Tuesday, February 7, 2023
HomeWealth ManagementRIA Edge Roundup: $12.6B+ in Belongings on the Transfer

RIA Edge Roundup: $12.6B+ in Belongings on the Transfer


Registered funding advisors introduced a number of offers this week, selecting up contemporary capital and switching dealer/sellers. Here is a take a look at greater than $12.6 billion in consumer belongings on the transfer as {industry} dealmakers stay undaunted by unstable markets.

Cerity Companions Completes $4.8B Merger With ARGI Monetary

In its first M&A deal of 2023, Cerity Companions joined forces with ARGI Monetary, a Louisville, Ky.–based mostly registered funding advisor with 4.8 billion in consumer belongings. The take care of ARGI Monetary is likely one of the largest Cerity has made in its 24-year historical past.

Based in 1995, ARGI gives monetary planning and wealth administration companies to greater than 3,000 particular person traders, companies, retirement plans and philanthropic establishments. The mixed agency will function as Cerity Companions, including greater than 250 professionals and increasing the agency’s office planning capabilities in addition to its geographical footprint.

Cerity Companions CEO Kurt Miscinski expects the merger will speed up the agency’s work with companies, in response to the announcement. “We’re excited to welcome our colleagues from ARGI Monetary,” he stated. “Their breadth and depth of expertise will speed up our agency’s development and growth.”

“Though we thought of a number of components assessing this distinctive merger, we remained keenly targeted on the significance of retaining objectivity in serving purchasers and offering development alternatives for our colleagues,” stated ARGI CEO Joe Reeves.

Based in 2009, Cerity Companions now oversees greater than $44.7 billion in belongings throughout greater than 5,700 purchasers in its wealth administration unit and $13.2 billion throughout 165 retirement purchasers.

Lido Advisors to Companion With Colorado Monetary Administration

Lido Advisors, a wealth administration agency for high-net-worth people, will companion with Colorado Monetary Administration, including to Lido’s household workplace companies and its presence within the Rocky Mountain area.

Based in 1988, CFM gives monetary planning and funding administration companies to some 840 purchasers. With places of work in Denver, Boulder, and Loveland, Colo. the agency is taken into account one in every of Boulder’s oldest RIAs. The agency’s 26-person crew will stay following the transaction, persevering with to handle roughly $2 billion in belongings primarily for high-net-worth people, households, and establishments.

“We selected to companion with Lido due to the robust alignment between our companies,” stated CFM Managing Companion Brad Bickham. “Like CFM, Lido has a client-centric method that considers property, tax, and funding administration with care and transparency for each consumer.”

“We’re not motivated to realize scale for the sake of scale,” stated Lido CEO Jason Ozur in a press release. “As an alternative, we search companies that wish to be true companions with a voice and the chance to be additive to Lido’s evolution. CFM’s growth-focused, tenured, and extremely credentialed crew is strictly that kind of agency.”

“We couldn’t have discovered a greater companion to assist Lido deepen its presence within the Mountain West,” added Lido President Ken Stern. “Managing the complexities of rising and defending purchasers’ legacies is extraordinarily difficult, requiring a crew with talent, expertise and fervour.”

Headquartered in Los Angeles, Lido was established in 1999 by a bunch of household workplace advisors and now oversees greater than $12 billion in consumer belongings via 28 places of work nationwide.

The transaction is anticipated to shut this quarter, topic to customary circumstances and regulatory approvals. Monetary phrases weren’t disclosed.

$2.5B Patriot Monetary Group Jumps to Cetera From Securities America

Cetera Monetary Group introduced this week that The Patriot Monetary Group, a registered funding advisor managing greater than $2.5 billion for purchasers, has affiliated with its brokerage platform Cetera Monetary Specialists. Based mostly in Westborough, Mass., the agency joins Cetera from Securities America with greater than 70 advisors throughout 5 northeastern states, Nebraska and Florida.

“We’re delighted to enter into this strategic enterprise enterprise with an {industry} chief in Cetera, which has confirmed sources and experience to help and elevate our market penetration and place,” stated TPFG Chair David M. O’Donnell, who based the agency 18 years in the past. “With entry to main options on our RIA platform and Cetera as our new broker-dealer platform, our reps are nicely geared up to finest serve their purchasers with best-in-class sources, instruments and help.”

“Like Cetera, we’re agnostic about how our advisors affiliate their enterprise to ship the perfect service, options and steering,” added TPFG CEO Mike Tashjian. “We imagine that this mannequin gives a strong mixture of choices that can serve our advisors and their purchasers nicely for years to return.”

“We’re assured that by pairing Cetera’s sources with the Cetera Monetary Specialists tradition and group, the Patriot crew shall be positioned nicely to raise their enterprise to realize their long-term targets whereas finest serving their purchasers,” stated CFS President Ron Krueger.

