Subscribe to the Dakota Blog

Financial Advisor and RIA Acquisitions Reported the Week of August 28

By: Manfred Kanther, Manager of Strategic Initiatives

With the markets calming down a bit during the last few weeks, we saw a resumption of RIA, advisor firm moves and mergers.

Many of the RIA acquisitions continue to be backed by private equity funding. However, we did see more mergers occur in the past few weeks, rather than flat out acquisitions as firm owners do not want to step out of the business but want to participate in future asset and client growth of their business moving forward.

For the year, Rockefeller continues to lead in overall recruitment, with the wires of Merrill, Wells, MS, and UBS losing the most. 

One of the larger moves this month, Moran Wealth Management, led by Tom Moran, has started a new RIA clearing through BNY Pershing.  The Team of over 36 employees who manage over $4B AUM are departing Wells Fargo where they have been since 2003 in Naples, FL. 

One of the larger acquisitions in August, Gladstone Wealth Partners with $13 B AUM based in Boca Raton, FL has been purchased by Integrity Marketing (PE backed HGGC, Silver Lake, Harvest).  Gladstone brings over 200 FAs with assets custodied at Schwab and Fidelity to Integrity, but retain its Gladstone brand. 

Mersberger Financial Group, based in Sheboygan Falls, WI with $1.35 B in assets ($850 M discretionary, $500 M brokerage) has merged with Merit Financial Advisors based out of Atlanta.  Merit highlighted this merger in helping them enter the 401k plan market, adding to the $4.3 B in discretionary assets they manage.  Merit is backed by Wealth Partners Capital Group and PE firm HGGC. 

Penn Investment Advisors, the RIA of Penn Community Bank based in Bucks County, PA, was acquired by Equitable/AXA.  Equitable continues to build out its wealth management business with this $600 M AUM acquisition, with Christian Wagner joining from Penn as well.

Next Level Planning & Investments with lead FAs Nicholas Troiano and Matthew Mattice based in Denver, CO have joined Raymond James.  They managed over $1.5 B AUM and have previously practiced at TIAA wealth management group. 

360° Wealth Management Group led by Joseph Mansoor and Anthony Mona with $1.4 B AUM in Farmington Hills, MI has merged with Spartan Wealth Management in nearby Brimingham.  360° will assume the Spartan team name and clear through a combination of Cardaret Grant and Schwab. 

Strategic Financial Solutions, a seven member team based in Cedar Rapids, IA with $1.4 B AUM has joined Commonwealth Network. Members including FAs: Larry Witzel, Bert McClintock, Brian Brandt, Jeff Haugse, Jordan Kuehner, Steven Bragg and David Spanier) have departed Principal Securities and highlighted Commonwealth’s brand marketing abilities as a major benefit. 

Tax Favored Benefits has spun out TFB Advisors, a new hybrid RIA, that will clear through Schwab in Kansas City, MO with $2b AUM. The team includes FAs: David Wentz, Bill Stapp, Josh Selzer, Tim Gaigals, Dan Dolan, and Adam Bettis.

Wipfli Financial Advisors based in Milwaukee, WI (home office) but spread across nine estates with $5B AUM has been purchased by Creative Planning.  The core tax and accounting functions will remain at Wipfli LLP.  As part of the transaction, 95 employees will shift to the Overland Park, KS office of Creative.  One of the more active acquirers, this is Creative’s third transaction this summer.

The Hassan Group led by Richard Hassan and includes associates Matthew Holbrook, Gina Valle has joined Rockefeller Capital Management with $2.5 B AUM.  The team was previously with Alex.Brown (DB and then Raymond James) and will maintain offices in Stamford, CT and Boca Raton, FL. 

Also joining Rockefeller recently is the TheUgroup with FA’s John Uriostegui, Rod Nakamoto, David Sassen and Regina Monroe.  Based in Los Angeles, CA the team brings $500 M AUM with there and were with Merrill Lynch prior to the move.

Brett C. Crawford and John D. Barranco based in Montgomery, AL with $600 M AUM re-joined Morgan Stanley as they leave UBS.  Also leaving the same branch office is Matthew B. Murphy and Rebecca H. Baker who were ranked #5 on the in-state Forbes best FA list.  They joined RIA Sanctuary Wealth bringing $800 M AUM with them and created a new team called Marble Wealth. 

Mackie & Waller Wealth Management Group based in St. Louis, MO with $250 M AUM are merging with Sanctuary RIA team Cape Rock Private Wealth.  Peter F. Mackie and Paul P. Waller IV are leaving Wells Fargo. 

Another Sanctuary addition as Roy Maxwell (Max) Alvis and his team of four joined the RIA with $460 M AUM in Lufkin, TX. Alvis will leave his producing manager role at Merrill Lynch, and partner with 6 Degrees Wealth within Sanctuary as they look to tuck in break away FAs.  

MS & Associates Group who is led by Radhika Mehta-Sharan, has joined Frist Republic Bank with $350 M AUM.  Junior partner Nick Fanneron will also be making the move, as the team based in New York City departs Merrill Lynch. 

The Rutledge Custodio Team, Theresa Rutledge and Anthony Custodio have joined First Republic Bank in their backyard of Palo Alto, CA with $987 M AUM.  The duo is coming from Merrill Lynch and typically has a practice minimum per client of $10 million. 

Another First Republic addition, David J. Loeb has in Boca Raton, FL with $250 M AUM. He previously was with JP Morgan Advisors and will help FRB build out in the Southern Florida market.

For more information on RIAs, we'd love to invite you to request a free trial of Dakota Marketplace!

marketplace free trial

Keep Reading

The 14 Best CRMs for Investment Firms to Consider in 2022

If you’re in the process of researching a CRM for your investment firm, chances are you already...

Read Now

Top Institutional Investor Databases for 2022: What Do They Cost?

The following is a list of the top institutional investor databases for investment sales...

Read Now

The Top Fund of Funds to Watch in 2021

We know that one one of the biggest challenges faced by alternative investment sales professionals...

Read Now

Address

925 West Lancaster Ave
Suite 220
Bryn Mawr, PA 19010
Tel: (610) 642-1481

Learning Center

Dakota Live!