Home Wealth Management RIA Roundup: Mariner Wealth Advisors Acquires Tax Observe

RIA Roundup: Mariner Wealth Advisors Acquires Tax Observe

RIA Roundup: Mariner Wealth Advisors Acquires Tax Observe


RIAs are getting loads of dealmaking accomplished in February. Mariner Wealth Advisors, Hightower, Focus Monetary’s Buckingham Strategic Wealth, Sanctuary’s Alluvial Non-public Wealth, Kestra’s Grove Level and Ashton Thomas Non-public Wealth all introduced acquisitions this week, in offers price greater than $1.4 billion in cumulative shopper belongings.

In the meantime Savant and Wealthspire each added expertise in newly-created roles to facilitate progress, Methods Wealth Advisors has a brand new identify and NAPFA named Kathryn Dattomo as its new CEO.

Mariner Wealth Advisors Acquires Arizona Tax Observe 

Mariner Wealth Advisors introduced its first acquisition of 2023—the Arizona-based tax apply Hopkins Tameron Hostal.

Joe Tameron and David Hopkins based the agency in 2017. They beforehand labored collectively on the nationwide CPA agency CliftonLarsonAllen and launched Hopkins with the intention of offering purchasers with extra customized providers. Their staff of 10 provides tax, consulting and wealth administration providers to professionals in industries resembling development, actual property, manufacturing, hospitality and know-how. In 2022, Hopkins additionally accomplished 1,500 returns for company and particular person purchasers.

The integration of Hopkins’ providers aligns with Mariner’s aim to supply purchasers with “a full catalog of options in-house,” in keeping with Wednesday’s announcement

“It has all the time been our imaginative and prescient to supply our purchasers with nationwide agency expertise and data, whereas nonetheless providing the individualized and private consideration they deserve,” Hopkins mentioned in an announcement. “Becoming a member of Mariner Wealth Advisors will speed up our mission of turning imaginative and prescient into worth for our purchasers, and we’re excited to broaden the scope of providers we’re in a position to present with the agency’s assist.” 

“Hopkins and Tameron have demonstrated admirable success of their operations on each a nationwide and unbiased scale,” Mariner CEO Marty Bicknell mentioned in an announcement. “I sit up for seeing this success translate into the staff’s work with our advisors and purchasers within the better Scottsdale and Phoenix space, in addition to nationwide.”

The deal is considerably uncommon for Mariner—which has an aggressive M&A technique primarily concentrating on registered funding advisors—however isn’t the primary in its historical past. The agency has accomplished six such acquisitions and three lift-outs, together with two 2019 acquisitions that established tax associates in Los Angeles and New Jersey.

The agency has grown to 84 places nationwide since its 2006 launch and is now working to supply purchasers with a “seamless” wealth administration expertise, together with entry to tax, belief, insurance coverage and property specialists.

The transaction closed Jan. 31, 2023, and Hopkins’ Scottsdale workplace formally joined the Mariner model on Thursday. Following integration, the Hopkins staff will stay of their Scottsdale workplace and supply assist for Mariner’s Scottsdale and Phoenix places.

Launched with simply $300 million in shopper belongings lower than 20 years in the past, Mariner and its associates now advise on greater than $105 billion in belongings.

Hightower Buys $625M Bickling Monetary Providers

Hightower introduced the acquisition of Bickling Monetary Providers, a Lexington, Mass.-based registered funding advisor with roughly $625 million in belongings underneath administration and three workplaces throughout the state.

Bickling is a family-owned enterprise based in 1984 by Dorothy Bickling, one of many first 600 folks—and one of many first girls—to earn the Licensed Monetary Planner designation. Sons Spencer and Andrew Betts joined the agency in 2000 and 2007, respectively, serving to to transition Bickling to an SEC-registered agency in 2015. They at the moment work as co-managing principals and have aimed to institutionalize the enterprise.

“As a agency, we’ve skilled super progress over the previous few years,” Spencer Betts mentioned in an announcement. “To proceed attaining our progress objectives, we knew we wanted a strategic accomplice that might assist us scale the enterprise and put money into its future.”

