September 10, 2024
In August, the independent wealth management space saw significant movement, with firms like LPL Financial, Raymond James, and RBC Wealth Management actively recruiting teams and acquiring substantial assets under management (AUM). LPL Financial stood out with numerous advisor transitions, including moves from Cetera and Lincoln Financial, bolstering its presence in advisory and wealth services. The overall market showed a high level of advisor mobility, as major players strategically expanded by attracting experienced teams from UBS, Merrill Lynch, and Morgan Stanley to enhance their capabilities in serving high-net-worth clients.
In one of the larger acquisitions this month, Toronto-based CI Financial's U.S. wealth management subsidiary, Corient, significantly expanded its AUM by approximately $10 billion this year through four acquisitions. In July, Corient acquired Emerald Multi-Family Office in Weston, Florida, and Byron Financial in Charlotte, North Carolina, adding about $5.9 billion in assets. Both firms officially joined Corient Private Wealth on July 31. Read more here.
In one of the larger moves this month, LPL Financial recruited 30 financial advisors from Lincoln Financial’s former wealth unit, which was acquired by Osaic earlier this year. The advisors, from two teams formerly affiliated with Lincoln—Academy Financial and PFG Advisors—had managed around $4B in advisory assets. Read more here.
In this article, we're reporting the transactions we saw so you are in the know. By the end of this, you'll have a better understanding of the shifts this past August.
Elevation Point, a registered investment advisor, was launched earlier this year by Jim Dickson, the former CEO of Sanctuary Wealth. The firm has recently recruited two experienced executives from UBS, Bradford Smithy and Robert Tamarkin, as founding partners. Read more here.
Miami-based Insigneo has been actively recruiting financial advisors from Morgan Stanley to serve its Latin American clients. The latest addition is Jeannie Adams, a 29-year industry veteran, who recently left Morgan Stanley to join Insigneo. Read more here.
Commonwealth Financial Network has welcomed Sentinel Advisory Group, which consists of a team of financial advisors from Northwestern Mutual. The Middleton, Wisconsin-based team, which manages over $300 million in client assets, includes advisors Brent Cashore, Peter Shulla, Nathan Keeling, and Cary Grunder. Read more here.
Raymond James has added financial advisor Brett Goldstein to their New York branch. Goldstein previously managed over $245 million in assets at LPL Financial. As a senior vice president of wealth management, he serves families, individuals, retirees, business owners, and corporate retirement plans. Read more here.
Wells Fargo Advisors has recruited a team from UBS, which generated over $2.3 million in trailing 12-month revenue. The team, consisting of advisors Dave Moran and Madison Perkins, along with Client Performance Analyst Amy Patterson, joined Wells Fargo in Atlanta on July 26. Read more here.
LPL Financial has added financial advisors George Englert, Kevin Englert, and Carrie Hughes to its platforms. The team, previously with Avantax, now owned by Cetera, manages approximately $170 million in advisory, brokerage, and retirement plan assets. Read more here.
LPL Financial added the advisors from SoundWay Financial to join its broker-dealer, RIA, and custodial platforms, aligning with the existing firm Balmville Wealth Group (BWG). SoundWay Financial, based in North Haven, Connecticut, manages approximately $180 million in assets and transitioned from Cetera Financial Group. Read more here.
Andrew Widing has joined Raymond James & Associates in Dublin, Ohio, after leaving Wells Fargo Advisors, where he managed over $140 million in client assets. Widing, now operating as Andrew Widing Wealth Management of Raymond James. Read more here.
The Retirement Planning Group, a registered investment advisor firm under Cetera Financial's umbrella, has acquired an advisor team managing approximately $180 million in client assets. This team, composed of father and son Tim Watters and Colin Watters, formerly operated as Watters Financial Services in Paramus, New Jersey. Read more here.
CV Advisors has made a strategic hire to enhance its single-family-office services for ultra-high-net-worth clients. Ari Hadida joins the firm as a portfolio manager and a member of the investment committee. Hadida previously held similar roles at Miami-based Valor Advisors. Read more here.
Harbor Lights Financial Group has returned to LPL Financial’s broker-dealer, RIA, and custodial platforms, managing approximately $535 million in assets. The firm, based in Manasquan, N.J., was founded in 1994 by financial advisors Doug Lockwood, Rob Tendler, and Ken Roberts, who specialize in strategic investment advice and high-touch service for clients. Read more here.
Alberto Francis, a financial advisor, has joined LPL Financial to establish Rockview Private Wealth. He previously managed approximately $725 million in assets and comes from Bank of America Private Bank. Based in Houston, he works with business owners, executives, athletes, and professionals in the high-net-worth community. Read more here.
Q5 Wealth Management, a financial advisory team managing $1.5 billion in client assets in Beaumont and Houston, Texas, has joined the independent channel of Ameriprise Financial from UBS Financial Services, Inc. The team, consisting of advisors Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia, and Brad Klein, conducted an extensive search for a new broker-dealer and chose Ameriprise for its robust resources to enhance their high-net-worth clients’ experience and scale their practice. Read more here.
Raymond James & Associates has hired financial advisor Joanna Knieberg from J.P. Morgan in Frisco, Texas. Knieberg managed over $150 million in assets for business owners, corporate executives, families, and individuals at J.P. Morgan. Read more here.
