August 15, 2024
In July, Dakota followed notable mergers and acquisitions including KKR's acquisition of Janney Montgomery Scott and Sequoia Financial Group's purchase of Karpas Strategies, contributing to a continued trend of consolidation within the investment management sector. LPL Financial, UBS, and Raymond James have actively recruited numerous financial advisor teams, including high-profile advisors from firms like Morgan Stanley, Edward Jones, and Merrill Lynch, as these advisors seek to enhance their service offerings and independence. Wealth Enhancement Group, Robertson Stephens Wealth Management, and EP Wealth have significantly expanded their presence through strategic acquisitions, with Wealth Enhancement Group alone making multiple acquisitions across various states. Rockefeller Capital Management and Focus Financial Partners have also bolstered their positions by onboarding established advisory teams and merging partner firms, respectively. Overall, the independent wealth management landscape is seeing substantial growth as firms strengthen their capabilities and reach.
One of the larger acquisitions this month, KKR, a leading global investment firm, and The Penn Mutual Life Insurance Company announced on July 23, 2024, a definitive agreement for KKR to acquire Janney Montgomery Scott LLC through its investment funds. Founded in 1832, Janney is a prominent wealth management, investment banking, and asset management firm with over $150 billion in assets under administration. The firm has more than 900 financial advisors offering financial planning, asset allocation, and retirement planning services across 135 U.S. offices. Post-transaction, Janney will become a standalone private company, continuing to operate independently. KKR plans to implement a broad-based equity ownership program for Janney's 2,300 employees, promoting team member engagement through ownership. This approach aligns with KKR's strategy of enhancing company strength through employee ownership, which has been applied to over 50 KKR portfolio companies since 2011. The deal is expected to close in the fourth quarter of 2024, pending customary closing conditions and regulatory approvals. KKR's investment in Janney will be primarily through its North America Fund XIII. The acquisition aims to leverage Janney's established market position and KKR's investment expertise to drive growth and innovation.
One of the larger moves this month, LPL Financial has welcomed advisors of Investment Advisors Financial Group who have joined its platforms. The team, previously with Osaic, reported managing approximately $1 billion in assets. Founded in 1979 by Thomas E. Musumeci and based in Eatontown, N.J., the firm includes advisors with diverse backgrounds in accounting, finance, tax, and investments. Led by Musumeci, James Flannery, and Annie Silvestro, the group comprises 22 advisors and eight support staff. Musumeci, with over five decades of experience, remains active as President, mentoring junior advisors. His career began in 1966 as a Division Manager for Allen Rogers & Company, Inc., followed by a role as Regional Manager for C.J.M. Planning before establishing his current firm. Musumeci specializes in retirement, education, and investment planning for individuals, as well as pension and retirement planning for professionals, corporations, and small businesses. He is particularly skilled in portfolio asset allocation. His son, Tom, is a top-producing advisor within the firm and holds the following registrations: Series 7, Series 24, and Series 66.
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 July.
LPL Financial has recruited financial advisors James (Jim) Zack and Amanda Zack from Morgan Stanley. With this transition, the father-daughter team has launched The Zack Wealth Group, managing approximately $290 million in assets brought over from Morgan Stanley. Based in Washington, D.C., James Zack brings 38 years of industry experience, with the last 12 years spent at Morgan Stanley. Jim's early fascination with the stock market led him to pursue a career as a financial advisor. Inspired by her father's journey, Amanda Zack joined his practice eight years ago. Together, they have built lasting client relationships. Their move to LPL is aimed at enhancing their service offerings and expanding their business.
BNY Mellon has appointed Jose Minaya as the new global head of BNY Investments and Wealth, effective September 3. Minaya will report directly to President and CEO Robin Vince and join the firm’s executive committee. This leadership change follows Hanneke Smits' decision to retire, although she will remain as chair of BNY Investments until the end of 2024 for a smooth transition. Minaya joins BNY from Nuveen, where he served as president and chief investment officer, overseeing over $1 trillion in assets. His career at TIAA began in 2004 as a fixed income portfolio manager after working with AIG, Merrill Lynch, and JPMorgan. Minaya is also an active member of the investment and academic communities, serving on the Board of Trustees of Manhattan College and the Board of Advisors of the Amos Tuck School of Business at Dartmouth. Additionally, he is involved with several companies and charitable organizations, including Moody’s, the National Forest Foundation, and the Investment Company Institute.
