December 12, 2023
As November wrapped up, Dakota tracked a total of 34 transactions. With the markets calming down a bit during the last few weeks, we saw a decline in activity.
One of the larger acquisitions this month, Curi Capital is acquiring $9.7 billion chicago-based, RMB Capital Management. Through this transaction, Curi Wealth Management will merge into RMB, and RMB will continue as “Curi RMB Capital. Terms of the deal are set to close in late December 2023.
One of the larger moves this month, Mammini Company, based in San Diego, has joined Commonwealth Financial Network. The team manages approximately $3 billion in assets and was previously with Lincoln Investment.
In this article, we're listing the financial advisor and RIA moves and acquisitions we tracked in November 2023. By the end of this, you'll have a better understanding of movement that happened last month.
Pathway Advisors (John Lankford and Justin Pestel), based in Wichita Falls, TX, has joined LPL Financial. The team manages approximately $125 million in assets and was previously with Woodbury Financial, part of Osaic.
SF Wealth Group (Richard Schnier & Andrew Foote), based in New York, has joined RBC Wealth Management. The team stems from Stifel, Nicolaus & Co.
Advisor Robert Moon has joined Rockefeller Capital to lead, Moon Wealth Partners based in Bethesda, MD. Moon manages approximately $500 million in assets and was previously with Merrill Lynch.
The Normann Financial Group (Kel Normann), based in Sanford, NC, has joined Captrust Financial Advisors. Normann manages approximately $1.3 billion in assets.
Advisor Tom Bruno has joined Roberts Stephens in Jackson, WY to open up the firm's 18th office. Bruno was previously a private wealth advisor at Wells Fargo, where he spent six years. Bruno joins as a managing director and principal.
SYV Wealth Advisors (Brad Sicoff & Bruce Porter), based in Santa Ynez, CA, has joined LPL Financial from Cambridge. The team manages approximately $115 million in assets.
Blake Mier (Mier Financial), based Bloomington, IL, has joined LPL Financial from Wells Fargo. The team manages approximately $250 million in assets.
Advisor Kamar Plunkett, based in Rye Brook, NY, has joined Edward Jones from Fidelity Investments. He oversaw approximately $300 million in assets.
Advisor Kane Vines has joined LPL Financial to launch Expound Wealth Management in Plano, TX. He manages approximately $115 million in assets and was previously with Ameriprise.
Doherty Financial Services (Michael Doherty, Ryan Pellegrini & Ryan Doherty), based in Uncasville, CT, has joined LPL Financial. The team manages $220 million in assets and was previously with Commonwealth.
Matt Warter and Theresa Houle, based in San Diego, have joined LPL Financial through Seapoint Wealth Advisors. Seapoint manages approximately $100 million in assets and the duo stems from Plan Member.
Retirement Plan Consulting Group (Damon Marra, Carl Lanza, Timothy Maher and Brandon Sperling), based in Hauppauge, NY, has joined Wells Fargo from Raymond James. The team manages approximately $700 million in assets.
Okim Wealth Management (Kevin Okim and Deborah Okim), based in Reston, VA, have joined Raymond James after spending two decades with Edward Jones. The team manages approximately $260 million in assets.
Miller Family Wealth Management (Chuck Miller and Simone Jones), based in Dalton, GA, has joined Steward Partners from Wells Fargo. The team manages $275 million in assets.
Momentum Wealth (Rob Elstad, Steven Van Voorhees & Bill Blankenship), based in The Villages, FL, has joined LPL Financial from Ameriprise. The team manages $150 million in assets.
ViewPoint Wealth Partners, based in Independence, OH, has joined LPL Financial RIA/BD platform, The team manages approximately $550 million in assets and was previously with Ameriprise.
Advisor John Khoury, based in the Greater Boston area, has joined Savvy Wealth as a Wealth Manager. He was previously with Charles Schwab where he managed $325 million in assets.
Two advisor teams have joined Osaic, The AmeriFlex Group. Meckenstock Group, based in Hays, KS managing $290 million in assets, and the duo of Jeffrey McNaney and Lucas Dancy-Cabeal, based in Tennessee (also in California) managing $206 million in assets. The Meckenstock Group is made up of a 10-person team and stems from Independent Financial Group. Jeffrey McNaney and Lucas Dancy-Cabeal stem from Principal Securities.
Ex-Merrill Lynch broker, J. Russell Morrison, has joined Capitol Wealth Management, a part of UBS. Capitol Wealth Management manages $1.8 billion in assets.
Advisor Jerry Madden has joined LPL Financial in Paramus, NJ. He was previously with Cetera and managed approximately $140 million in assets.
Hightower Advisors has acquired Orlando, FL-based RIA, Resource Consulting Group. The team manages $2.5 billion in assets. This is Hightower’s eleventh acquisition of 2023 and its biggest buy of the year.
Wealth Enhancement Group (WEG) has acquired Minnesota hybrid RIA, Retirement Advisory Group. The team (Conrad Kerber & Terry Kerber) manages approximately $150 million in assets. This Acquisition is WEG’S 13th of the year.
Savant Wealth Management has acquired Birmingham, AL-based RIA, Bridgeworth Wealth Management. Bridgeworth manages approximately $2.2 billion in assets. This acquisition is Savant’s third transaction this year of an RIA managing at least $1.5 billion in assets.
Carson Wealth has acquired two former Osaic teams, Main Street Financial Group in Milton, GA. ($150 million AUM) and Arbor Point Advisors in Billings, MT ($85 million AUM). Both teams have taken on the Carson Wealth brand name. Main Street Financial is led by lead advisor G.C. Lewis and Arbor Point is led by senior advisor Paul Reinker.
Waverly Advisors has acquired Prosper Financial Advisers, an all-woman RIA based in St. Petersburg, FL which manages $146 million in assets. Rhonda Holifield founded Prosper in 2008. This is Waverly Advisors sixth acquisition of 2023 and fourth office in the state of Florida.
Edelman Financial Engines has acquired $500M Mass-based RIA, PRW Wealth Management. PRW was founded just over 30 years ago by William Payne and Richard Renwick. This is Edelman’s first acquisition in Massachusetts.
Telemus Capital has acquired Chicago-based RIA, Ketoret Capital. Ketoret was previously a part of Sanctuary Wealth and had approximately $250 million in assets.
Steward Partners Global Advisory has acquired Chesapeake, Va–based RIA, Freedom Street Partners. Freedom Street manages approximately $3.2 billion in assets. Terms of the deal are set to close by the end of the year.
Creative Planning has acquired Daniels + Tansey (D+T), based in Wilmington, DE. The team manages $565 million in assets. D+T is made up of a 12-person team led by Kit Daniels, DeVon Daniels and Susan Benson, who offer advisory, tax planning and investment management services. This acquisition is part of an effort to boost their presence in the Philadelphia area.
Perigon Wealth Management has acquired Nevada-based RIA, Wealth Advisors, Inc (Paul Drolson). The team manages $275 million in assets. This is Perigon Wealth Management’s second acquisition of the year.
Christopher Griffith and Henry Wheelwright, based in Braintree, MA, have left Morgan Stanley to launch their own independent RIA, Stablepoint Partners. The team manages approximately $650 million in assets and utilizes Goldman Sachs as their custodian. At MS, the duo generated $7 million in revenue.
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John Washington is the Data Research Analyst at Dakota.
