group has acquired Atlas Fiduciary Financial, an independent fee-only investment and planning firm with offices in Sarasota, Florida and Oakland, New Jersey. This acquisition expands Wealth Enhancement Group's presence on the East Coast, adding to their existing locations in Florida and New Jersey. Atlas Fiduciary Financial, established in 2020, manages over $219 million in assets and specializes in providing tailored financial solutions for widows, professionals, and business owners. The acquisition is part of Wealth Enhancement Group's ongoing expansion strategy, following recent deals in Texas and California.

What You Need to Know:

→ Wealth Enhancement Group acquired Atlas Fiduciary Financial, expanding its footprint to 12 locations in Florida and five in New Jersey.
→ Atlas Fiduciary Financial manages over $219 million in assets and was founded in 2020.
→ Laura Mattia, founder and CEO of Atlas Fiduciary Financial, brings 30 years of experience and a focus on women's financial empowerment.
→ The acquisition aligns with Wealth Enhancement Group's client-first approach and science-driven planning philosophy.
→ This deal follows Wealth Enhancement Group's recent acquisitions of a $1.22B Texas RIA and an $809M advisor team in California.

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NewEdge Advisors Welcomes $540M Stonebridge Financial Partners of Michigan

NewEdge Advisors, a New Orleans-based RIA, has announced that Stonebridge Financial Partners, a Michigan-based team managing approximately $540 million in client assets, has joined their firm from Carson Wealth. The Stonebridge team, led by Founder and Wealth Advisor Tim Bearden, includes three partners and wealth advisors, along with additional advisors and support staff. NewEdge Advisors, co-founded by Neil Turner and Alex Goss, emphasizes supporting independent financial advisors who prioritize client experience. The acquisition aligns with NewEdge's growth strategy and commitment to providing flexible, client-focused services.

What You Need to Know:

→ Stonebridge Financial Partners, managing approximately $540 million in client assets, has joined NewEdge Advisors from Carson Wealth.
→ Tim Bearden leads the Stonebridge team, which includes partners Tyler Silverthorn, Evan Topor, and Taylor Maks.
→ NewEdge Advisors is a growth-oriented RIA supporting independent financial advisors nationwide.
→ The acquisition expands NewEdge's presence in Michigan, with Stonebridge offices in Troy and Grand Rapids 
→ NewEdge Advisors, formerly known as Goss Advisors, became part of EdgeCo Holdings in 2020 and rebranded as part of NewEdge Capital Group in 2021.

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Rockefeller Hires $3-Million UBS Private Wealth Broker in San Francisco

Rockefeller Capital Management has recruited Zak M. Ammirato, a UBS Wealth Management USA private wealth advisor, in San Francisco. Ammirato, who produced $3 million in annual revenue and managed $500 million in client assets, joined Rockefeller along with support staffer Megan Coborn. This move is part of Rockefeller's aggressive recruitment strategy targeting wirehouse brokers, with the firm aiming to establish a foundation of 200 to 250 brokers. The article also mentions other recent high-profile recruits by Rockefeller from UBS, Morgan Stanley, and Merrill Lynch.

What You Need to Know:

→ Zak M. Ammirato joins Rockefeller Capital Management from UBS, managing $500 million in assets. 
→ Rockefeller recently recruited a trio from UBS in Austin, Texas, managing $400 million in client assets.
→ The firm hired two brokers from Morgan Stanley in Chicago, managing around $1 billion in client assets.
→ Rockefeller's recruitment strategy aims to build a foundation of 200 to 250 brokerage teams.
→ UBS currently has 6,079 advisors in the Americas region, including Latin America and Canada.

