RIA Summary: 3 teams exit advisory group ahead of major rebranding/merging efforts -Dlight News


After Advisor Group announced last month that it would unify all advisors under one brand and on a centralized platform, two teams have exited its Securities America subsidiary and another exited SagePoint Financial.

Additionally, Dynasty gained a new platform partner serving Latin American clients and represented its first investment banking client in the deals announced this week, while another Dynasty partner established his own M&A advisory practice and has a former Saudi Aramco head of investment management co-founder the line instructed It.

Sowell Management also announced the addition of two RIAs and eight independent consultant representatives since the fourth quarter of last year.

Earlier this week reported: Adviser Investments has partnered with Ropes Wealth Management to create a $15 billion RIA, Prime Capital Investment Advisors has added Goldman Sachs as its newest custodian and Mike Durbin is leaving Fidelity Investments to cetera to manage holdings.

Three teams leave the advisory group before the major rebrand/unification

Less than a month after Advisor Group announced plans to unify its sprawling multi-brand network of broker-dealers and RIAs onto one platform and under a new brand, affiliates have lost teams to Commonwealth Financial Network, LaSalle St. and LPL Financial .

Trusted Wealth Partners based in Omaha, Nebraska, brings in around 465 million US dollars in client assets from Securities America to Commonwealth. The team of 12 is led by partners Clint Eikmeier, Jim Lammers, Mark Slattery, Matt Peters and Nathan Brobst.

Link financial advice also left Securities America– to join the LaSalle St. broker/dealer and RIA platforms. The firm, which includes a team of five advisors, CEO Richard London and a support professional, has approximately $150 million in client assets under management and has offices in Las Vegas and Missoula, Missouri.

Hedberg Wealth Management led by Jeff Hedberg, left SagePoint Financial to operate on LPL Financial’s broker-dealer, RIA and custody platforms. With offices in Fort Myers, Fla. and Newington, Connecticut, Hedberg and his team have approximately $150 million in client assets under management at SagePoint. He will be joined by Branch Operations Manager Michelle Doffek, as well as Devin Moore and Giuseppe Terranova, both of whom are working towards becoming Licensed Consultants.

“After tremendous due diligence, we have consistently concluded that LaSalle St. is the right place for our business and our clients,” Link Financial’s London said in a statement. He said he chose LaSalle to participate in the company recently announced participation program. “They foster a culture of true independence and demonstrate the ability to support our current business as well as our future growth.”

Hedberg said LPL’s entrepreneurial spirit drew him there.

“From the company’s integrated technology platform to its ability to provide clients with differentiated experiences, we are confident that this move will help ensure Hedberg Wealth Management has the tools necessary to exceed our clients’ expectations,” he said.

Advisor Group’s network includes approximately 11,000 affiliated advisors in eight subsidiaries, serving approximately $565 billion in client assets. Many firms that have joined over the years have done so with assurances they could retain their branding and independent processes, and last month’s announcement marked a major management turning point – but CEO Jamie Price said the majority the consultant agreed to the forthcoming changes.

The company expects to merge all of its diverse businesses and brands under a single legal entity with a new name within two years, migrating all associated consultants to a single technology stack and set of processes.

Welcy Capital Advisors joins Dynasty to serve Latin American clients and seek inorganic growth

Welcy Capital Advisors, based in Miami, Fla., is the latest company to join the Dynasty Financial Partners network, according to reports an announcement.

Welcy focuses on serving the Latin American community and has specific experience in Latin American markets and international trade. It was founded by executives and shareholders of Prival – which provides retail, corporate and investment banking in Panama and Costa Rica – and LW Partners, a wealth management business and investment bank serving individual, corporate and institutional investors.

The founding partners rebranded the company, formerly called Principle Asset Management, to represent three pillars of service: Wellness, Wealth and Legacy.

Welcy has partnered with Dynasty to leverage the network’s technology-enabled platform to grow through recruiting and mergers and acquisitions. The Company has selected Charles Schwab as Custodian.

The firm intends to pursue M&A opportunities with advisors in the Miami area and plans to expand into other Latin American countries in the future. Welcy currently serves clients from Argentina, Bolivia, Uruguay, Panama, Costa Rica, Curacao and the United States.

