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Friday, May 26, 2023

RIA Roundup: Concurrent Launches New Hybrid Platform

After restructuring from an workplace of supervisory jurisdiction on the Raymond James platform to a multi-custodian, hybrid RIA mannequin, Concurrent Funding Advisors has formally relaunched with 5 new advisor groups managing greater than $440 million in collective property. The agency expects to deliver one other $16.5 billion in property over earlier than the top of the 12 months.

In different RIA information this week, Commonwealth added $1.2 billion AUM Aegis Consulting from Lincoln Monetary; OneSeven accomplished its acquisition of TruClarity Wealth Companions; Benefit Monetary Advisors picked up an Atlanta agency with round $460 million in property; and Thrivent Advisor Community added its twenty fifth affiliate.

In the meantime, The Mather Group established its first Ohio location with its Clear Views acquisition; Apollon Wealth Administration created Catalyst Apollon in a cope with Catalyst Wealth; and Ryan Parker is taking on the function of CEO at EP Wealth Companions from Patrick Goshtigian.

In earlier reported information, former Focus Monetary co-head of M&A Vamsi Yadlapati is investing in and taking a seat on the board of Savvy Wealth; Mike Durbin talks about his transfer to Cetera Holdings from Constancy Investments; a pair of Michigan-based companies have joined Built-in Companions to develop UHNW companies; and Dynasty Monetary Companions is saying goodbye to a founder.

Concurrent Launches New Hybrid Platform with Extra Than $440 Million in New Property

Tampa-based Concurrent Funding Advisors, previously an workplace of supervisory jurisdiction established in 2017, efficiently restructured as a multi-custodial, hybrid RIA platform after dropping its affiliation with Raymond James final fall, the agency introduced.

Concurrently the official re-launch, Concurrent added 5 new advisor groups with greater than $440 million in collective consumer property—Allegiant Wealth Companions in Virginia Seaside; Danielson Tate Capital Companions in Mandeville, La.; Spectrum Wealth Companions in West Berlin, NJ; Worth Monetary Administration in Berlin Township, NJ; and Alex Reid, who joined Concurrent companion agency Columbia Associates.

Greater than two dozen different teams are anticipated to transition to the brand new platform in Q2 and Q3 as Concurrent works to deliver over current workplaces. By year-end, the agency expects to supervise greater than $17 billion in property.

“There’s a very orderly, mutually agreed-upon transition of the workplaces which have chosen to depart the Raymond James OSJ construction and transfer to the multi-custodial RIA construction,” mentioned Rick D’Amico, companion at Service provider Funding Administration, which has held a minority fairness stake in Concurrent since the summer season of 2021.

Constancy was chosen as Concurrent’s first custodian, and Practifi, SmartX and BlackDiamond are core elements of the agency’s expertise platform.

“All through our historical past, we’ve got been pushed to offer advisors with the instruments, sources and help they should develop their companies, and embrace an impartial and fiduciary-based mannequin,” Concurrent co-founder Nate Lenz mentioned in an announcement. “To have 5 new joins, even via an intense transition interval, speaks to the success and tradition our advisors have demonstrated to {the marketplace} over time.”

“What we have seen is an extremely gifted group of operators which have been capable of entice actually nice entrepreneurial advisors,” mentioned D’Amico.

Service provider invested in Concurrent to help expanded progress initiatives when the agency was managing somewhat greater than $12 billion in property. D’Amico known as the agency’s progress “one other testomony to how far the trade has continued to evolve by way of constructing these world-class impartial, multi-billion-dollar RIA infrastructures.”

$1.2B Aegis Consulting Joins Commonwealth from Lincoln Monetary

Commonwealth Monetary Community, a hybrid RIA partnership platform with headquarters on each coasts, introduced the addition of Aegis Consulting, in Jacksonville, Fla., to its rising variety of impartial advisory companies.

With Lincoln Monetary for 39 and 25 years, respectively, principals Michael Cirino and Alexander Harrison deliver some $1.2 billion in consumer property, 11 advisors and extra help employees to Commonwealth.

On common, Aegis advisors have been working with shoppers for greater than 24 years.

“Wholesome organizations develop each organically and by attracting new individuals, particularly younger expertise,” mentioned Harrision. “We’re wanting ahead to even larger success as we implement our new marketing strategy with the assistance of Commonwealth.”