“We see this as the subsequent evolution of our enterprise,” added Andrew Betts. “We knew we wished a agency that will add assets and experience, but in addition provides us the liberty to implement our strategic imaginative and prescient.”

With a workers of 14 staff, together with 5 advisors, Bickling gives full-service wealth administration and monetary planning providers to greater than 850 purchasers and 27 pension plans in 13 states, in keeping with its newest ADV submitting.

“We sit up for serving to them obtain their bold progress objectives, each organically and thru expertise acquisition, scale their operations and develop the next-generation of leaders by means of packages like our Hightower Middle for Management,” mentioned Hightower CEO Bob Oros.

Hightower’s mannequin relies on shopping for unbiased, growth-oriented companies and offering them with the means to facilitate that progress in all kinds of how, together with M&A assist, expertise acquisition, know-how, funding administration, back-office assist, enterprise improvement assets and extra. Companies are totally acquired and moved to the Hightower ADV.

The Chicago-based RIA platform at the moment boasts 132 associates in 34 state and the District of Columbia. The corporate ended 2022 with round $144.3 billion in belongings underneath administration and $113.7 billion underneath administration.

Schwinck Non-public Wealth Staff Joins Ashton Thomas Non-public Wealth from Wells Fargo

Schwinck Non-public Wealth, which managed greater than $500 million at Wells Fargo Advisors, joined Ashton Thomas Non-public Wealth and established two new workplaces within the Rocky Mountain area.

“We’re dedicated to a collaborative method in offering solutions-oriented, advice-driven wealth administration providers for every shopper we’ve the privilege of serving,” Schwinck Managing Director Karl Schwinck mentioned in an announcement, noting that months of due diligence went into the seek for an unbiased accomplice.

“We consider Ashton Thomas will enable us to raise that have for our purchasers and guarantee we proceed offering the ‘white glove’ concierge service they’ve come to count on from us,” Schwink mentioned.

Along with Schwinck, the staff consists of Senior Wealth Advisor John McCloskey, Wealth Advisor Cade Hammarquist, Non-public Wealth Consumer Affiliate Sandy Martin and Non-public Wealth Advertising Affiliate Tiffany Shorkey. They are going to co-locate within the agency’s new Denver and Colorado Springs workplaces.

“We consider the addition of Karl, John, and staff mark a pivotal level within the progress of Ashton Thomas,” mentioned Ashton Thomas CEO and Founder Aaron Brodt. “We opened a 9,300-square-foot workplace in a first-rate location within the Cherry Creek part of Denver. We additionally took down house in Colorado Springs, a metro space which inserts the profile of others wherein we’ve had success up to now. We’re dedicated to Colorado, and the addition of the Schwinck staff is a transparent demonstration of that dedication to the group.”

Based mostly in Scottsdale, Ariz., Ashton Thomas manages greater than $2 billion throughout greater than 1,500 purchasers. The agency gives foundations, companies and rich people and households with fee-based monetary planning and funding portfolio administration, in addition to retirement plan consulting and monetary training.

Alluvial Non-public Wealth Expands in Cleveland with Sanctuary Help

Sanctuary Wealth accomplished a sub-acquisition for accomplice agency Alluvial Non-public Wealth, enabling Alluvial to open a brand new workplace in a Cleveland Alternative Zone district.

Led by Randall and Kerry Bliss, the staff from HB Wealth Advisors joins Alluvial with $70 million in belongings. It’s the first acquisition Alluvial has made since launching with Sanctuary’s assist in January 2021.

“We’re thrilled they’ve chosen to accomplice with us as we proceed to develop Alluvial Non-public Wealth,” mentioned Alluvial founder Lars Olson, in an announcement. “The truth that so lots of their purchasers signify a number of generations of the identical household is indicative of the standard of the work that they do on behalf of their purchasers.”

“There have been quite a few the explanation why I made a decision to affix with Lars and Alluvial Non-public Wealth,” mentioned Randall Bliss in an announcement. “However I used to be actually impressed with the Sanctuary platform and the deep bench and extra refined method that I’d have entry to by means of Alluvial.”

The sub-acquisition is the fifth Sanctuary has accomplished on behalf of a accomplice agency, following carefully on the G Squared Non-public Wealth tuck-in of Brandi Cooper’s staff from Morgan Stanley.