According to a recent Form ADV, Welcy currently manages approximately $97 million in assets for 15 clients.

Pinnacle Associates buys Virginia Investment Management in First Dynasty Investment Bank deal

Pinnacle Associates acquired Investment Management of Virginia, an RIA that manages approximately $580 million in assets for high net worth individuals and institutions.

With offices in Richmond and Charlottesville, Virginia, IMVA was founded in 1982 as a subsidiary of brokerage firm Scott & Stringfellow and offers equity-based investment strategies tailored to individual clients. After a management buyout in 2000, the company became independent.

“Pinnacle values ​​the close relationships we have with our clients, our experience and track record of managing assets for individuals and institutions, and our commitment to providing comprehensive personal client care,” said John Bocock, chairman of IMVA, in a statement. “We look forward to bringing Pinnacle’s extensive capabilities to our customers. This includes extensive experience in national and global markets, extensive financial planning and impressive back office and support teams.”

IMVA is the first client to be served by Dynasty Investment Bank, Dynasty Financial Partners’ new entity providing M&A advisory and capital support to companies outside of its partner network.

Headquartered in New York in 1984, Pinnacle manages approximately $6.6 billion for more than 2,000 clients.

Former head of investment banking at Saudi Aramco to lead new M&A advisory practice for Aaron Wealth

Aaron Wealth Advisors, a Chicago-based multi-family office that manages approximately $1.6 billion in client assets, engaged Christopher Mason as Managing Director of the firm’s new M&A advisory business, Aaron Wealth M&A Advisory.

Mason spent more than seven years in Saudi Arabia as head of banking investment management for Saudi Aramco. Previously, he held senior positions at Ernst & Young, where he spent three years in international M&A, and at Goldman Sachs and JPMorgan Chase, where he focused on sales and portfolio management for eleven and three years respectively. Most recently, he was CFO of a telemedicine company called STeM.

The M&A advisory business is led by CEO Gary Hirschberg and Mason, with support from Aaron President and CIO Bill Andrakakos, M&A Advisory Senior Associate Charles Tucker and Managing Director Alex Fedynsky.

“The primary goal of the M&A advisory team is to help executives simplify and navigate transactions on the sell-side of a tightly controlled private company,” said Mason. “These transactions can range from a founder seeking an exit to managing a more complex multi-generational sale of a family business.”

According to an announcement, the new team will work with business owners and all the professionals needed to complete a successful transaction. The practice provides consulting, target identification, data management, legal negotiation, assessment, pre-deal planning and post-deal integration.

As a member of the Dynasty Financial Partners network, Aaron Wealth serves fewer than 100 clients – mostly high net worth families – across five states.

Sowell Management hires 8 consultants and 2 RIAs in 8 months

Sowell Management, a privately held RIA based in North Little Rock, Arkansas, has added eight new investment advisor representatives and two new RIAs to its platform since late last year, it said an announcement.

Founded in 2001, Sowell Management currently serves more than 100 IARs and 20 RIAs with over $4 billion in client assets. said Founder and CEO Bill Sowell.

The new additions are in Arkansas, Colorado, Maryland, New York, Oklahoma, Pennsylvania and Texas.

“We were looking for a partner to help us manage wealth and provide us with a platform and team to help us launch our practice,” said Stephen Carter, Partner at Weaver Capital Advisors. “Their partnership has given us direction and removed some of the pressures of opening a practice – allowing us to focus on growing and expanding our client base.”

“It underscores Sowell’s continued growth at a time when the financial industry faces challenges,” Jason Inglis, Sowell’s chief revenue officer, said in a statement.

Daryl Seaton, President of Sowell, recognized the company’s flexibility and industry-wide evolution toward the RIA model.

“Our FLEX Connect platform, a purpose-built end-to-end solution designed to support advisors at every stage of the wealth management lifecycle, was built for connected IARs. However, we have the technology, expertise and people to capitalize on that. “We built it to serve independent RIAs as well,” he said.

Founded in 2001, Sowell currently has approximately $2.8 billion under management across more than 50 partner firms for nearly 6,000 clients.

Source link