Commonwealth Financial Network has added a team of advisors, previously with Osaic, who managed $630 million in assets. The team, based in Tempe, Arizona, operates as Krueger Financial Services and consists of advisors Kim Krueger, Eric Krueger, and Tim Hill, along with six support staff. Read more here.
Raymond James has added Schmidt Wealth Advisors to its employee channel from Baird, where they managed over $290 million in client assets. The team is based in Fort Wayne, Indiana, and includes advisors Raymond James, Daniel Schmidt, and Matthew Schmidt, along with support staff Jennifer Taylor and Kristina Stuller. Read more here.
LPL Financial has welcomed Wealthstead Financial Advisors, an Atlanta-based advisory team, to its broker-dealer, registered investment advisor, and custodial platforms. Wealthstead, which manages over $615 million in assets, transitioned from Lincoln Financial's wealth unit, recently acquired by Osaic Wealth. Read more here.
Summit Trail Advisors has added Paul Hoskin, a 30-year industry veteran, to its team from BNP Paribas' Bank of the West, recently acquired by BMO Financial Group. Hoskin, based in Newport Beach, California, manages about $500 million in client assets and specializes in succession planning for business owners. Read more here.
NewEdge Wealth has expanded by adding a four-person advisory team from Morgan Stanley in Allentown, Pennsylvania, led by principal and private wealth advisor Paul Emrick. The team, known as The Emrick Group, managed $514 million in client assets as of last year and officially joined NewEdge on August 16. Read more here.
A Florida-based team of eight from Merrill Lynch has joined NewEdge Wealth. The team, operating as The Minton Tuzzo Group, will enhance NewEdge's presence in Delray Beach, Boca Raton, and Palm Beach Gardens. The office will be led by new Partners Blaine Minton and Kirsten Tuzzo, both highly regarded for their expertise in serving high net worth individuals and corporations. Read more here.
Stifel Financial has recruited a team of financial advisors from Robert W. Baird & Co. The team, known as Gasper Investment Consulting Group, will join Stifel's broker-dealer subsidiary, Stifel, Nicolaus & Co., in Bowling Green, Kentucky. The group includes advisors Drew Richey, Joshua Marson, and Andrew Boyles, who collectively managed $300 million in assets while at Baird. Read more here.
4Point Wealth Management, a Davidson, North Carolina-based team, has joined LPL Financial from Wells Fargo. The team, which reported managing approximately $375 million in assets, joins LPL's Strategic Wealth Services unit, catering to wirehouse breakaways. Read more here.
Raymond James has added an advisory team from Morgan Stanley, which managed over $360 million in assets. The team, now known as The Perl Group of Raymond James, operates out of Ponte Vedra Beach, Florida, and Fort Collins, Colorado. The group is led by advisors Gary Perl and Katie Janda. Read more here.
Raymond James has welcomed the wealth advisory team of Security Wealth Management, which operates within Security Savings Bank, into its Financial Institutions Division (FID). The team, based in Sioux Falls, South Dakota, was previously affiliated with LPL Financial. The team consists of financial advisors Jon Gadberry, Brad Jarabek, and Sean Powell. Read more here.
Karen DeBaker, a financial advisor formerly with Raymond James, has joined Ameriprise Financial's independent practice, Threshold Financial Partners, in De Pere, Wisconsin, led by Carey Somerville. Read more here.
RBC Wealth Management has recruited The Paradigm Group, a team from Morgan Stanley managing around $693 million in client assets. The team, now based in a new Cincinnati branch, consists of advisors Kyle McLaughlin, Joseph Goetzinger, Robert Hill, Terry Regan, and Brandon Vornhagen. Read more here.
John Terrion, a seasoned financial advisor with 26 years of experience, has made a significant move from Merrill Lynch to RBC Wealth Management, bringing with him a substantial $438 million in client assets. Read more here.
Sanctuary Wealth has welcomed a new advisor team, TOVA Wealth, from Merrill Lynch, bringing $400 million in client assets. The team, based in Wilmington, North Carolina, includes advisors Katie Medina, Michael Tunney, and Eric Starkey. Read more here.
Kingsview Partners has recruited financial advisors Josh Farley and Alisha Warren from Edward Jones, establishing a new presence in Mt. Carmel, Illinois. Read more here.
Teresa Zipf, along with her team at Zipf Wealth Management, has joined Raymond James Financial Services' independent channel from Benjamin F. Edwards, bringing nearly $140 million in client assets. Read more here.
Kelly Compton, a San Antonio-based financial advisor, has joined LPL Financial's broker-dealer, RIA, and custodial platforms, aligning with LPL's affiliate Client Centric Wealth Management, part of Upstream Investment Partners. Read more here.
Ampersand Partners, a hybrid firm that began expanding its team nearly a year ago, has brought on a UBS Wealth Management USA group based in Chesterfield, Missouri. The group, led by David W. Simons and Thomas M. Cordes, managed $446 million in client assets and generated $4.5 million in annual revenue. They were ranked #21 on Forbes' best-in-state wealth management list. At Ampersand, the team operates under the name One Private Wealth. Read more here.
Denver Gilliand, the Founder and Chief Investment Officer of DSG Capital Advisors, brings three decades of experience to his clients, blending investment, estate planning, and financial management expertise. He established DSG Capital Advisors in Edina, Minnesota, following eight successful years at Hightower Advisors, where his firm became Hightower’s inaugural addition in Minneapolis. Read more here.
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John Washington is the Data Research Analyst at Dakota.