The affiliation with TPFG rounds out a document 12 months of recruiting and enterprise growth for Cetera. The agency introduced in $6.3 billion in belongings throughout the third quarter alone, in response to the corporate.

As of the top of 2022, Cetera advisors oversee round $322 billion in belongings below administration and $115 billion in belongings below administration.

Captrust Provides $2.3B in Belongings With TrustCore Monetary Acquisition

Captrust Monetary Advisors introduced the acquisition of TrustCore Monetary Providers, a registered funding advisory agency based mostly in Nashville, Tenn., with $2.3 billion in consumer belongings.

TrustCore CEO Gary Dean and a crew of 48 workers, together with 16 monetary advisors, serve some 2,100 purchasers, amongst them 600 high-net-worth households, together with 16 charitable organizations and one enterprise on the finish of final 12 months, in response to its newest Type ADV. Three quarters of these stay within the mid-Tennessee area, in response to the announcement.

Per the agency’s integration mannequin, TrustCore will undertake Captrust’s branding. The deal, which closed late final 12 months, represents Captrust’s 63rd acquisition since 2006 and its second workplace in Nashville following the 2021 acquisition of New Market Wealth Administration.

“Becoming a member of Captrust takes our enterprise to the following degree,” Dean stated in a press release. “We sit up for tapping into the dear sources the agency has to supply to make our purchasers’ expertise even higher.”

“The mix with Captrust creates a strong presence in an excellent market,” stated Republic Capital Group Managing Director John Langston, whose industry-focused funding financial institution represented TrustCore via the transaction. He described TrustCore as “one of many most interesting” partner-led companies within the area.

“Gary and his crew carry many years of {industry} expertise,” stated Rush Benton, who heads up strategic development for Captrust. “[W]e sit up for rising our enterprise within the Nashville space via their experience in each particular person wealth administration and companies for nonprofits.”

Based mostly in Raleigh, N.C., Captrust was based in 1997 and at the moment claims greater than 1,200 workers throughout 70 places nationwide. As of a September 2022 submitting, the agency manages greater than $100 billion in belongings and advises on $750 billion extra.

Future Wealth Companions Buys Nichols Wealth in Boca Raton

Future Wealth Companions, a registered funding advisor close to Orlando, Fla. with roughly $1 billion in consumer belongings, introduced the acquisition of Nichols Wealth Companions, a Boca Raton, Fla.–based mostly RIA led by founder Chris Nichols.

Nichols Wealth will function as an impartial agency alongside Future Wealth Companions and sister companies Ruggie Asset Administration and Future Household Workplace in Central Florida and KCG Funding Advisory Providers in Savannah, Ga. Nichols will proceed to guide the agency.

“Traders are demanding an increasing number of from advisors,” Nichols stated in a press release. “The Future Wealth Companions crew acknowledged this shift happening and has made some extraordinary leaps to arrange for the long run development of their agency. I do know my purchasers will see the quick results of our partnership by having elevated entry to a broad sphere of investments together with various investments for accredited traders and direct investments and co-investments for our certified purchasers.”

“Over the previous 20 years, Chris has earned a repute as a caring, hardworking, passionate advisor who needs to see folks win,” stated Future founder Thomas Ruggie. “He acknowledged the expansion/stability/time constraint many advisors face as they construct their companies and located that becoming a member of Future Wealth Companions was an answer that permits him to do much more for his agency, his purchasers and others.”

Monetary Companions Capital Administration to Be a part of Focus Companion GYL Monetary

Focus Monetary Companions introduced this week that companion agency GYL Monetary Synergies, based mostly in West Hartford, Conn., agreed to purchase Monetary Companions Capital Administration, a New York Metropolis–based mostly registered funding advisor with greater than $700 million in consumer belongings (as of March 2022).

Based in 1988, FPCM is led by the three companions—Aaron Cohen, Vincent Marsden and Craig Giventer—with a crew of economic advisors and consumer help service professionals. The agency gives monetary planning and funding administration companies to high-net-worth people and households.

“This transaction will present us with extra sources, permitting us to proceed specializing in offering our purchasers with wonderful service,” stated Cohen, FPCM president. “Leveraging GYL’s spectacular infrastructure will allow us to increase our service mannequin and improve our consumer expertise even additional.”

The deal will allow GYL to ascertain a presence within the New York Metropolis wealth administration market, in response to the announcement. As soon as it has closed within the first quarter of this 12 months, the agency’s institutional and personal consumer companies in West Hartford and Westport, Conn., Parsippany, N.J., and New York Metropolis will transfer ahead collectively below the GYL model.

“Their service philosophy enhances ours and their proficient crew will carry extra experience to GYL, particularly to our funding advisory companies,” GYL CEO Gerry Goldberg stated of the incoming crew. “We sit up for increasing our presence into the New York Metropolis market.”