Kingsview Partners welcomes wealth managers Chris Kramer and Alan Gieleghem to join their firm in Rochester Hills, Michigan. The duo, who were previously advisors at Edward Jones, generated $1.5 million in annual revenue and managed $322 million in client assets. Kramer and Gieleghem, who are brothers-in-law, decided to move to Kingsview Partners to operate as fee-only advisors and relinquish their brokerage licenses. They had considered other firms, including Ameriprise Financial and Raymond James Financial, before making their decision. Kramer began his career at Edward Jones 12 years ago in Utica, Michigan, and had a successful acting career prior to becoming a financial advisor. He was a three-time Best Actor nominee for his role in the TV show “The Collector” and made guest appearances on shows like “24” and “Jericho,” as well as starring in several Lifetime movies. Gieleghem started at Edward Jones five years ago in Bloomfield Hills, Michigan, after teaching elementary school for nearly a decade. Both Kramer and Gieleghem hold CFP designations. Their transition to Kingsview Partners marks a significant move in their professional careers.
LPL Financial has welcomed Dan Countiss and Olivia Countiss to its platforms to establish Countiss Wealth Management. They bring approximately $200 million in assets from Edward Jones. The new practice is based in Flowood, Mississippi. Dan Countiss, a U.S. Army veteran, transitioned to financial advising after selling a successful business. Olivia Countiss developed an early interest in investing and financial planning, starting in the industry during college. Olivia worked in her former firm's home office before launching her own practice in 2019. Together, Dan and Olivia have nearly 25 years of combined experience. By becoming independent, they aim to provide more comprehensive care for their clients. They are supported by Investment Analyst Chandler Duke and Client Services Associate Christy Walker. This move allows the father-daughter team to collaborate more closely and enhance their client services.
Rockefeller Capital Management has added the advisor team of Jeffrey Titus, Daniel O'Neill, and Haley Pink from First Republic and J.P. Morgan. Operating as Titus Wealth Management, they join the Rockefeller Global Family Office in Boston, managing approximately $574 million in assets. Jeff, with over 30 years of experience in wealth management, technology, and employee benefits, is now Managing Director of Titus Wealth Partners. His career includes significant roles at J.P. Morgan Chase, First Republic, Credit Suisse Private Bank USA, and Bernstein Global Wealth Management. Dan, the Team Chief Investment Officer of Titus Wealth Partners, brings experience from JP Morgan Chase, First Republic, and Centinel Financial Group. He focuses on wealth planning, legacy planning, banking, and lending. The team, which transitioned to JPMorgan in May 2023 following JPMorgan's acquisition of First Republic, is committed to offering personalized wealth management services at Rockefeller.
Private Advisor Group, a prominent independent wealth management firm, has welcomed Delisanti Wealth Management, led by Robb Delisanti, which manages $155 million in assets. Based in Rochester, NY, Delisanti Wealth Management serves a diverse clientele, including professionals, executives, retirees, small business owners, and more, with a focus on simplifying personal finance. The firm works with investors from major local employers like Kodak, University of Rochester, and Xerox. Delisanti chose Private Advisor Group for its experienced RIA support, compliance relief, and efficient operations, along with its multi-custodian offering. With 22 years of industry experience, Delisanti previously worked at Equitable Advisors and American Portfolios Financial Services before joining Private Advisor Group. An avid hunter and outdoorsman, he also coaches Varsity Basketball at Honeoye Central School. His values of independence and autonomy align well with Private Advisor Group’s community of independent advisors.
UBS has added Joshua Cummins, a financial advisor from Merrill Lynch who managed over $1.1 billion in assets. Cummins joins UBS in Westlake Village, California, along with Team Administrator Megan Lermer. Operating as Cummins Wealth Management, they cater to corporate executives, entrepreneurs, and entertainment-industry professionals, offering extensive financial planning expertise. At Merrill Lynch, Cummins collaborated with advisor Michelle Gruber under the name The Cummins-Gruber Group. In May, Gruber departed to establish an independent registered investment advisor firm with another former Merrill advisor. Cummins brings nearly 25 years of industry experience, having first registered in 1999 at Donaldson, Lufkin & Jenrette Securities. He transitioned to Credit Suisse First Boston in 2003 following an acquisition, then initially joined UBS in 2005. Cummins moved to Merrill Lynch in 2009. His return to UBS marks him as the seventh advisor or advisor team UBS has attracted from Merrill this year. This strategic hire highlights UBS's ongoing efforts to strengthen its advisory capabilities by onboarding experienced professionals.
