October 10, 2024
September 2024 saw ongoing themes of targeted advisor recruitment and strategic firm acquisitions driven by platform technology and infrastructure efficiencies, access to high-net-worth client networks, and a desire to move into attractive metro markets or expand on existing footprints.
On the deal front, private-equity-backed RIAs continued to rack up acquisitions, with Sanctuary Wealth’s pickup of Connecticut’s $2.2B Centel Wealth Advisory the largest in September, while the trio of Wealth Enhancement Group, EP Wealth Advisors, and Kingswood US all acquired firms managing in excess of $1B in assets.
Advisor mobility remained high as well, with LPL Financial adding the most teams in September – seven, managing over $3B in assets – while Wells Fargo Advisors added the most assets under management, recruiting four teams managing nearly $4.2B. RBC Wealth Management was not far behind, bringing in two teams managing $3.6B. Meanwhile, Rockefeller Global Family Office recruited the leader of a Morgan Stanley wealth team managing $3.6B, though it’s unclear how many client assets will end up moving with him.
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 September.
Read on for a full roundup of the month’s RIA Deals and Advisor Moves covered by Dakota below.
Mercer Global Advisors acquired Benchmark Wealth Management, which manages $412M in assets, expanding its reach to high-net-worth professionals in Connecticut. To view the full story click here.
Wealth Enhancement Group expanded its East Coast presence by acquiring the Levy-Clatterbuck-Robostello Team, which manages over $1.3B in assets. To view the full story click here.
EP Wealth Advisors acquired CornerCap Investment Counsel, which manages $1.1B in assets, bolstering its presence in Atlanta. To view the full story click here.
True North Advisors acquired Clear Rock Advisors, adding $470M in assets and boosting its foothold in Texas. To view the full story click here.
Sanctuary Wealth partnered with Centel Wealth Advisory, adding $2.2B in assets from the Connecticut-based firm. To view the full story click here.
Kingswood US acquired Eudaimonia Partners and Eudaimonia Advisors, managing $1B combined, enhancing its network. To view the full story click here.
The Retirement Planning Group (TRPG), a Cetera affiliate, acquired Parrott Wealth Management, an Austin, TX-based wealth manager with $185M in assets. To view the full story click here.
Transform Wealth, part of Focus Financial, agreed to acquire Custom Portfolio Group, managing $175M in client assets. To view the full story click here.
Summit Financial formed a strategic partnership with BFG Wealth and Canon Capital Wealth Management, which manage a combined $470M in assets. To view the full story click here.
WealthPlan Partners acquired Klauke Investments & Insurance Services, a Wisconsin-based firm managing $275M in assets, expanding WealthPlan's presence in the Midwest.
Carson Wealth entered a strategic partnership with True North Financial, a Montana firm managing over $400M in assets, expanding Carson's network. To view the full story click here.
Garrison Financial Group, managing more than $300M in client assets, transitioned from Northwestern Mutual to Raymond James to seek better support and independence. To view the full story click here.
RBC Wealth Management added two financial advisory groups from Wells Fargo managing $801M in assets, attracted by RBC's culture and organizational support. To view the full story click here.
UBS recruited Colorado-based financial advisors Ora DeMorrow and Brendan Goffinet from Merrill Lynch, adding $360M in client assets to their Denver Tech office. To view the full story click here.
Charles “Chuck” Hahn, with more than 42 years of experience, left Lincoln Financial Advisors to join Cetera Advisor Networks, bringing $108M in AUM. To view the full story click here.
David and Kate Frank of Innovative Premier Financial Services joined Cetera Wealth Partners from NEXT Financial Group, advising around 500 clients. To view the full story click here.
After a nine-year stint at Wells Fargo, seasoned advisor Todd Newman returned to Morgan Stanley Wealth Management in Wyomissing, Pennsylvania. To view the full story click here.
Nathan Brown, formerly with Edward Jones, joined Ameriprise Financial in Kalamazoo, MI, managing $150M in client assets, seeking better technology and planning tools. To view the full story click here.
Darrell Reynard, formerly with Edelman Financial Engines, joined Baird in its Fairfax, VA office, bringing $293M in assets. To view the full story click here.