“Our aim since first launching Sanctuary was to supply the help our accomplice companies have to develop to the subsequent stage, together with by means of mergers and acquisitions,” mentioned Michael Longley, Sanctuary’s chief progress officer. “Alluvial Non-public Wealth have proven themselves to be nice companions and we’re proud to assist them develop by means of this strategic acquisition and excited to welcome Randy and Kerry Bliss into the Sanctuary community.”

Randall Bliss has nearly 40 years of monetary providers expertise and for the final 21 years has been an unbiased monetary advisor affiliated with Concourse Monetary Group. He spent 16 of these years as a supervising principal whereas constructing his personal apply, resigning six years in the past to give attention to his purchasers.

He’s joined by his spouse, Kerry, who has greater than a decade of expertise and holds a number of skilled licenses.

Headquartered in Marion, Ohio, Alluvial has opened its first Cleveland location the place the staff is predicated.

“We selected to open in an Alternative Zone as a result of we’re dedicated to serving to to revitalize our communities by bringing jobs and financial exercise again into the center of downtown Cleveland,” mentioned Olson. 

Newest Focus Tuck-In, Davis Monetary Planning, to Be a part of Buckingham Strategic Wealth  

Nationwide RIA accomplice platform Focus Monetary Companions has struck a deal to affix Davis Monetary Planning with Focus’ accomplice agency Buckingham Strategic Wealth.

Based in 2010, Asheville, N.C.-based Davis gives monetary planning and advisory providers, in addition to tax planning and preparation, to people and households. It manages round $105 million in shopper belongings. The deal will develop Buckingham’s North Carolina presence.

“We now have been taking a look at choices to evolve our providers, improve our know-how and enhance our group engagement whereas persevering with to supply our purchasers with the superb service they count on and deserve,” Davis Monetary Founder Al Davis mentioned in an announcement. “We wanted a accomplice that will enable us to give attention to what we do finest—serving to our purchasers plan for all of their life modifications. Buckingham is the proper cultural match for our staff.”

“We’re happy that Davis Monetary Planning will likely be becoming a member of Buckingham permitting them to develop into Asheville, which is a crucial wealth market in North Carolina,” mentioned Focus CEO Rudy Adolf. “This addition won’t solely add a gifted staff of advisors to Buckingham however can even additional solidify its place as a number one wealth supervisor with a nationwide footprint.”

Headquartered in St. Louis, Buckingham has 50 workplaces throughout the nation and manages round $20 billion in belongings.

In December, Focus introduced that Buckingham can be buying Oxford Monetary Companions in Cincinnati in a deal set to shut this quarter.

The transaction with Davis is anticipated to shut within the second quarter of 2023, topic to customary situations.

Father-Son Staff with $62M Joins Grove Level Monetary

Grove Level Monetary, a hybrid RIA platform owned by Kestra Monetary, has introduced the addition of Garner Group Monetary, a Delaware-based father-son staff managing $62 million in shopper belongings.

Led by founder Eugene Garner and his son Joe Garner, the agency focuses on retirement planning and multi-generational wealth methods. Eugene Garner, who’s dually registered, launched the agency after 18 years with David Lerner Associates and practically twenty years working his personal enterprise. Joe Garner is a FINRA-registered dealer and his father’s deliberate successor.

“We have been on the lookout for a accomplice who embraced and elevated our entrepreneurial spirit, and that’s precisely what Grove Level did for us,” Eugene Garner mentioned in an announcement. “We firmly consider in Grove Level’s mission of supporting a group of like-minded monetary professionals and are thrilled to be part of it.”

The transaction provides Garner entry to Grove Level’s funding options and again workplace assist, in keeping with the announcement.

“We’re devoted to bringing worth to each side of our monetary professionals’ companies and offering them with the instruments to develop and additional assist their purchasers,” mentioned Grove Level’s EVP of Enterprise Improvement Rob Engle.

Working out of Rockville, Md., Grove Level at the moment gives dealer/vendor and RIA providers to greater than 500 professionals nationwide.

