August 23, 2023
The Silicon Valley Bank collapse persisted in the news as RIA and FAs had to reevaluate their plans to partner with firms. In July 2023, we witnessed a surge in settlements across Financial Advisor and RIA moves and Acquisitions. During this month, Dakota tracked a total of 47 transactions (7 RIA Moves, 14 FA Moves, 19 Acquisitions & 7 New RIAs).
First Republic Bank continued to face crucial departures as teams sought other firms. LPL became very active in the month of July and proceeded to keep this momentum going into August. Mercer Global Advisors and Sequoia Financial Group have been very active in acquiring firms.
In this article we're going over the financial advisor and RIA moves made for the month of July.
Financial Advisor Moves:
Mark W. Alibrandi and Stephen Alibrandi have joined UBS’s Private Wealth Management unit in Boston. They were previously with First Republic.
John D. Froley has joined NewEdge Wealth in San Francisco. Froley was previously with First Republic and had $300 million under management.
Jerry Sneed and Frank McKiernan have joined Procyon Partners in both the New York and Massachusetts offices. This duo, who were previously with Baker Tilly, manages $600 million in assets.
Buddy Favor based in Indialantic, Fl managing $115 M AUM has joined LPL. He was previously with VALIC Financial Advisors.
Fa’asau Wealth Management (FA: Rebekah Fa’asau) managing $185 M AUM in Boise, ID has joined Raymond James. Fa’asau was previously with Merrill Lynch.
Eugene (Gene) H. Martino, based in New York, NY managing $287 M AUM has joined UBS. Martino was previously with First Republic.
Intrua Financial (FA: Bart DeLuca ) based in Baltimore, MD managing $165 M AUM has joined LPL’s BD/RIA platform. DeLuca was previously with Raymond James Financial Services.
Independent Advisor Group (IAG) (FA: David W. Rodgers), based in Broomall PA managing $145 M AUM has joined LPL’s BD/RIA platform. Rodgers was previously with Wells Fargo Advisors.
Jerry Kanter and Scott Mason, operating as Advanced Benefit Systems based in Newport Beach, CA, have joined LPL Financial. They oversee $200 million in assets and were previously with Cetera Financial Group’s subsidiary Securian Financial Group.
Jonathan Fagan has joined Cetera Advisors by joining Wilde Wealth Management Group. Fagan was previously with Northwestern Mutual where he provided financial planning services to clients with approximately $28 billion in assets.
Gary Cook, who oversaw more than $470 million, joins Cetera via Cetera Wealth Partners in Dallas. Cook was previously with Voya.
Financial Advisor, Edward Suero, joins Pointwealth Capital Management in Encino, California. Suero previously served as an LPL advisor with Logix Financial Services.
Financial Advisor, Amanda Hale, joins Third Coast Advisors in Port Arthur, Texas. Hale arrives from PNC Investments where she managed $250 million in AUM.
Miracle Mile Advisors has appointed Nate Angelo as the new Head of Wealth Management. Angelo was previously with RBC Wealth Management where he held many senior leadership roles.
Sopher Financial Group, based in Metuchen NJ, managing $200 M AUM joined LPL’s BD/RIA platform. They were previously with Kestra Financial.
Keybridge Wealth Management (FAs: Sydney Niewierski, Robert Chiavacci & John Odom) managing $350 M AUM based in Clearwater, FL, have joined Raymond James.
509 Wealth Management (FA: Jason Johnson), based in Spokane, WA managing $400 M AUM has joined LPL’s BD/RIA platform. They were previously with Ameriprise Financial.
Advanced Benefit Systems (Jerry Kanter & Scott Mason) based in Newport Beach, CA managing $200 million in AUM have joined LPL’s BD/RIA platforms. They were previously with Securian.
Syracuse Wealth Management (FAs: Gary Lucas, Ronald Pratt, Jr, & Brenda Monk) based in Liverpool, NY managing $250 million in AUM have joined LPLs BD/RIA platforms. They were previously with Cadaret, Grant & Co., Inc.
Vantage Point Private Wealth (FAs: Mark J. Morasky, Erik S. Clay and Chris J. Figaro) with locations in both Walnut Creek, CA and Madison, WI, have joined Steward Partners Global Advisory. The team was previously with Merrill Lynch and oversaw $450 million in assets.