LPL Financial has added financial advisors Justin Gore and Michael Fusco, who have launched Integrity Financial Group. The new independent practice serves approximately $475 million in assets, with the advisors transitioning from Ameriprise. Gore and Fusco, longtime friends, teamed up in 2021 to expand their services in South Carolina’s Lowcountry. Based in Mount Pleasant, Gore has 26 years of experience and offers specialized services such as retirement strategies, estate planning, and financial planning. Fusco, with 12 years of experience, operates from Myrtle Beach, focusing on wealth management and investment strategies for individuals and businesses. The team is supported by Tracy Raynor in Myrtle Beach and Beckie Davey in Mount Pleasant.The practice was formerly known as MG Private Financial, but rebranded to Integrity Financial Group following the retirement of their senior partner, Hugh Martin. The new name reflects their commitment to treating clients and conducting business with integrity. Gore and Fusco aim to grow their presence and provide tailored financial services throughout the region.
Wells Fargo has recently recruited financial advisors from Merrill Lynch and UBS, managing over a billion dollars in combined assets. John Heckler, the largest solo producer among the new hires, joined in Bethesda, Maryland. Heckler previously generated over $2 million in trailing 12-month revenue from more than $360 million in assets at Merrill Lynch. He has 40 years of experience, having started at PaineWebber in 1984, and later working at Morgan Stanley and Merrill. Jansen Bailey and Julie Axley Bailey joined Wells from UBS. The Atlanta-based duo produced nearly $2.3 million in annual revenue from over $270 million in assets at UBS. They operate as Acunis Wealth Partners, which includes Senior Client Associate Chevyone Williams and Client Associate Eldon Lu. The Baileys have a combined 40 years of experience, with careers that have included stints at Merrill, Citigroup Global Markets, and Morgan Stanley before joining UBS in 2014. Additionally, Matthew Power, a New Jersey-based advisor with 28 years of experience. Power has joined affiliate Seventy2 Capital from UBS, where he produced approximately $1 million in trailing 12-month revenue from more than $292 million in assets. Power has previously worked at Salomon Smith Barney, Prudential Securities, Wachovia Securities, Stifel, Nicolaus & Co., and UBS.’
Cetera Financial Group has added Rally Wealth and Benefits, a nine-person team led by President Bruce Glenn and his daughter, Managing Partner Kristina Strickland, through Summit Financial Networks. The team managed over $325 million in assets as of March 1, 2024. The team was previously affiliated with rival Commonwealth Financial Network. Bruce Glenn has been in the financial services industry since 2004, joining Commonwealth in 2012. Bruce specializes in comprehensive financial planning for individuals and families at all life stages, focusing on investment strategies to ensure retirement preparedness and maximize wealth. Kristina Strickland started her career at Commonwealth in 2013. Strickland, a second-generation financial advisor, is passionate about helping people achieve their financial goals, believing it can change lives. She emphasizes the importance of a solid financial foundation that can benefit future generations.
RBC Wealth Management has expanded its team in Paramus, New Jersey, by adding the Callot Wealth Management Group, led by David Callot. Callot, who began his financial services career in 1996 and has been with Merrill Lynch throughout, brings substantial experience to RBC. The team includes Associate Financial Advisor T. Chris Braun, Investment Associate Jon Schulz, Senior Financial Associate Evan Levitsky, and Senior Client Associate Patricia Kramer. Together, they manage approximately $640 million in assets. Over the past few months, RBC has successfully recruited several other teams managing substantial assets under management.