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Private Advisor Group Welcomes Delisanti Wealth Management

Private Advisor Group, a leading independent wealth management firm, has announced the addition of Delisanti Wealth Management to its network. Led by Robb Delisanti, the Rochester, NY-based practice manages approximately $155 million in assets. Delisanti Wealth Management serves a diverse client base, including professionals, executives, retirees, and small business owners, with a focus on simplifying financial journeys. The firm chose Private Advisor Group for its experienced RIA backing, compliance support, operational efficiency, and multi-custodian offering. This partnership aims to enhance the services and resources available to Delisanti's clients while allowing the firm to maintain its independence and focus on personalized financial guidance.

What You Need to Know:

→ Delisanti Wealth Management, managing $155 million in assets, joins Private Advisor Group. 
→ Robb Delisanti, Owner and President of Delisanti Wealth Management, leads the Rochester, NY-based practice.
→ The partnership provides Delisanti with access to enhanced RIA support, compliance relief, and operational efficiency.
→ Private Advisor Group's multi-custodian offering and alignment with Fidelity Investments were crucial factors in Delisanti's decision.

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M&A Activity

Allworth Acquires $1B San Francisco RIA

Allworth Financial has announced the acquisition of Stewart & Patten Company, a San Francisco-based RIA and investment manager with approximately $1 billion in assets under management. This acquisition, Allworth’s 35th, brings its total number of offices to 42 nationwide, with 17 in California. Stewart & Patten, founded in 1965 by Jack Stewart and Ronald Patten, has been managed recently by Robert Gentry and Lori Sherman, both of whom will join Allworth as partners and advisors, along with five support staff members. This acquisition aims to leverage Allworth’s comprehensive resources for enhanced tax, estate, and financial planning services while maintaining Stewart & Patten's commitment to client-centric service.

What You Need to Know:

→ Allworth Financial acquired Stewart & Patten Company, a San Francisco-based RIA with approximately $1bn in AUM.
→ Robert Gentry and Lori Sherman, owners of Stewart & Patten, will join Allworth as partners and advisors, along with five client support staff. 
→ This acquisition marks Allworth's 42nd office nationwide and 17th in California, bringing its total assets under management to over $20B.
→ The deal was facilitated by Berkshire Global Advisors and represents Allworth's first RIA acquisition since January 2024, when it added Tridea Advisors ($341M in AUM) and Capital Point Financial Group ($280M in AUM).

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Corient Buys $915M RIA Led by Ex-NFL Players in First Deal of 2024

Corient Private Wealth has made its first acquisition of 2024 by acquiring Socius Family Office, a Fort Lauderdale-based RIA with $915 million in assets under management. This acquisition marks Corient's re-entry into the M&A market after a seven-month hiatus. Socius Family Office, founded by former NFL player Mark Baniewicz, provides comprehensive wealth management services including asset allocation, risk tolerance, financial planning, and quantitative analysis. The deal, which closed on May 31, will integrate the expertise of Baniewicz and his partners into Corient's growing portfolio, expanding its presence and service offerings in the wealth management sector.

What You Need to Know:

→ Corient Private Wealth, the US wealth management arm of CI Financial, acquired Socius Family Office in Ft. Lauderdale, Florida, marking its first RIA acquisition of 2024 after a seven-month hiatus.
→ Socius Family Office, with approximately $915m in assets under management, was previously owned by Alterna Financial and is led by Mark Baniewicz, a former NFL player.

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WEG Acquires $658M Michigan RIA in Sixth Deal of 2024

Wealth Enhancement Group (WEG) has announced its acquisition of Gavin Financial Group, a Michigan-based RIA managing approximately $658 million in assets. This marks WEG's sixth deal in 2024 and its first expansion into Michigan. Gavin Financial Group, led by owner and financial advisor Michael Gavin, has served clients in the Great Lakes Bay Region since 1996. The firm focuses on comprehensive financial planning and investment management for pre-retirees, retirees, and high-net-worth families. With this acquisition, WEG continues its rapid growth trajectory, reinforcing its presence across the United States.

