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Wednesday, January 18, 2023

RIA Edge Roundup: $12.6B+ in Property on the Transfer


Registered funding advisors introduced a number of offers this week, choosing up contemporary capital and switching dealer/sellers. This is a have a look at greater than $12.6 billion in consumer property 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.–primarily based registered funding advisor with 4.8 billion in consumer property. The cope with ARGI Monetary is likely 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 traders, 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 development and growth.”

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

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

Lido Advisors to Accomplice 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 certainly one of Boulder’s oldest RIAs. The agency’s 26-person crew will stay following the transaction, persevering with to handle roughly $2 billion in property primarily for high-net-worth people, households, and establishments.

“We selected to companion with Lido due to the sturdy alignment between our companies,” mentioned CFM Managing Accomplice Brad Bickham. “Like CFM, Lido has a client-centric method that considers property, tax, and funding administration with care and transparency for each consumer.”

“We aren’t motivated to realize scale for the sake of scale,” mentioned Lido CEO Jason Ozur in a press release. “As a substitute, we search companies 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 precisely 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 fervour.”

Headquartered in Los Angeles, Lido was established in 1999 by a bunch of household workplace advisors and now oversees greater than $12 billion in consumer property 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. Primarily based 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 nicely outfitted to finest 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 most effective service, options and steerage,” added TPFG CEO Mike Tashjian. “We imagine that this mannequin supplies a strong mixture of choices that may serve our advisors and their shoppers nicely for years to return.”

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

The affiliation with TPFG rounds out a report yr of recruiting and enterprise growth for Cetera. The agency introduced in $6.3 billion in property throughout the third quarter alone, in line with the corporate.

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

Captrust Provides $2.3B in Property 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 consumer property.

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 yr, 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 yr, 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 following degree,” 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 incredible 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 most interesting” partner-led companies within the area.

“Gary and his crew convey many years of {industry} expertise,” mentioned Rush Benton, who heads up strategic development 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.”

Primarily based in Raleigh, N.C., Captrust was based in 1997 and at present claims greater than 1,200 staff throughout 70 places nationwide. As of a September 2022 submitting, the agency manages greater than $100 billion in property 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 consumer property, introduced the acquisition of Nichols Wealth Companions, a Boca Raton, Fla.–primarily based RIA led by founder Chris Nichols.

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

“Buyers are demanding increasingly from advisors,” Nichols mentioned in a press release. “The Future Wealth Companions crew acknowledged this shift going down and has made some extraordinary leaps to arrange for the long run development of their agency. I do know my shoppers will see the instant results of our partnership by having elevated entry to a broad sphere of investments together with various investments for accredited traders and direct investments and co-investments for our certified purchasers.”

“Over the previous 20 years, Chris has earned a fame as a caring, hardworking, passionate advisor who desires to see individuals 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 Accomplice GYL Monetary

Focus Monetary Companions introduced this week that companion agency GYL Monetary Synergies, primarily based in West Hartford, Conn., has agreed to purchase Monetary Companions Capital Administration, a New York Metropolis–primarily based registered funding advisor with greater than $700 million in consumer property (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 economic advisors and consumer 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 further assets, permitting us to proceed specializing in offering our shoppers with wonderful service,” mentioned Cohen, FPCM president. “Leveraging GYL’s spectacular infrastructure will allow us to develop our service mannequin and improve our consumer 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 yr, the agency’s institutional and personal consumer 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 convey further 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 U.S. Securities and Change Fee in 2016, GYL at present has greater than 50 staff overseeing $5 billion in consumer property for fewer than 1,800 high-net-worth and ultra-high-net-worth households 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 observe.

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

“[W]e needed to affix 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 companies’ shared relationship with Dimensional Fund Advisors and a private relationship with Dave Barton, who heads up M&A for Mercer. “Their complete ‘household workplace’ method to consumer care with in-house companies like property planning, tax session and tax return preparation, and so forth., provides the depth and breadth of service I used to be searching for 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 similar to CNBC, Fox Enterprise, The Wall Road Journal, MSN Cash, Forbes and U.S. Information & World Report.

“Kimberly is an distinctive monetary planner, speaker, writer, an actual renaissance girl, and her ability set is extremely distinct and invaluable,” mentioned Barton. “We’re proud so as to add Kimberly’s voice to our crew and assist share our message of economic freedom throughout a number of media platforms.”

Based in 1985, Denver-based Mercer has now added greater than 70 companies to its quickly rising platform, supported by majority investments from personal fairness companies Oak Hill Capital, in 2019, and Genstar Capital, in 2015. The agency at present oversees greater than $46 billion in consumer property, 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 obtainable credit score will allow Snowden Lane to “considerably bolster its recruiting momentum and place itself for sustained development via 2023 and past,” in line with an announcement Monday.

“We’re excited to kick off the brand new yr with this announcement, as this extra, nondilutive capital will permit us to execute our imaginative and prescient for the agency’s subsequent stage of development,” mentioned Snowden CEO Rob Mooney. “We’re extraordinarily grateful for Estancia’s assist. Estancia continues as a dedicated companion for the reason that early days of our enterprise and performed an important function serving to Snowden Lane understand 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 development technique and maximizing worth,” mentioned Estancia Managing Director Takashi Moriuchi. “Snowden Lane and its government crew is a first-rate instance of why that is so essential. Below the administration crew’s management, the agency quickly grow to be a key participant within the unbiased wealth administration area and is a gorgeous vacation spot for advisors looking 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 multicustodian, open-architecture registered funding advisor and dealer/seller 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.

Previously two years alone, Snowden Lane added 23 new advisors with a collective $4 billion in consumer property. Immediately, 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 development technique.

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