LPL Financial has added Summit Planning Group to its platform. Founded in 1995, Summit Planning Group brings together a team of advisors with diverse backgrounds in accounting, finance, tax, and investments. They are known for their comprehensive approach to wealth management, serving clients' advisory, brokerage, and retirement plan needs. Based in Branford and Glastonbury, Connecticut, the team includes notable financial advisors such as Brian Onofrio, C. David Koncz, Karl Zirolli, Jay Pinto, Frank Navario, Alison Gaffney, and Ben Onofrio. Brian Onofrio, with over 25 years of experience in financial planning and wealth management, specializes in advising business owners, professionals, executives, and retirees. He co-founded Summit Planning Group and holds designations as a Certified Public Accountant (CPA) and Accredited Investment Fiduciary . David Koncz brings 40 years of financial planning expertise, beginning with Connecticut General in 1974. Throughout his career, he has focused on addressing the complex financial needs of business owners and high net worth individuals. David is also a co-founding partner of Summit Planning Group. Together, they manage approximately $750 million in client assets. LPL continues to expand its advisory capabilities and attract teams with strong client-focused expertise.
Gulf Coast Wealth Management has transferred its $850 million in assets to Arkadios Capital, a hybrid broker-dealer known for its innovative approach in the financial services industry. Previously affiliated with LPL Financial for over 20 years, Gulf Coast Wealth Management is a division of New Orleans-based Gulf Coast Bank. The firm is recognized for its client-focused approach, offering comprehensive services in investment management, wealth planning, and risk management. By joining Arkadios Capital, Gulf Coast Wealth Management aims to enhance its service offerings. This move will provide Gulf Coast with access to a wider range of investment solutions. Notably, they will gain direct access to leading global alternative investment firms. The integration into Arkadios Capital is expected to bolster Gulf Coast’s capabilities.
Stifel Financial has acquired a team of financial advisors from Wells Fargo, now operating as the Williams Jennings Wealth Management Group. The group is based in a new Private Client Group office in Fayetteville, Arkansas. The team comprises Kraig Williams, Senior Vice President, Investments, and Hannah Jennings, First Vice President, Investments, who managed $236 million in assets at Wells Fargo. They are supported by Terri Shields, Client Service Associate. Kraig Williams entered the financial services industry at A.G. Edwards in 1995, transitioning through its acquisitions by Wachovia Securities and Wells Fargo Advisors before moving to Stifel in 2024. He holds Series 7, 63, 65, and 66 securities licenses and was listed on Forbes’ Best-in-State Wealth Advisors from 2020 to 2024. Hannah Jennings started her investment career in 2012 at Wells Fargo Advisors and joined Stifel in 2024, holding the same securities licenses as Kraig. She focuses on comprehensive wealth planning, including retirement and legacy planning, and offers customized investment strategies. They are supported by Terri Shields, Client Service Associate.
LPL Financial has welcomed financial advisor Alex Williams, who has launched his independent practice, Stable Wealth, bringing approximately $170 million in assets from his previous position at Edward Jones. Based in Olympia, WA, Williams is a 25-year veteran of the financial services industry, specializing in serving retirees and the equestrian community, inspired by his wife Jennifer's success in dressage. He aims to offer unique client experiences for optimal retirement outcomes. Williams began his career as a financial advisor at Edward Jones in Tumwater in 1999, was named regional leader in 2016, and became a principal with the firm in 2017. He received the Accredited Asset Management Specialist (AAMS) designation in 2004 and the Certified Financial Planner (CFP) designation in 2012. He is joined by registered administrative assistant Cindi Mitch.
Raymond James welcomed financial advisor Rose Gatto to its employee advisor channel in Birmingham, Michigan. Gatto, along with senior client service associate Debbie Beardsley, joins from Comerica Financial Advisors, where she managed over $180 million in client assets. Operating as Rose Gatto Wealth Management of Raymond James, they serve families, individuals, pre-retirees, retirees, corporate executives, and business owners. Gatto brings over 25 years of experience in the financial services industry to her new role as senior vice president, wealth management. She began her career with Comerica Bank in 1999 and spent 24 years as a financial advisor at Comerica Securities. Gatto holds an undergraduate degree from Syracuse University. She also has the Accredited Investment Fiduciary and Accredited Asset Management Specialist designations.
