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Tuesday, February 20, 2024

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. This is a have a look at greater than $12.6 billion in shopper belongings on the transfer as {industry} dealmakers stay undaunted by risky 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 registered funding advisor with 4.8 billion in shopper belongings. The take care of ARGI Monetary is without doubt one of the largest Cerity has made in its 24-year historical past.

Based in 1995, ARGI supplies monetary planning and wealth administration companies to greater than 3,000 particular person buyers, 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 line with the announcement. “We’re excited to welcome our colleagues from ARGI Monetary,” he mentioned. “Their breadth and depth of expertise will speed up our agency’s progress and improvement.”

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

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

Lido Advisors to Associate 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 supplies monetary planning and funding administration companies to some 840 shoppers. 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 sturdy alignment between our corporations,” mentioned CFM Managing Associate Brad Bickham. “Like CFM, Lido has a client-centric strategy that considers property, tax, and funding administration with care and transparency for each shopper.”

“We’re not motivated to attain scale for the sake of scale,” mentioned Lido CEO Jason Ozur in a press release. “As an alternative, we search corporations 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 shoppers’ legacies is extraordinarily difficult, requiring a crew with ability, expertise and keenness.”

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

The transaction is anticipated to shut this quarter, topic to customary situations 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 shoppers, 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 assets and experience to assist and elevate our market penetration and place,” mentioned 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 properly geared up to greatest serve their shoppers with best-in-class assets, instruments and assist.”

“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 supplies a strong mixture of choices that may serve our advisors and their shoppers properly for years to come back.”

“We’re assured that by pairing Cetera’s assets with the Cetera Monetary Specialists tradition and group, the Patriot crew shall be positioned properly to raise their enterprise to attain their long-term targets whereas greatest serving their shoppers,” mentioned CFS President Ron Krueger.

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

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

Captrust Provides $2.3B in Belongings with Trustcore Monetary Acquisition

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

Trustcore CEO Gary Dean and a crew of 48 staff, together with 16 monetary advisors, serve some 2,100 shoppers, amongst them 600 high-net-worth households, together with 16 charitable organizations and one enterprise on the finish of final 12 months, in line with its newest Type ADV. Three quarters of these reside within the mid-Tennessee area, in line with 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 subsequent stage,” Dean mentioned in a press release. “We sit up for tapping into the precious assets the agency has to supply to make our shoppers’ expertise even higher.”

“The mixture with Captrust creates a strong presence in an amazing market,” mentioned 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 best” partner-led corporations within the area.

“Gary and his crew carry many years of {industry} expertise,” mentioned Rush Benton, who heads up strategic progress 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 presently claims greater than 1,200 staff 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 shopper belongings, introduced the acquisition of Nichols Wealth Companions, a Boca Raton-based RIA led by founder Chris Nichols.

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

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

“Over the previous 20 years, Chris has earned a popularity as a caring, hardworking, passionate advisor who desires to see folks win,” mentioned 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 enables him to do much more for his agency, his shoppers and others.”

Monetary Companions Capital Administration to Be part of Focus Associate GYL Monetary

Focus Monetary Companions introduced this week that companion agency GYL Monetary Synergies, primarily based in West Hartford, Conn., agreed to purchase Monetary Companions Capital Administration, a New York Metropolis-based registered funding advisor with greater than $700 million in shopper 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 monetary advisors and shopper assist service professionals. The agency supplies monetary planning and funding administration companies to high-net-worth people and households.

“This transaction will present us with extra assets, permitting us to proceed specializing in offering our shoppers with glorious service,” mentioned Cohen, FPCM president. “Leveraging GYL’s spectacular infrastructure will allow us to increase our service mannequin and improve our shopper expertise even additional.”

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

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

First registered with the US Securities and Change Fee in 2016, GYL presently has greater than 50 staff overseeing $5 billion in shopper belongings for greater than 4,600 shoppers 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 follow.

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

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

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 retailers reminiscent of 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 lady, and her ability set is extremely distinct and useful,” mentioned Barton. “We’re proud so as to add Kimberly’s voice to our crew and assist share our message of monetary freedom throughout a number of media platforms.”

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

Snowden Lane Companions Secures $100M Credit score Facility

Snowden Lane Companions, a boutique, hybrid wealth administration agency primarily based 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 out there credit score will allow Snowden Lane to “considerably bolster its recruiting momentum and place itself for sustained progress via 2023 and past,” in line with an announcement Monday.

“We’re excited to kick off the brand new 12 months with this announcement, as this extra, non-dilutive capital will enable us to execute our imaginative and prescient for the agency’s subsequent stage of progress,” mentioned Snowden CEO Rob Mooney. “We’re extraordinarily grateful for Estancia’s assist. Estancia continues as a dedicated companion because the early days of our enterprise and performed an important function serving to Snowden Lane notice its potential.”

“Estancia’s most essential funding standards is all the time partnering with corporations who’ve skilled administration groups able to executing on their progress technique and maximizing worth,” mentioned Estancia Managing Director Takashi Moriuchi. “Snowden Lane and its government crew is a chief instance of why that is so essential. Underneath the administration crew’s management, the agency quickly develop into a key participant within the unbiased wealth administration house and is a horny vacation spot for advisors searching for 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 multi-custodian, open-architecture registered funding advisor and dealer/vendor offering wealth advisory companies to excessive net-worth people, households and institutional shoppers. The agency has introduced on advisors from Morgan Stanley, Merrill Lynch, UBS, JPMorgan, Raymond James and Wells Fargo, amongst others, in line with the agency.

Within the final two years alone, Snowden Lane added 23 new advisors with a collective $4 billion in shopper belongings. At present, 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 line with 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 progress technique.

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