Tuesday, April 23, 2024

RIA Roundup: Advisory Services Network Adds Teams in Florida, Kentucky -Dlight News

Advisory Services Network, which rounded $7 billion in assets in 2024, just added two more teams, while Avantax picked up a couple in Texas and SageView Advisory Group expanded its leadership team. 

In earlier reported news, Kestra scooped up a $600M firm in NYC, a California CPA firm launched a wealth management division in partnership with Integrated, Wealth Enhancement Group is nearing $80 billion in assets and former State Street and JPMorgan execs opened up shop on the Mariner platform.  

In related news, a new Dynasty/F2 Strategy study found partnered independence may offer better financial outcomes for firms with less than $2 billion in AUM.  

Advisory Services Network Adds Teams in Florida, Kentucky 

Atlanta-based Advisory Services Network, a platform supporting small, independent RIAs, has surpassed $7 billion in assets and added three firms in 2024.  

Most recently, the platform supported the launch of The Bruce Wealth Group in Vero Beach, Fla., a $35 million firm helmed by Nicholas Bruce, a CFP and estate attorney who spent more than three years at UBS.  

ASN also welcomed ACUITY Wealth Management, in Lexington, Ken., an independent, three-person team led by CEO Nathan Slyh, along with his partner and CPA Tammy Farley, that oversees about $100 million in client assets.  

Earlier this year, ASN helped to launch Ohio Valley Wealth Management, a trio in West Virginia overseeing $130 million. Led by Scott Molina, a former bank advisor, Ohio Valley offers portfolio management, retirement and estate planning, financial education resources, philanthropic services and small business support.  

“There are many reasons why we chose to work with Advisory Services Network,” Molina shared with WealthManagement.com. “We were looking to embrace independence without the confines of contracts, as I firmly believe these agreements do not serve the best interests of our clients. I was also looking to craft my own methodology that would foster collaboration and support among advisors.” 

“We are seeing a significant uptick in the number of advisors who are looking for a path to independence,” said ASN co-founder, co-owner and Managing Partner Tom Prescott. “The ASN pipeline is not just strong; it’s thriving. We are currently working on 10 transitions that represent approximately $750 million of AUM, with the expectation that a number of additional advisors currently in our pipeline will be joining ASN over the coming months.” 

With more than 135 advisory practices on its platform, and over 200 advisors, ASN is focused on developing marketing tools and resources, upgrading its technology and supporting succession planning among its partner firms in 2024, according to Prescott.  

Avantax Adds Former Edward Jones Couple Managing $250M 

Avantax, a Dallas-based, tax-focused wealth management firm owned by Cetera, picked up a Texas couple managing $250 million in assets.  

Half an hour south of Austin, Heidi and Nicholas Irving made the move to Avantax affiliate Alliance Wealth Strategies from Edward Jones, where Heidi spent nine years after joining her father’s practice. Nicholas joined the family business in 2020. 

They made the move for more flexibility and access to expert resources, according to an announcement.  

“We’re looking forward to having more in-depth, tax-focused financial planning conversations with clients,” Heidi Irwin said in a statement. “I was so impressed during our Avantax Home Office Visit because it wasn’t just a few representatives, we met with the heads of departments and felt like we were already receiving a lot of care from each person we talked with.” 

“Part of this move is so we can partner with others in the Avantax community, including CPAs, because backed by all that expertise, even complex cases become easier conversations to have with clients,” added Nic Irwin. “I’ll have access to more investment tools and analytical resources, and that frees up Heidi to do what she does best, which is sitting down with clients and doing the deep and holistic financial planning.”  

Purchased and taken private by Cetera Holdings for $1.2 billion in the fall, Avantax has remained a separate unit within the Cetera ecosystem. Encompassing two RIAs and a broker/dealer, the unit oversees close to $93 billion in client assets across its W-2 and 1099 platforms.  

SageView Expands C-Suite 

SageView Advisory Group, a retirement-focused RIA based in Newport Beach, Calif., and managing $156.4 billion, hired a new chief of finance and created a new role in support of ongoing growth.  

Christina Walsh, a principal at SageView’s private equity owner Aquiline Capital Partners, succeeds Tony Nottermann as CFO. Prior to joining Aquiline, she was a vice president at Focus Financial for about a year, following three with investment banking firm Evercore. 

Steve Gaven, most recently CFO for RWA Wealth Partners, joins SageView in the newly created role of chief growth officer. Before RWA, he spent more than 14 years with Boston Private, and more than four as CFO.  

Both report directly to SageView CEO John Longley.  

SageView reports serving close to 2,000 plan sponsors and has a growing wealth management business. The firm has completed 10 acquisitions since partnering with Aquiline in 2021  

“We are excited about all we can accomplish with Steve and Christina on our C-suite team as we continue to drive success for our retirement plan business while significantly accelerating the expansion of our wealth management business, including through a robust pace of thoughtful acquisitions,” Longley said in a statement. 

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