Ameriprise Financial announced the addition of an advisor team from LPL Financial to its independent channel, managing $250 million in assets. The Washington, D.C.-based team, now operating as Monumental Financial Planning, includes advisors John Cortale, John Martin Moran, Nina Kamrani, Client Service Manager Adam Mirza, and Client Service Coordinator Omaid Omar. John Cortale has been in the industry since 2001, starting his career at UBS and later working at Morgan Stanley, GunnAllen Financial, Potomac Investments, JHS Capital Advisors, and LPL. John Martin Moran began his career in 1990 at Shearson Lehman Hutton Inc. and has been associated with several firms, including Securities America and LPL. Nina Kamrani entered the industry in 2022, registering with LPL. The team chose Ameriprise for its enhanced financial planning capabilities, greater firm support, and fully-integrated technology. The team's experience and Ameriprise's resources are expected to benefit their clients significantly.
A Georgia wealth team has moved from independent broker-dealer LPL Financial to Avantax. The team, known as Noble Oak Financial, includes advisors Josh Linton and Mike Koltz, along with director of operations and client services Danielle Boutwell. As of December 2023, the team managed about $300 million in client assets. The Noble Oak team switched their registrations from LPL to Avantax in June. Linton and Koltz had registered with LPL in 2018, while Boutwell joined in 2020. The advisors have joined Avantax as Form 1099 contractors. Noble Oak Financial, based in Augusta, Georgia, offers traditional wealth management, business and retirement planning services. They also work with employers on retirement plan design and selection. Avantax’s focus on tax-intelligent financial planning aligns with Noble Oak's client service approach.
Raymond James has welcomed financial advisor Ryan Brisiel, based in Fayetteville, Arkansas. Brisiel joins from Arvest Wealth Management, where he managed over $100 million in assets. He will be part of SWK Financial Planning Advisors of Raymond James, serving families, individuals, businesses, and business owners. The Fayetteville branch is led by complex manager Jeremy Silvas. Brisiel brings over 22 years of experience in the financial services industry to his new role as first vice president, wealth management. He started his career in 2002 and spent the last 20 years at Arvest Wealth Management. Brisiel is a Certified Wealth Strategist and holds an undergraduate degree in accounting from the University of Arkansas, Fayetteville.
Raymond James has welcomed advisor Stacy McVan from Edward Jones, where she managed over $100 million in client assets. McVan joins Raymond James & Associates, the firm's employee advisor channel. She operates under the name Stacy McVan Wealth Management of Raymond James at a branch in Dublin, Ohio. McVan and Client Service Associate Jada Rock will serve a diverse clientele, including business owners, individuals, families, pre-retirees, and retirees. McVan brings 10 years of experience in the financial services industry. Her career includes positions at HSBC, Edward Jones, and Johnson & Johnson. She holds a bachelor's degree in business management from the University of Akron. This move is part of Raymond James' ongoing efforts to expand its advisor base and enhance client services.
Cetera Financial Group has welcomed advisor Mike McCormick, operating as Southshore Wealth Management. He has joined Cetera Advisor Networks through Summit Financial Networks. Previously with Ameriprise, McCormick brought over $151 million in assets as of May 1, 2024. He highlighted Cetera’s independence and superior marketing and technology capabilities as key reasons for his move. With 27 years of industry experience, McCormick holds Series 7, Series 63, Series 65, and Florida Health & Life Series 215 registrations. Southshore Wealth Management offers dedicated service, strategic advice, and financial education to clients primarily in Sun City Center, Florida. Outside of work, McCormick is active in his community, participating in charity events like Hooked on Hope and Boys and Girls Club events. He has also taken part in Bike MS, riding between St. Augustine and Daytona, Florida to support multiple sclerosis research.
UBS has welcomed Dan Chorney as a managing director and financial advisor. Chorney will be based in New York City, reporting to Market Director Kellie Brady. He specializes in guiding individuals and families on investment strategies, tax and estate planning, philanthropy, and family engagement. Chorney also has experience assisting founders and executive teams with the sale of private businesses and converting their net worth from private shares to liquid capital. Additionally, he serves as an advisor for private equity professionals, defined-benefit plan assets, and cash-balance plan assets of nonprofits and closely held businesses. Chorney started his career as a Senior Stock Option Specialist at Merrill Lynch in 2002 before moving to Bernstein Private Wealth Management the following year. At Bernstein, he served as a Private Wealth Advisor before joining UBS. Chorney holds an MBA in Finance and Management from New York University. He also earned a bachelor’s degree in psychology from the University of Vermont.