What You Need to Know:

→ Wealth Enhancement Group (WEG) acquired Gavin Financial Group, a $658m RIA based in Midland, Michigan, marking WEG's sixth acquisition in 2024 and its first office in Michigan.
→ Michael Gavin, the founder of Gavin Financial Group, and his team of four will join WEG as part of the deal.
→ WEG has been actively acquiring firms in 2024, with earlier acquisitions including The Retirement Group ($809M), a Maryland RIA ($502M), a Long Island firm ($226M), and an Ohio advisory team ($136M). 
→ WEG now reports over $82bn in managed assets and is backed by private equity firms TA Associates and Onex Corporation. 

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Beacon Pointe Acquires $775M Physician-Focused RIA

Beacon Pointe Advisors has announced the acquisition of Joslin Capital Advisors, a Redmond, Washington-based RIA with $775M in AUM. This marks Beacon Pointe's second RIA acquisition in 2024, bolstering its presence in the Pacific Northwest, particularly in the Seattle metropolitan area. Joslin Capital, founded in 1999 by CEO Mike Joslin, focuses on serving physicians, physician group retirement plans, non-profit medical associations, high-net-worth retirees, and other professionals. This strategic partnership aims to enhance Beacon Pointe’s service offerings and meet the growing demand for comprehensive wealth planning services in the region.

What You Need to Know:

→ Beacon Pointe Advisors acquires Joslin Capital Advisors, adding $775M in client assets. 
→ Joslin Capital, based in Redmond, Washington, serves a specialized clientele including physicians and non-profit medical associations. 
→ CEO Mike Joslin and his team will join Beacon Pointe, expanding their service capabilities. 
→The acquisition strengthens Beacon Pointe’s presence in the Seattle metropolitan area and increases its total assets under advisement to approximately $35.6B.

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Corient Buys $3.2B RIA Paragon Advisors

Corient Private Wealth has announced its acquisition of Paragon Advisors, a Cleveland-area RIA with $3.2 billion in assets under management. This acquisition strengthens Corient's position in the wealth management sector, bringing the combined firm's total assets under advisement to over $164 billion. Paragon Advisors, based in Shaker Heights, Ohio, primarily serves high-net-worth clients, including entrepreneurs, CEOs, and executives. The terms of the deal were not disclosed. This acquisition highlights Corient's aggressive expansion strategy within the high-net-worth client segment.

What You Need to Know:

→ Corient Private Wealth, a serial RIA acquirer, has acquired Paragon Advisors, a Cleveland-area RIA with $3.2B in AUM.
→ Paragon Advisors, founded in 1996 by Terry Sullivan, specializes in ultra-wealthy clients with net worths over $10m and has grown to employ 26 people.
→ This acquisition is Corient's second in late May, following the purchase of $915m Socius Family Office, after a seven-month M&A hiatus.
→ Corient, formerly known as CI Private Wealth, is controlled by Canadian asset manager CI Financial and had approximately $164bn in assets as of March 2024.

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Cresset Buys 130-Year-Old Family Office, Bringing AUM Above $52B

Cresset Asset Management has acquired The Connable Office, a 130-year-old family office based in Kalamazoo, Michigan, managing approximately $1.6B in assets. This acquisition brings Cresset's total assets under management to over $52B. The Connable Office, founded in the late 19th century, has a long-standing history of serving high-net-worth families. This strategic move strengthens Cresset's presence and capabilities in the family office sector, enhancing its offerings to affluent clients.

What You Need to Know:

→ Cresset Asset Management acquired The Connable Office, a Michigan-based family office with $1.6B in assets, bringing Cresset's total AUM to over $52B.
→ Key leaders at Connable include principals Loyal Eldridge III, Kenneth Larason, James Melvin (CEO), and Bradley Weller, who oversee a team of more than 30 professionals.
→ Cresset has reportedly engaged investment banks Moelis and Goldman Sachs to help find a minority investor, indicating potential future growth strategies.