Savant Wealth Administration Hires 2 in Help of Progress Objectives

Savant Wealth Administration, a Rockford, Ailing.-based RIA with round $14 billion in shopper belongings, has introduced the recruitment of two extra trade professionals to assist the agency’s aggressive mergers and acquisitions technique and a brand new shopper service platform.   

The newly-created positions are supposed to facilitate Savant’s plans to develop in scale by three to 5 instances over the subsequent 5 years.

Myles Cavell joined Savant from Edelman Monetary Engines, the place he spent the final 4 1/2 years in numerous roles, most not too long ago as regional director for M&A integrations. Previous to Edelman, he spent greater than eight years with TD Ameritrade and several other months with Monetary Engines. In his new function as director of accomplice optimization, Cavell serves as an “advocate” to newly acquired companies and guides management by means of the transition and integration processes.

Cavell sits on Savant’s advisory management staff, reporting to Chief Advisory Officer Chris Walters.

Brad Felix got here to Savant from TruePoint Wealth Counsel, the place he was director of innovation and a shareholder, and Commas, an RIA he based and remained with as a portfolio supervisor, in keeping with his LinkedIn profile. Previous to that, he was a portfolio supervisor at Opus Capital Administration.

At Savant, Felix will work with with Chief Technique and Innovation Officer Rob Morrison to develop and launch the agency’s Excellent Futures Platform, a fintech-based monetary planning course of geared toward bettering general shopper expertise.

“In 2023, we’re targeted on progress and dedicated to creating experiences extra seamless and hassle-free, not just for purchasers, but in addition with the accomplice companies we purchase,” Savant CEO Brent Brodeski mentioned in an announcement. “Myles will likely be devoted to smoothing the transition for companies partnering with Savant, from each an operational and cultural perspective. As director of our Excellent Futures Platform, Brad will likely be working to create a extra impactful onboarding course of and a neater manner for purchasers to observe their progress towards their objectives.”

Earlier this month, Savant introduced Patrick Lawlor joined Savant as head of mergers and acquisitions, a job created to assist develop its M&A exercise. In 2021, Savant recapitalized to speed up from incremental to exponential progress, and final yr, it strengthened its advisory management staff by bringing in Walters as chief advisory officer, Jason English as director of progress and John Hanley as director of apply administration.

Savant Wealth Administration provides funding administration, monetary planning, retirement plan and household workplace providers to rich people and establishments, whereas offering company accounting, tax preparation, payroll and consulting by means of its affiliate, Savant Tax & Consulting. 

Wealthspire Advisors Names Channing Olson Head of Integration and Mission Administration

Wealthspire Advisors, NFP’s subsidiary RIA platform, tapped Channing Olson to guide integration, undertaking administration and communication initiatives on the agency because it continues to develop by means of mergers and acquisitions.

Olson is becoming a member of from Non-public Ocean, a agency that had 22 companions and $2.7 billion in belongings when it was acquired by Wealthspire in late 2021. Following that integration effort, she was concerned within the integration of a number of different companies, in keeping with Monday’s announcement. Previous to Non-public Ocean, Olson managed operations and advertising and marketing for Companions In Management, a consulting agency to Fortune 1000 firms, and was a litigation authorized assistant for legislation agency Greenberg Traurig.

“Channing’s function will tremendously improve the mixing course of by offering extra targeted assist to those that are actively concerned and bettering the general expertise for employees who be part of,” mentioned Wealthspire Head of M&A Hoyt Stastney, including that she “is aware of firsthand what must occur to ensure that these integrations to achieve success.”

“Investing on this space is a strategic benefit for us and a real differentiator within the M&An area,” mentioned Olson. “It’s thrilling to be in a job the place I can leverage my experience in change administration and tradition to emphasise our give attention to our folks and our purchasers.”

The Non-public Ocean arm of Wealthspire, which maintains a separate ADV and accounts for near $3 billion in belongings, has been included on WealthManagement.com’s RIA Edge 100 checklist as a registered funding advisor rising at a quicker tempo than its friends whereas sustaining an above common advisor-to-client ratio and investing in CFP certificants.

Final spring, NFP realigned the corporate to position a better emphasis on its wealth administration companies, together with Wealthspire and Fiducient Advisors, one other SEC-registered entity serving retirement plan sponsors, non-public purchasers, endowments and monetary establishments. On the time, NFP President Mike Goldman mentioned the transfer was meant to create better visibility for the phase, which accounted for greater than 16% of revenues. 