EP Wealth has completed its third RIA acquisition of 2024 with the purchase of Sloan Investment Management, a Dallas-based RIA managing approximately $700 million in assets. This acquisition boosts EP Wealth's total assets under management in the Dallas area to over $1 billion. Frank Sloan, the founder and managing partner of Sloan Investment Management, established the firm in 2007 following over four years as a portfolio manager at Stephens Inc. Sloan Investment Management is known for its proprietary methodology, 'post-modern portfolio management,' used to manage client assets in-house. Frank Sloan leads a team of seven, all of whom will continue to operate under the Sloan brand name. This acquisition signifies EP Wealth's ongoing expansion in the RIA sector, enhancing its presence in the Dallas-Fort Worth metroplex.
Wealth Enhancement Group (WEG) has agreed to acquire Starfox Financial Services, an RIA with approximately $254 million in client assets based in The Woodlands, a suburb of Houston. This acquisition will increase WEG's total assets to $85.3 billion and expand its presence in Texas to six locations. Jose Palafox, with 25 years in the investment industry, founded Starfox Financial Services in 2006 after working at two large brokerage firms and RIA Marathon Capital Management. He established Starfox to prioritize clients' best interests with fiduciary loyalty. Bill Friebel, with over three decades in advisory and consulting, joined Starfox in 2017 after nearly 13 years at Merrill Lynch. Before joining Wealth Enhancement Group in 2024, Bill spent seven years at Starfox, which he co-owned with Jose. The duo is also supported by financial advisor, Jake Kuharich, who followed them during this transition. This acquisition marks WEG's eighth transaction in 2024. The financial details of the transaction were not disclosed.
Focus Financial Partners has announced the merger of two of its Chicago-area partner firms. Northbrook-based Relative Value Partners, founded in 2004 and led by CEO Robert "Bob" Huffman, will join forces with Chicago-based Kovitz Investment Group Partners. Kovitz, a Focus partner since 2016, operates as a "hub" firm. The merged entity will manage over $24 billion in client assets, aiming to serve high-net-worth individuals, families, and institutions in the greater Chicago area. Relative Value Partners will benefit from Kovitz Investment Group's extensive resources, capabilities, and national reach, enhancing their service offerings and operational efficiency. While the financial terms of the deal have not been disclosed, the transaction is expected to close in the third quarter. This strategic move will bolster Focus Financial Partners' presence in the Chicago market.
Coldstream Capital Management has merged with Arnerich Massena, a Portland, Oregon-based investment advisory firm managing about $2 billion in assets. Arnerich Massena, founded over 30 years ago, is led by co-CEOs Reegan Rae and Bryan Shipley. Both firms share a common structure, being independently operated and employee-owned. With this merger, Coldstream's assets under management will surpass $10 billion. Arnerich Massena has a team of seven advisors and a total staff of 19. This team will be incorporated into Coldstream as Team Rae, and all employees will become shareholders in Coldstream. Team Rae specializes in serving high-net-worth families, individuals, endowments, and foundations, offering portfolio management and investment advisory services. They also provide family office-related services such as legacy planning, business exit planning, family governance, and generational wealth planning. Coldstream operates from seven offices across four states, enhancing their reach and capabilities with this new partnership.
Wealth Enhancement Group has acquired Peak Financial Services, a Massachusetts-based hybrid registered investment advisor firm with over $123 million assets under management. Founded in 1995 by Kevin O'Brien, Peak Financial Services offers wealth management services to executives, retirees, pre-retirees, and clients in high-tech and biotechnology sectors. The firm has been serving central Massachusetts for 29 years and is recognized for its comprehensive financial planning. Kevin O'Brien, a respected figure in the financial community, has been a speaker at various business events and has served on several non-profit boards and committees. This acquisition marks Wealth Enhancement Group's fourth location in Massachusetts. The financial terms of the acquisition were not disclosed. The acquisition of Peak Financial Services is part of Wealth Enhancement Group's ongoing expansion strategy, having acquired three firms in the past two months.