Michael Elsberry and his Northern Plains Financial team joined LPL Financial, focusing on serving the farming community with $225M in assets. To view the full story click here.
Amber Knips joined Edward Jones from Sweet Financial Partners, managing $107M in client assets in Minnesota. To view the full story click here.
John Duane and Gregory Giantsos launched BrookBridge Private Wealth, managing $700M in assets, under LPL Financial. To view the full story click here.
Apex Private Wealth Advisors, led by Brett Howard and Henry DesJardins, joined LPL Financial, managing $650M in assets with a focus on tax and retirement planning. To view the full story click here.
Barak Raviv left Morgan Stanley to join Wells Fargo Advisors, bringing $225M in assets to its Los Angeles office. To view the full story click here.
Former Wells Fargo financial advisor Thomas Kimmett has rejoined Edward Jones, bringing over $130M in managed client assets. To view the full story click here.
Chas Gualano and Andrew Comans launched Gualano Comans Wealth Advisors with Raymond James, managing $360M in assets. To view the full story click here.
Drew Kliber, with nearly $400M in assets, joined Cetera affiliate Wilde Wealth Management Group in Scottsdale, AZ.
Wingman Capitol Group, led by Andy Murphy, Gene Suk, and Terence Hardy, joined UBS with $650M in assets, leaving Morgan Stanley. To view the full story click here.
Frank Devincentis, Craig Eyler, and Molly Girard moved Verismo Financial to Wells Fargo Advisors, managing $1.8B in assets. To view the full story click here.
Michael Lopes joined J.P. Morgan Wealth Management from AllianceBernstein, managing $600M in assets. To view the full story click here.
Kultar Bindra and Steven Alvarez launched The Bindra Group under LPL Financial, managing $300M in assets, focusing on high-net-worth clients and government contractors. To view the full story click here.
Joseph Najar, leader of a $3.6B Morgan Stanley wealth team, joined Rockefeller Global Family Office, adding depth to its New York operations. To view the full story click here.
Bury Financial Group, managing $655M in assets, joined LPL Financial, enhancing its long-term planning capabilities. To view the full story click here.
Terrence “Terry” Medley joined Raymond James & Associates from Wells Fargo Advisors, managing $112M in assets at the Silicon Valley branch. To view the full story click here.
Willard Varnum, who managed over $185M in client assets, has joined Wells Fargo from Morgan Stanley. To view the full story click here.
William Pahl, J. Casey Jones, Scott Serafin, and Jake Pace brought The 770 Group from UBS to RBC Wealth Management, managing $2.8B in assets. To view the full story click here.
Kestra Financial welcomed SZC Financial Planning and Management from Osaic, adding $200M in assets to their platform. To view the full story click here.
NewEdge Advisors welcomed BFS Advisory Group from Osaic, managing $318M in assets, increasing its presence in the Dallas market. To view the full story click here.
Brandon Whaley, formerly with Merill Lynch with over $210M in assets under management, rejoined Edward Jones in Jacksonville, FL, after a decade. To view the full story click here.
Aegis Consulting, a part of Commonwealth Financial Network, added advisors Mark O’Sickey and Paul Solorzano with $600M in combined assets. To view the full story click here.
Merrill Lynch recruited a team and two solo advisors managing $1.5B in combined assets from Morgan Stanley and Wells Fargo Advisors, expanding its presence in Los Angeles and Miami. To view the full story click here.
The Canell Group, a 17-person team from JP Morgan Advisors, joined Wells Fargo Advisors, bringing $2B in managed assets. To view the full story click here.
Brown Wealth Management Group, managing $1.2B in assets, left UBS to join Morgan Stanley, setting up a new branch in Paducah, KY. To view the full story click here.
Jeff Minucci and David Ryzman, who oversaw approximately $150M in client assets at Osaic, have joined LPL Financial and launched their own firm, Greenpoint Wealth Management. To view the full story click here.
LPL Financial launched 57th Street Wealth Advisors in New York, a team managing $400M in assets, as part of its Linsco advisor channel. To view the full story click here.
For more information on these moves and acquisitions, book a demo of Dakota Marketplace!