“We additionally wish to present purchasers that wealth administration stands side-by-side and integrates properly with our P&C and Advantages & Life segments,” he mentioned.

Throughout all entities, Wealthspire at the moment has 19 workplaces in 10 states managing round $18.8 billion in belongings.

Methods Wealth Advisors Rebrands as Innovia Wealth

Methods Wealth Advisors has turn into Innovia Wealth in a rebranding effort meant to “higher replicate modifications within the wealth administration panorama and the agency’s continued evolution and progress,” in keeping with an announcement.

“Rather a lot has modified in wealth administration since I based Methods Wealth Advisors in 2007,” Innovia Managing Director Michael Berkemeier mentioned in an announcement. “We’ve grown in dimension and scope, by including skilled workers, adopting new applied sciences, broadening our choices, and discovering new methods to raised serve our purchasers.”

“We selected the identify Innovia as a result of it displays our dedication to innovation, joined with the phrase ‘through,’ which suggests the ‘manner’ or ‘path,’” mentioned CIO and Managing Director Aaron Veldheer. “Confirmed concepts turn into innovation when they are often replicated reliably on a significant scale at sensible prices. We work on daily basis to innovate our purchasers’ monetary lives higher and supply a path ahead that can enable them to comprehend their desires.”

With $1.5 billion in belongings underneath administration, Innovia gives holistic monetary planning and funding recommendation to entrepreneurs, high-net-worth households and nonprofits, bolstered by a credentialed staff skilled in tax, authorized, insurance coverage and estate-related issues.

“So far as the households we work with are involved, the one factor altering is our identify,” mentioned Berkemeier. “They’ll relaxation assured that our fiduciary mindset and steadfast dedication to their monetary well-being stays the identical as is has been for the reason that begin of our relationship.”

NAPFA Appoints New CEO

The Nationwide Affiliation of Private Monetary Advisors, an expert group of fiduciary, fee-only monetary advisors, introduced that Kathryn A. Dattomo has been appointed CEO—efficient March 13.

She’s going to relieve Leslie Stokes, who turned interim CEO when Geoffrey Brown stepped down to observe one other profession alternative in November.

In her new function, Dattomo will lead NAPFA membership whereas representing the group to donors, sponsors, companions and different stakeholders. In line with the announcement, she can even work to develop membership and programming with a give attention to DEI, advocacy and “skilled excellence.” 

“As a veteran affiliation skilled, I’m very excited to affix NAPFA,” Dattomo mentioned in an announcement. “NAPFA’s dedication to skilled improvement and member success mirrors my very own values and I sit up for upholding the group’s sturdy priorities and increasing its attain to advance NAPFA, the member group and the monetary planning career.”

Based in 1983, NAPFA is devoted to fiduciary monetary planners, offering training, skilled connections, enterprise improvement assets and advocacy in assist of members’ success. Headquartered in Chicago, Ailing., NAPFA represents greater than 4,500 SEC- and state-registered advisors within the U.S. and overseas.

Dattomo involves NAPFA from the American Affiliation of Neurological Surgeons, the place she served as chief improvement officer for 3 years, main the Neurosurgery Analysis & Schooling Basis, advertising and marketing communications and trade relations. Previous to that function, she spent 15 years on the American Society of Gastrointestinal Endoscopy as govt director of the ASGE Basis.

Dattomo holds a grasp’s diploma in nonprofit administration from North Park College and is each a Licensed Affiliation Government and a Licensed Fund Elevating Government.

“Kathryn’s strategic drive and her lengthy, distinguished profession within the affiliation administration group make her the proper alternative to guide NAPFA into the subsequent part of its improvement,” mentioned NAPFA Board Chair Jeff Jones. “We’re thrilled to welcome Kathryn aboard.”

The search was carried out by affiliation and non-profit search specialists Vetted Options.

In different RIA information…

NewEdge launches W2 mannequin, TruClarity is promoting its companies individually, Sequoia provides $5 billion agency and Non-public Wealth Asset Administration recruits two U.S. Financial institution expats.



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