Robertson Stephens Wealth Management has expanded into the Pacific Northwest by acquiring Rain Capital, a registered investment advisory firm in Oregon. Rain Capital, based in Oswego, managed over $360 million in advisory assets as of June. This acquisition marks Robertson Stephens' first office in Oregon. Rain Capital co-founders David Reichle and Ellen Kim, who have over 25 and 20 years of experience respectively, join Robertson Stephens as managing directors and principals. They are joined by their team members Chris Abbruzzese, Jamie Iversen, Luz Garcia, and Wendy Maroun. With this acquisition, Robertson Stephens' advisory assets have exceeded $6 billion as of June. The firm now has 21 locations across several states, including California, Colorado, Connecticut, Idaho, Massachusetts, New Jersey, New York, Texas, Washington, Wyoming, and Oregon. This strategic expansion aims to enhance their presence and service offerings in the Pacific Northwest. Robertson Stephens continues to grow its national footprint and asset management capabilities.
Wealth Enhancement Group has acquired Rock House Financial, a Utah-based registered investment advisor firm. Rock House Financial manages over $272 million in assets. The firm is located in Farmington and was founded in 1998 by Robert "Bob" Aamodt, who serves as the Senior Vice President. Vice Presidents Nicole Roberts and Zachary "Zack" Nelson also lead the firm. Rock House Financial offers services including financial and retirement planning, asset management, and charitable giving strategies. Their client base includes business owners, women, and social media influencers. The team consists of financial advisor Rhett Sorensen, Office Manager Emily Aamodt, Client Service Managers Antonio Montes De Oca Jr. and Max Hanks, and Senior Client Service Associates Blaine Nyberg and Katie Miller. Rock House oversees 1,216 accounts. This acquisition marks Wealth Enhancement Group's first location in Utah.
Modern Wealth Management (Modern Wealth) has acquired Knoxville-based C&J Wealth Advisors, marking its ninth transaction since inception and propelling its assets under management to over $4 billion. Founded in 1982, C&J Wealth Advisors is an independent, fee-based firm specializing in tax-focused saving and investment management, managing over $260 million in assets. C&J Wealth Advisors serves over 300 clients in the Knoxville and Oak Ridge areas. As part of the acquisition, C&J Wealth has adopted the Modern Wealth brand and onboarded its entire team of financial professionals, with Mark King joining as Managing Director. The acquisition enhances C&J Wealth’s support in accounting, compliance, technology, and human resources, allowing better client service. Scott Smith will join Modern Wealth's investment management team, working with Stephen Tuckwood, Director of Investments. Advisors from C&J Wealth gain access to Modern Wealth’s robust investment platform for effective portfolio management. This acquisition marks Modern Wealth's initial expansion into the South, tapping into the rapidly growing Knoxville market. Since its launch in April last year, Modern Wealth has rapidly expanded its national presence.
World Investment Advisors, formerly Pensionmark, has acquired Boston Harbor Wealth Advisors (BHWA), a registered investment advisory firm based in Westborough, Massachusetts. BHWA operates in 15 offices across the Northeast and Ohio. This acquisition adds over $3.5 billion in assets to World Investment Advisors, bringing their total AUM to $11.5 billion. BHWA CEO Matthew Davis, began his career as a financial advisor with Ameriprise Financial, where he served as district manager, branch manager, and complex director over 12 years. He joined Boston Harbor Wealth Advisors in 2015 and holds the Accredited Asset Management Specialist (AAMS). This marks the third acquisition for World Investment Advisors in the past nine months, and the second involving assets exceeding $3 billion. The firm now manages its wealth assets with a team of over 350 advisors and staff across more than 65 locations nationwide.
Kara Boccella and Devon Galindo have launched Serenus Wealth Advisors, an independent practice in Santa Monica, California, managing $1.2 billion in assets. Serenus Wealth Advisors caters to legal professionals, executives, entrepreneurs, and high-net-worth individuals and families nationwide. Boccella brings over 30 years of experience and previously served as a Partner at Certuity, managing its Santa Monica office and participating in the investment strategy team. Her career includes roles at KLS Professional Advisors Group, Sanford C. Bernstein & Co., and Pollack Investments. Galindo, with over 15 years of experience, was a Senior Director at Certuity and holds CFP, ChFC, and AIF designations. She specializes in serving high-net-worth clients and has a strong focus on legal professionals, executives, and entrepreneurs. Rebecca Tipp and Laura Lemoine join Serenus as directors, bringing additional expertise to the team. Lonny Elfenbein has been appointed as chief compliance officer. The team aims to provide tailored wealth management services to their clients.