First registered with the U.S. Securities and Change Fee in 2016, GYL at the moment has greater than 50 workers overseeing $5 billion in consumer belongings for greater than 4,600 purchasers in 38 states.

Mercer International Advisors Buys $250M Empyrion Wealth Administration

Mercer International Advisors introduced the acquisition of Empyrion Wealth Administration this week, including one other California location and its fifteenth women-owned apply.

Situated close to Bakersfield in Rosedale, Calif., Empyrion was based in 2002 by President Kimberly Foss and has a give attention to serving girls going via transitions, like a divorce, dying of a partner or balancing household care with careers. Foss and her crew serve 90 purchasers with roughly $250 million in belongings below administration.

“[W]e wished to hitch a number one nationwide RIA so as to add extra scale and leverage capabilities to our crew and purchasers,” Foss stated in a press release, noting that she had longstanding consciousness of Mercer although the companies’ shared relationship with Dimensional Fund Advisors and a private relationship with Dave Barton, who heads up M&A for Mercer. “Their complete ‘household workplace’ method to consumer care with in-house companies like property planning, tax session and tax return preparation, and many others., provides the depth and breadth of service I used to be searching for and permits me to dump burdensome back-office work in order that I can give attention to what’s most vital—my purchasers.”

Foss, who’s the writer of Rich by Design: A 5-Step Plan for Monetary Safety, has shared her experience on quite a few media shops equivalent to CNBC, Fox Enterprise, The Wall Avenue Journal, MSN Cash, Forbes and U.S. Information & World Report.

“Kimberly is an distinctive monetary planner, speaker, writer, an actual renaissance girl, and her talent set is very distinct and invaluable,” stated Barton. “We’re proud so as to add Kimberly’s voice to our crew and assist share our message of economic freedom throughout a number of media platforms.”

Based in 1985, Denver-based Mercer has now added greater than 70 companies to its quickly rising platform, supported by majority investments from personal fairness companies Oak Hill Capital, in 2019, and Genstar Capital, in 2015. The agency at the moment oversees greater than $46 billion in consumer belongings, with greater than 870 workers and 90 places of work nationwide.

Snowden Lane Companions Secures $100M Credit score Facility

Snowden Lane Companions, a boutique, hybrid wealth administration agency based mostly in New York Metropolis, has secured a brand new $100 million credit score facility in partnership with personal fairness backer Estancia Capital Companions.

The brand new credit score line replaces one with ORIX Company first in 2018, and expanded in 2022. The obtainable credit score will allow Snowden Lane to “considerably bolster its recruiting momentum and place itself for sustained development via 2023 and past,” in response to an announcement Monday.

“We’re excited to kick off the brand new 12 months with this announcement, as this extra, nondilutive capital will permit us to execute our imaginative and prescient for the agency’s subsequent stage of development,” stated Snowden CEO Rob Mooney. “We’re extraordinarily grateful for Estancia’s help. Estancia continues as a dedicated companion for the reason that early days of our enterprise and performed an important position serving to Snowden Lane understand its potential.”

“Estancia’s most vital funding standards is all the time partnering with firms who’ve skilled administration groups able to executing on their development technique and maximizing worth,” stated Estancia Managing Director Takashi Moriuchi. “Snowden Lane and its govt crew is a first-rate instance of why that is so vital. Underneath the administration crew’s management, the agency quickly turn into a key participant within the impartial wealth administration area and is a horny vacation spot for advisors in search of a full-service various to the wirehouses.

Based in 2011 and led by Mooney, COO Greg Franks and Chairman of the Board of Managers Lyle LaMothe, Snowden Lane is a multicustodian, open-architecture registered funding advisor and dealer/supplier offering wealth advisory companies to excessive net-worth people, households and institutional purchasers. The agency has introduced on advisors from Morgan Stanley, Merrill Lynch, UBS, JPMorgan, Raymond James and Wells Fargo, amongst others, in response to the agency.

Previously two years alone, Snowden Lane added 23 new advisors with a collective $4 billion in consumer belongings. Right now, the agency has greater than 70 monetary advisors overseeing roughly $9 billion via 12 places of work across the nation in San Diego and Pasadena, Calif.; New Haven, Conn.; Coral Gables, Fla; Chicago; Pittsburgh; Baltimore, Salisbury and Bethesda, Md.; San Antonio; Buffalo, N.Y., in addition to its New York Metropolis headquarters.

Apogem Capital served as administrative agent in reference to the brand new facility, whereas Apogem and Monroe Capital each served as joint lead arrangers and joint bookrunners, in response to the announcement.

Wealthcare Acquires Sommers Monetary Administration

The acquisition of Sommers Monetary Administration in Tucson, Ariz., and Scappoose, Ore., is the third Wealthcare has accomplished in its 24-year historical past and provides $100 million to the agency’s nascent acquisitive mannequin. Learn right here for extra on this acquisition and Wealthcare’s development technique.

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