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Financial Advisor and RIA Acquisitions Reported 8/28 | Part 2

By: Manfred Kanther, Manager of Strategic Initiatives

Two departures from PlanMember Securities this month.  Nuno Pereira who focuses on 401k and union pension clients,  has joined Cetera with $340 M AUM based in Mount Olive, N.J.  Lohnes Wealth Management, led by Jim Lohnes also joined Cetera bringing $120 M AUM with him.  Based in Bradenton, FL Lohnes focuses on retiring union members as well. 

Sticking with Cetera, Brenton Schmidt based in Delano, MN also joined the firm with $100 M AUM.  He is departing LPL.

Benchmark Private Wealth Management has been purchased by Beacon Point Advisor (PE backed by KKR) with $600 M AUM based in Dallas, Waco and Austin, TX.  The eight team members (FAs: Wayne McCullough, Keith Ferguson, Allen Ferguson and Rawles Bell) were carved out of Benchmark Bank and will maintain the referral relationship with the Bank.  This is Beacon’s fourth acquisition in Texas. 

Allworth Financial made two acquisitions recently.  Second Opinion Financial led by Josh Kadish with $440 M AUM, in Riverwoods, IL and Mulcher Financial Services with $200M AUM in Dansville, NY have both been purchased.  Allworth is PE backed by Lightyear Capital and the Ontario Teachers’ Pension Plan Board

Personal Wealth Partners led by Dan Steichen in Bloomington, MN with $630 M AUM has merged with Credent Wealth Management and assume the Credent name.  The total AUM of Credent will be $1.8 B AUM post merger and operate 6 offices. 

Creamer Wealth Management with FAs Mike Creamer, Martha Thomas, and Heidi Hawes, has joined DA Davidson in Blacksburg, VA. The team is coming from Truist/BBT. 

CAPTRUST continues its Southern expansion with the purchase of Reynolds Investment Management based in Raleigh, NC with $600 M AUM.  Tom Reynolds and his team of seven will all be joining CAPTRUST, and will be the firm’s second office in Greenville, SC.

Hybrid RIA Key Group Management led by FAs Patrick B. Murray and Colin Heafy based in Scottsdale, AZ has joined Concourse Financial Group.  They are bringing $500 M AUM with them as they join Concourse. 

MGO Investment Advisors has merged with One Seven (PE backed by Merchant Investments) both based in Beachwood, OH. MGO specializes in 401K plans. The combined RIA will now have $2.8 B in AUM and practice under the One Seven branding name. 

Scott Snow RIA (lead FA Scott Snow) based in Westlake, OH with $530M AUM has been purchased by Clearstead Advisors.  This is the first acquisition by Clearstead since they were backed by PE firm FlexPoint Ford. 

Johnson Brunetti (RIA)  in Wethersfield, CT with $3b under AUM/AUA has been purchased by Alera Group (PE backing from Genstar).  Alera will maintain the eight Brunetti offices spread throughout the Northeast and Atlanta. 

Numerica Credit Union in Spokane, WA is bringing its investment platform to Cetera, with $200 M AUM. Pulling the platform from CUSO financial. 

Heber Fuger Wendin Investment Advisors, led by FA Dave Barnes has been purchased by Mariner Wealth Advisors (PE backed by Leonard Green) with $8.6 B AUM in Bloomfield Hills, MI. HFW focuses mainly on local banks and credit unions, with $330 M AUM being on the discretionary side.  This is Mariner’s second purchase over the past month. 

Don P. Weiher and Jeff Besselievre have started a new team AGI Capital and have joined Wells Fargo FINET with $800 M AUM based in Ft. Lauderdale, FL. Previously they were with BoA Private Bank.

Amy Welzer, Steven Hoffmann, and Jennifer Jones have joined JPM Private Bank in Chicago, IL with $2B AUM in what some may call a “boomerang” move. The team was previously with Citi Private Bank, but was at JPM prior to then. 

HUB International continues to slowly build out their wealth management platform with the purchase of WealthPlan Advisors with $2.3 B AUM in Scottsdale, AZ.  The FAs of WealthPlan will join HUB.

The Green Group who is lead by Jackie Green, is joining Snowden Lane Partners in New York City.  She joins another team making the move from Fieldpoint Private Securities to Snowden Lane in the past few months.  The Jacobi-Hakala Group, FAs Tom Hakala and Al Jacin, has also joined Snowden Lane with $360M AUM in New York City, NY. This will bring Snowden’s assets to over $9B AUM as they continue their growth. 

Daybreak Financial Group managed by Raymond and Dominick Minicucci, joined Stifel in New York City, NY with $407 M AUM.  They are following the rest of their UBS team, CBC Wealth Management,  who made a similar move to Stifel last year , but will not rejoin them, keeping the Daybreak team name. 

Genesis Financial Partners led by Richard Maas,in Novi, MI with $150M AUM has joined JFC Advisor Network, who clears through LPL.  All five team members are making the shift from Cambridge as part of the move. 

Lansat Wealth Management Group, which includes Joel Lansat and Jeremy Lansat have joined RBC Wealth in Palm Beach Gardens, FL. The team was previously with Merrill Lynch.

Fidelis Capital has been formed by FAs Matthew Michaels, Paul Ayotte, Neale Ellis, and Matthew Ellis bringing together a total of $6B AUM based in Tampa, FL and Dallas, TX.  Matthew Michaels and Paul Ayotte, Matthew Ellis are joining from Wells Fargo, and Neale Ellis from BoA Merrill. 

Raul Rohr has joined Bolton Capital Group with $130 M AUM as he focuses on expanding his client growth in the US and Latin America. He was previously with Merrill.

Janney has added a few FAs over the past few weeks, with Parkview Capital Advisors (FAs Jim Bowman and Brad Kastan), joining with $270 million in client assets in Columbus, OH. Previously they were with Raymond James.  Fred Odell, has joined Janney with $130M AUM in York, PA. Previous firm was Wells Fargo Advisors.  Kevin Driscoll joined Janney with $130 M AUM in Boston, MA. Driscoll was previously with Wells Fargo. 

Pareto Wealth Management, led by Sean Kriak and Joe Palko, based in Cleveland, OH has been purchased by RIA MAI Capital Management, bringing $150 M AUM with them.  MAI is looking to acquire 13 more purchases over the course of 2022. 

Censia Wealth Advisors, led by Janet HartKelly Soria and Alex Clark, have joined Commonwealth with $165 M AUM in Santa Rosa, CA.  The Team was previously with Securities America.

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