December 2023 Financial Advisor and RIA Moves and Acquisitions

As December wrapped up, Dakota tracked a total of 26 transactions. With the markets calming down and the holiday season beginning, as predicted previously, movement was on a steady decline. However, with the start of a new year, we should definitely see a huge surplus in activity. 

One of the larger acquisitions this month, CapTrust has acquired Trutina Financial, a $1.1 billion Seattle based-RIA. Geoffrey Schock (Managing Partner/CCO), Matt Myers (Senior Partner), and 13 other staff members all join the Captrust team. During this acquisition, Trutina will assume the Captrust branding. This is Captrust’s ninth acquisition of the year.

One of the larger moves this month, Oakeson Steiner Wealth and Retirement, based in Hastings, NE has joined the Carson Group from Resources Investment Advisors, a part of wealth management firm OneDigital. Oakeson manages approximately $1.2 billion in assets and is made up of president, Jake Yost and his team of 13 advisors. Carson will allow Oakeson Steiner to keep its brand name, and will offer technology, marketing and operations support.

In this article, we're listing the financial advisor and RIA moves and acquisitions we tracked in December 2023. By the end of this, you'll have a better understanding of movement that happened last month.

Independents:

Olsen Wealth Management (Jeffrey Olsen), based in Roseville, CA, has joined Raymond James & Associates from Morgan Stanley. Olsen manages approximately $197 million in assets. 

The Medelberg Group (Charlie Medelberg & Stacey Koziatek), based in St. Louis, has joined UBS from Morgan Stanley. The team manages approximately $275 million in assets. 

Clarity First Group (Steve Anderson, Frank Lequerica, Chris Hebert and Justin Wright), based in Germantown, TN, has joined RBC Wealth Management from Cetera. The team manages approximately $337 million in assets.

Advisor Andrea Freiman has joined UBS’s Integra Partners in Coral Gables. Freiman was previously an Executive Director with JP Morgan where she advised U.S. and Latin American high-net-worth families. Freiman also makes a return to UBS, where she began her career back in 2012.

Paul Simons has launched an independent wealth advisory firm through Dynasty Financial Partners, Purefi Wealth, based in Boston, MA. Simons is starting the firm with no assets under management and plans to hire advisors to target “key markets” over the next calendar year.

Advisor Pat Cunnane has joined existing Ameriprise practice, Fidant Wealth Partners. He was previously with LPL Financial’s Masters Consulting Group, where he managed about $773 million in assets. Cunnane has been in the industry for over 35 years where he first registered with Kidder, Peabody & Co.

Advisor Demetrios Paraskevopoulos, based in Mineola, NY, has joined LPL Financial. Paraskevopoulos had been with Ameriprise for 27 years. At Ameriprise, he helped manage $230 million in assets.

Advisors Michael Gandet, Mark Choinski, and Arthur Sisco of Oak Tree Financial Group, have joined LPL FInancial from Securities America. Oak Tree is headquartered in Fairfield, CT, with offices in Manahawkin N.J., Westwood, N.J and Poughkeepsie, N.Y. The team manages approximately of $130 million in assets

Frank Cangelosi Jr. has joined LPL FInancial aligned with Gladstone Wealth Partners. Cangelosi will operate as Cangelosi Wealth Management and oversee $165 million in assets. He is based in Hawthorne, N.J. and has been in the industry for over 30 years.

Oakeson Steiner Wealth and Retirement, based in Hastings, NE has joined the Carson Group from Resources Investment Advisors, a part of wealth management firm OneDigital. Oakeson manages approximately $1.2 billion in assets and is made up of president, Jake Yost and his team of 13 advisors. Carson will allow Oakeson Steiner to keep its brand name, and will offer technology, marketing and operations support

Amy Philbrook, a seasoned industry vet, has been appointed as the Executive Vice President and Head of Service at LPL, based in Fort Worth, TX. Formerly leading customer care and operations shared services at Robinhood, Philbrook brings over 25 years of experience, notably from her tenure at Fidelity in various roles. At LPL, she will lead service teams for advisors and end clients

OPOC (One Point of Care) has joined Atria's subsidiary Cadaret Grant. The team is led by Edward "A.J." Sommer III and manages approximately $350 million in assets. OPOC was previously associated with Osaic (formerly Advisor Group). OPOC is based in Worthington, OH and offers comprehensive employee benefits and wealth management advice.

Jacob DuBose joined Savvy Advisors in September. DuBose was previously at Empower and managed over $425 million in assets during his tenure. He became just the seventh advisor to join the firm in the second half of 2023. DuBose will be based out of Denver, CO.