Bluespring Wealth Partners has acquired Shelton Financial Group, a registered investment advisory firm based in Fort Wayne, Indiana. Founded by Jeff Shelton, the 25-year-old firm manages nearly $500 million in assets. As part of the acquisition, Shelton Financial Group will move to Bluespring's affiliated wealth management platform, Kestra Financial. The team includes financial professionals Nathan Shelton and Matt Fry, who specialize in faith-based investments and financial planning for working-class families, respectively. Jeff Shelton highlighted that this move ensures the firm's culture and values remain intact while preparing for leadership transition. This acquisition follows Bluespring's recent purchases of other RIAs, including firms in Arizona, New York, and Virginia, managing assets ranging from $500 million to $750 million. Kestra Financial launched Bluespring in July 2019 to focus on acquiring RIA firms for succession planning.
F.L.Putnam Investment Management Co. has expanded its East Coast presence through the acquisition of three registered investment advisory firms. The firms acquired are Arbor Capital Management Corp., Four Ponds Financial Planning, and Ascension Asset Management. These acquisitions bring 10 financial advisors managing $1.25 billion for 450 clients to F.L.Putnam. Arbor Capital, the largest of the acquisitions, is based in Amherst, New York, and was founded in 1995 by Lawrence McGowan and Gerald Cole. Arbor Capital has a seven-person team managing over $950 million for more than 250 clients. Four Ponds Financial Planning, founded in 2007 by David McPherson, is headquartered in Mashpee, Massachusetts, with a location in Charleston, South Carolina. Four Ponds has four advisors managing over $150 million. Ascension Asset Management, founded in 2004 by Grenville Gooder Jr., is based in New York City. Ascension oversees more than $170 million for high-net-worth investors, trusts, and foundations. The financial terms of the acquisitions were not disclosed. These additions significantly strengthen F.L.Putnam’s capabilities and reach. The firm is based in Lynnfield, Massachusetts.
Robertson Stephens Wealth Management has welcomed its fourth acquisition of 2024, purchasing Ratio Wealth Group. Based in San Francisco, Robertson Stephens has acquired the Denver-headquartered RIA managing about $530 million in total assets. Ratio Wealth was co-founded by Graham Gerlach and Derek Scarth, who, along with their team, have joined Robertson Stephens. The team includes Josh Freedman, Nancy Kimball, Becky Neils, Jen Padgett, Jack Seavall, and Shawn Wallace. Gerlach and Scarth are now listed as managing directors and principals. Ratio Wealth, founded in 2019, custodies client assets with Charles Schwab and serves nearly 350 clients. This acquisition brings Robertson Stephens' total advisory assets to over $6.5 billion. The firm operates 22 locations nationwide, including offices in Vail and Colorado Springs, Colorado. The deal enhances Robertson Stephens' presence and capabilities. The financial details of the acquisition were not disclosed.
Sequoia Financial Group has made its second acquisition of the year by purchasing Karpas Strategies, a firm focused on ultra-high net worth clients. Karpas Strategies, which manages approximately $420 million for 48 clients, is notable for having over two-thirds of its assets owned by women. The financial terms of the deal, which closed on July 31, were not disclosed. Founded in 1994 by Matthew Karpas, the firm also includes corporate strategy and business development manager Zachary Chernus and client services specialist Liz Faraj, all of whom will join Sequoia. Karpas Strategies will integrate into Sequoia's family office division, Sequoia Sentinel. This acquisition marks Sequoia's second RIA deal of 2024 and its sixth since 2023. Sequoia now operates 15 offices across nine states, with Karpas' Connecticut location becoming its second in New England. With this acquisition, Sequoia manages over $19.3 billion in total client assets. Sequoia's strategic growth continues to strengthen its presence in the investment management sector.
John Washington is the Data Research Analyst at Dakota.