Vitucci Integrated Planning (FA: Jason Vitucci) based in Walnut Creek, CA has joined Osaic, formerly known as Advisory Group, from Cetera Advisors. Vitucci manages approximately $254 million in AUM.
Mercer Global Advisors has acquired Day & Ennis, a $400 million RIA based out of Georgia.
Man Group has acquired a controlling interest in Varagon Capital Partners, a $11.8 billion middle market private credit manager.
Nikko Asset Management has agreed to a minority partnership with Osmosis Holdings, a UK-based investment firm with $14 billion in assets.
Generali has acquired Conning, a global asset manager with $157 billion in assets.
Ares Corporation has acquired Crescent Point Capital, a Singapore-based private equity firm with $3.38 billion in assets.
Searchlight Capital Partners has acquired Gresham House, a UK-based alternative asset manager with $11 billion in assets.
HighVista Strategies has acquired arbdn’s U.S private markets business with $4 billion in assets.
Rithm Capital has acquired Sculptor Capital Management, an alternative asset manager with $34 billion in assets.
Permira has acquired a 40% stake in AltamarCAM Partners ($20 billion in assets), via its Permira Growth Opportunities Fund II.
Abry Partners acquired a minority stake in Prime Capital Investment Advisors, a $23 billion RIA based out of Kansas.
AJ Wealth, based out of NYC, is merging with Cerity Partners. They will operate under the Cerity Partners name.
Lumina Financial, a california-based Wealth Manager with $134 million AUM, has merged with Cerity Partners
Haymarket Wealth Management (FA: Tom Hagerstrom) located in Madison, NJ managing $285 M AUM has been acquired by Robert Stephens.
Wealth Enhancement Group has acquired Ryan Financial, a hybrid RIA based in Denver, Colorado. The team manages over $200 million in client assets.
Southern Wealth Management headquartered in San Antonio, TX managing $2.3 B M AUM has been acquired by CAPTRUST Advisors. Southern Wealth Management is CAPTRUST's fifth deal this year and the 69th deal since 2006.
V Wealth, a hybrid RIA based out of Overland Park, Kansas, is merging with The Wealth Consulting Group headquartered in Las Vegas, Nevada. V Wealth brings in over $2 billion in assets and 43 investment advisors.
Pathstone has announced the acquisition of Veritable, based near Philadelphia, PA. The acquisition will add over $17 billion in assets across 200 clients. Pathstone will exceed $100 billion in AUA.
Sequoia Financial Group to acquire Cleveland-based RIA, Cirrus Wealth Management overseeing $387 million in AUM. The acquisition is expected to close at the end of the month. The addition of Cirrus Wealth marks Sequoia’s second deal of the year.
LPL has acquired Crown Capital Securities, an Orange, California-based broker-dealer and registered investment advisor that manages $6.5 billion in AUM. The purchase agreement was signed on July 21 and the transaction is expected to close in early 2024.
Todd Knickerbocker and Spencer Knickerbocker have left Raymond James to launch a new RIA, Stonebrook Private. They are based in Northville, MI and manage $600 million in AUM.
Jason Braatz, based in Mount Laurel, NJ managing $500 M AUM has joined Pine Valley Investments to launch a new RIA, Braatz Wealth Advisors. Braatz was previously with Merrill Lynch.
Laura Evans is joining LPL’s BD/RIA platforms to launch Bloom Wealth Strategies. A Richmond Hill, Georgia-based broker who managed $235 million in AUM. She was previously with Edward Jones.
FA Duo (John Thornton & Jake McLean) based in Charlottesville, VA overseeing $245M in AUM have joined LPL’s BD/RIA platform to launch a new RIA, Capitum Wealth Management.
The wealth manager trio of Kent Bowen, Ashby Dawson, and Trevin Bowen, managing approximately $470M AUM have joined Kingsview Partners to open a new office based in Amarillo, TX. They were previously with Edward Jones.
FAs (Terri L. Conger, Joseph Blackner, Jace Kasteler, and Trevor Lubereski) have joined LPL’s BD/RIA platform to launch a new RIA, Pacific Legacy Wealth Partners. The team is based in Federal Way, WA and manages approximately $425 million in AUM. They were previously with Merrill Lynch.
FA Chris Coffin has joined LPL’s BD/RIA platform to launch Coffin Financial Group. Coffin is based in Austin, TX and oversees $325 million in AUM. He was previously with Merril Lynch.
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John Washington is the Data Research Analyst at Dakota.