Financial Advisor Nicholas Bair has joined Cetera Advisors through Wilde Wealth Management Group. Bair stems from J.P. Morgan Securities where he helped manage $148 million in client assets. He was named as a managing partner where he will lead a new office in Surprise, Arizona. Nicholas Bair began his career in the industry in 2008 and was registered with Chase Investment Services.

Advisors Matthew Best and Michael Moore have joined LPL Financial from Ameriprise. The duo will operate as Best Wealth Management, managing approximately $130 million in assets, and is based in Shippenville, PA. They will enter a 1099 relationship with LPL and use a shared Form ADV. Best has been in the industry since 1998, registering with The Investment Center, whereas Moore entered the industry in 2014, registering with Edward Jones.

Advisor Sheridan O’Connor has joined Raymond James independent advisor channel from Edward Jones. He will operate as O’Connor Wealth Group, managing $100 million in assets, and is based in Durham, NC. O’Connor has been in the industry since 2013.

Bill Schumann has joined Cetera Financial Group from Grove Point Investments. He operates as Schumann Financial, based in Wheaton, Illinois and oversees approximately $450 million in assets. Schumann specializes in financial planning, investing and taxes He entered into the industry back in 1987, when he registered with Gary-Wheaton Stock Brokerage.

Financial Advisors Mark Hills and Uri "Chip" Doolittle V of Upstate Financial Network, previously with Triad Advisors, have joined LPL Financial. They have a combined portfolio of approximately $200 million in assets and are headquartered in Manlius, N.Y.. The Upstate Financial Network leaders chose independence based on shared client values and knowledge-based principles. Their advisory firm is recognized for its inclusive and understanding approach, focusing on growth and for both individuals and businesses.

Stephen Freeman has joined Citizens Wealth Management, the financial planning division of Citizens Bank & Trust, based in Cullman, Al. Previously with Raymond James, Freeman is now onboarded to the LPL Institution Services platform. He oversees approximately $130 million in assets.

Acquisitions & RIAs:

Wealth Enhancement Group has acquired Asset Management Resources, headquartered in Hyannis, MA. They offer personalized investment services to those intent on enjoying a secure retirement. The firm is led bY J. Christopher Boyd and oversees $236 million in assets. This is Wealth Enhancement’s 15th deal for the year and they expect to close 2023 off with a total of 18 acquisitions.

Wealth Enhancement Group has acquired Landmark Financial Advisors, based in Bowling Green, KY. The firm is led by Bill Borders and Brent Mason, and oversees $543 million in assets. This is Wealth Enhancement’s 16th deal for the year and the first in the state of Kentucky. WEG is expected to expand its reach to the Southeast and Southwest markets moving forward.

Allworth Financial has acquired two California registered investment advisor firms totaling over $650 million in assets. San Jose-based Silicon Valley Wealth Advisors, managing $376 million in assets, was Allworth’s sixth acquisition of the year. The team is led by Managing Principal Tracy Lasecke. In addition, San Diego-based Hall Private Wealth Advisors, managing $291 million in assets, was the seventh acquisition of the year. That team is led by CEO Russell Hall. With these acquisitions, Allworth’s assets under management increased to $19 billion.

Exencial Wealth Advisors has acquired Austin,TX-based boutique RIA, Weinheimer Wealth Management, who oversees $500 million in assets. This is a nine person-team and is led by Matt Weinheimer. Matt entered the industry in 1997, registering with Mony Securities Corp. This is Exencial Wealth Advisors third acquisition since 2020.

Headquartered in Los Angeles, Lido Advisors has acquired Claybrook Capital, an RIA based in Wellesley, MA, overseeing approximately $296 million in assets. This move continues Lido Advisors' trend of acquiring RIAs, an ongoing pattern since 2021. Their most recent acquisitions include Colorado Financial Management and a team managing $1 billion from First Republic. Before becoming part of Lido Advisors, Claybrook Capital was predominantly owned by Jerry Nigro, its managing director of wealth management. Specific financial terms of the deal have not been disclosed.

Kudu Investment Management has acquired a minority stake in Sage Advisory Services, an Austin, TX investment manager with $23 billion in assets. Sage mainly manages fixed income and global asset allocation strategies. Kudu established stakes in three alternatives firms in 2023: Variant Investments, Martis Capital, and Apera Asset Management. Additionally, Kudu secured minority stakes in several registered investment advisors, including Sequoia Financial Group and Gentrust.

CapTrust has acquired Trutina Financial, a $1.1 billion Seattle based-RIA. Geoffrey Schock (Managing Partner/CCO), Matt Myers (Senior Partner), and 13 other staff members all join the Captrust team. During this acquisition, Trutina will assume the Captrust branding. This is Captrust’s ninth acquisition of the year.

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