Promoting and leaving in Could is an previous saying for the inventory markets, however what about wealth administration offers and acquisitions?
There have been 15 RIA acquisitions in Could, in response to DeVoe & Firm, and no M&A exercise amongst impartial brokers / merchants in response to Constancy Investments.
Within the first week of June the tempo sank to solely two acquisitions, low numbers in comparison with the RIA actions of the earlier weeks.
Focus Monetary acquired ARS Wealth Administration to broaden its presence in Florida. RIA’s $ 700 million below administration plans to make use of Focus help to purchase up firms in central and western elements of the state.
Within the Philadelphia space, Hoover Monetary Advisors, which has $ 1.46 billion in belongings below administration, offered its firm to the Wealth Enhancement Group to switch CEO Peter Hoover. Jeff Dekko, CEO of WEG, stated the acquisition tightens the community of groups in Pennsylvania.
Compass Wealth Options moved from firm to firm from Raymond James Monetary Providers to the Advisor Group. The workforce manages $ 221 million in AUM.
Additional advisor modifications for the week of Could 31, 2021 are listed under:
Six-strong workforce of advisors joins UBS
San Francisco-based consultants John “JT” Davenport, Angela Colombani and Sean Livingston moved from JP Morgan Non-public Financial institution to UBS Non-public Wealth, the place the workforce managed consumer belongings of $ 10.5 billion.
Ridgway Non-public Wealth joins Kestra. at
Ridgway Non-public Wealth, headquartered in Tucson, Arizona, joined Kestra Monetary’s Non-public Wealth division. Ridgway is led by Gordon Reynolds, who managed $ 625 million in consumer belongings at Wells Fargo Financial institution.
Concurrently recruited seven consulting groups from Wells Fargo
Concurrent, the impartial subsidiary of Raymond James, has added 10 groups of consultants to its community. The brand new additions embody seven groups from Wells Fargo, two Raymond James groups and one workforce from Morgan Stanley.
The previous Wells groups embody San Diego-based Zach Yaklin of Wells Fargo Financial institution with $ 213 million in belongings below administration; Randy Sauer of Pittsburg, Kansas, of Wells Fargo Advisors, with $ 191.8 million in belongings below administration; Vikki Ciotti, based mostly in Sarasota, Florida, with $ 65.6 million in belongings below administration; Clint Tighe and Rob Broome, based mostly in Winter Park, Fla. With $ 90 million below administration; Jason Fernandez of Dallas for $ 56.5 million; Warren Bowman, based mostly in St. Petersburg, Florida, with $ 80 million and Michael Cox of New Port Ritchey, Florida, and Nic Manns with $ 100 million AUM.
Raymond James’ advisory groups embody Michael Grover, Robert Powell, Justin Grover and Eric Taylor of Grover Monetary Group in Modesto, Calif., With $ 311 million.
And former Morgan Stanley advisor George Hoos in Sarasota, Florida joined them with $ 90 million in belongings below administration.
Whole belongings below administration are $ 1 billion.
1792 Wealth Advisors brings on two skilled advisors
1792 Wealth Advisors, backed by Raymond James, added two new advisors and added over $ 200 million to its $ 1 billion in belongings below administration. Raymond James’ advisor Elise Feldman got here with $ 128 million AUM and Christopher Marlar, previously at Ladenburg Thalmann, with $ 87 million AUM.
Snowden Lane brings one other Wells Fargo workforce on board
Oliviera, Silva & Mogro Group joined Snowden Lane from Wells Fargo Advisors. The workforce, consisting of Joe Oliviera, Jorga Silva, Jessy Mogro and Ana Paula O’Keefe, managed $ 212 million at Wells Fargo.
Ashley Dusek is leaving Blucoras Avantax for LPL Monetary
Guide Ashley Dusek and her workforce from Benchmark Monetary Providers joined LPL Monetary. The workforce is leaving Avantax Funding Providers, Blucora’s wealth administration enterprise, the place it managed consumer belongings of $ 150 million.
Truvium Wealth Administration joins Stratos Wealth
With $ 120 million in belongings below administration, Truvium Wealth Administration joined Stratos Wealth Administration’s impartial community, led by Scott Gegerson. Gegerson comes from Truvium Monetary Group, a apply at Park Avenue Securities, the dealer / supplier and regulator of the Guardian Life Insurance coverage Firm of America.