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WEG Buys $219M RIA in its Seventh Deal of the Year

What You Need to Know:

→ Wealth Enhancement Group (WEG) acquired Atlas Fiduciary Financial, a $219m RIA with offices in Florida and New Jersey, marking WEG's seventh acquisition in 2024.
→ Atlas Fiduciary Financial, founded in 2020, is led by Laura Mattia (founder and CEO) and Stephen Craffen (chief investment officer) and specializes in serving retired or near-retired clients, widows, and business owners.
→ WEG has made two other significant acquisitions in 2024: Gavin Financial Group ($658m AUM) and The Financial Advisory Group ($1.2bn AUM).
→ With seven acquisitions already in 2024, WEG is on track for a major year of dealmaking, aiming to surpass its 2023 total of 17 acquisitions.
→ WEG now reports $85B in managed assets and is backed by private equity firms TA Associates and Onex Corporation.

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$150M Commonwealth Financial Team Joins Perigon

Perigon Wealth Management has acquired Creative Financial Planning Inc. of New York, a firm managing approximately $150 million in assets. The acquisition brings Creative Financial's founder and CEO Lisa Hayes, along with COO Daniel Gwizdak, into Perigon as wealth managers and partners. This move is part of Perigon's expansion strategy following a minority investment from Constellation Wealth Capital in January. The San Francisco-based RIA, which manages nearly $7.8 billion in client assets, has been actively acquiring firms throughout the year, including three other RIAs in different locations.

What You Need to Know:

→ Perigon Wealth Management acquired Creative Financial Planning Inc., adding $150M in AUM.
→ Lisa Hayes, founder and CEO of Creative Financial, and Daniel Gwizdak, COO, join Perigon as wealth managers and partners.
→ Perigon received a minority investment from Constellation Wealth Capital in January, replacing Merchant Investment Management's stake.
→ Since March, Perigon has acquired three other RIAs: Blue Water Capital Management, Lumin Financial, and Prudeo Partners, collectively adding about $800M in assets. 

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New Firm Launches

What You Need to Know:

→ Financial advisors Tim Woodall and Dustin Raring launched Highway One Capital, a new independent practice affiliated with LPL Financial's Strategic Wealth Services model, bringing approximately $500 million in assets from First Republic/JPMorgan Chase.
→ Woodall and Raring have over 55 years of combined experience and primarily serve business owners and high-net-worth multigenerational families.

Advisor Duo Joins LPL Financial to Launch 1818 Wealth Management

LPL Financial announced that advisors Stephen Shevlin and Jonathan Joelner have launched an independent practice, 1818 Wealth Management, through LPL’s broker-dealer, RIA, and custodial platforms. The duo, managing approximately $300 million in assets, joins from Stifel, Nicolaus and Co. Based in Swansea, Illinois, Shevlin and Joelner bring a combined 50 years of industry experience. They emphasize open communication and client education. Joining LPL allows them to leverage extensive resources and technology to enhance their client services and grow their practice.

What You Need to Know:

→ Stephen Shevlin and Jonathan Joelner launched 1818 Wealth Management with LPL Financial. 
→ The team manages approximately $300 million in assets and brings 50 years of industry experience. 

LPL Financial Welcomes James River Private Wealth

LPL Financial has announced that financial advisor W. Scott Hengerer has joined their platform to launch a new independent practice called James River Private Wealth. Hengerer, who previously worked with Ameriprise, brings approximately $160M in managed assets to LPL. Based in Lynchburg, Virginia, Hengerer has 26 years of experience in wealth management and specializes in asset management, retirement income strategies, and tax planning. The move to LPL allows Hengerer's team to maintain their focus on providing high-touch, personalized service to clients while benefiting from LPL's resources and technology.

What You Need to Know:

→ Financial advisor W. Scott Hengerer has joined LPL Financial's platforms to launch James River Private Wealth, bringing approximately $160M in assets from Ameriprise.
→ The team includes Martha Kerr, Devin Burton and Breann Dooley.
→ The move to LPL allows Hengerer's team to maintain independence while accessing LPL's technology, custodial services, research capabilities and wealth management solutions.

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