With headquarters in Waltham, Mass., and San Diego, Calif., the Commonwealth community contains greater than 2,100 advisors overseeing round $243 billion in consumer property.

OneSeven Buys TruClarity Wealth Advisors

OneSeven, a Service provider Funding Administration-backed RIA based mostly in Beachwood, Ohio, accomplished its acquisition of TruClarity Wealth Advisors in a deal initially introduced in February.

OneSeven launched in 2016 with help from TruClarity Administration Options, the RIA’s sister advisor transition and apply administration platform—which was acquired by Dynasty Monetary Companions.

TruClarity Wealth will retain its branding and workplace house in St. Petersberg, Fla. The crew manages greater than $690 million in property—bringing OneSeven to greater than $3 billion in complete AUM. Monetary phrases weren’t disclosed.

Since asserting its partnership with Service provider in August 2022, OneSeven has grown to greater than 80 workers, together with 34 impartial advisors, throughout 11 states. The agency plans to achieve $50 million in income by the top of this 12 months.

Benefit Expands Pennsylvania Presence with Deliberate Futures

Benefit Monetary Advisors, an Atlanta-based hybrid RIA, acquired Deliberate Futures in a deal that closed on Could 19.

“We anticipate the transition to the Benefit platform will likely be utterly seamless,” the agency introduced on its new web site. “You’ll nonetheless have entry to all the identical individuals and data you could have now, however with extra help on the again finish.”

Primarily based in Williamsport, Penn., the addition expands Benefit’s presence within the area and will increase property by some $460 million. Agency leaders James Arnold and John Keene, Jr. will tackle new roles as regional administrators and companions at Benefit.

The agency makes a speciality of funding administration and retirement planning for state workers and mass prosperous buyers.

“Increasing Benefit’s presence in Pennsylvania has been a spotlight for a while, and we’re very happy to have James and John lead the cost,” Benefit CEO Rick Kent mentioned in an announcement.

The deal represents Benefit’s nineteenth acquisition since taking a minority funding in December 2020 from Wealth Companions Capital Group and a bunch of strategic buyers led by HGGC’s Aspire Holdings platform.

In the present day, Benefit has 40 workplaces and greater than 100 advisors overseeing round $8 billion in property, together with $5.8 billion in managed property, $2.3 billion in brokerage property at LPL and $63 million in property underneath advisement, in response to Tuesday’s announcement.

The Mather Group Establishes 1st Ohio Workplace in Cope with $360M Price-Solely Agency

The Mather Group introduced it acquired Clear Views Monetary Planning in a deal that closed on Could 19.

Clear Views was co-founded by Carol Hoffman and Tim Grout, who had spent 20 and 30 years, respectively, in finance at Proctor & Gamble. After listening to family and friends bemoan the shortage of reasonably priced and reliable monetary recommendation, the pair determined to determine their fee-only apply in 2008. The Cincinnati, Ohio-based agency was managing round $360 million in property on the time of its acquisition.

“Constructing our enterprise has actually been a labor of affection, particularly as a result of so a lot of our early shoppers have been folks that have been already close to and expensive to us,” Hoffman mentioned in an announcement, noting the deal will enable each advisors to spend extra time with all their shoppers.

“A bigger agency merely has extra sources to dedicate to staying forward of the curve and investing in applied sciences that may promote effectivity,” added Grout. “We’ve been impressed with TMG’s deal with streamlining workflows and automating sure processes, which might actually improve crew collaboration, cut back errors, and in the end, enhance the consumer expertise.”

“Now we have a long run relationship with that crew there,” mentioned TMG Chairman Daniel Bryant. “It’s a market we actually are excited to develop, given we’re headquartered in Chicago. They’ve an excellent deal with their shoppers and can proceed our tradition of placing our shoppers entrance and heart with our technique.

“We look ahead to constructing a bigger presence round Cincinnati and throughout the state with them,” he mentioned.

The crew’s workplace in Cincinnati represents TMG’s first bodily location in Ohio. The agency has 15 workplaces nationwide and greater than $11.7 billion in consumer property.

Apollon Wealth Administration Creates Catalyst Apollon with Atlanta Add

Apollon Wealth Administration, an SEC-registered and investment-led wealth administration agency and partnership platform based mostly in South Carolina, introduced that Catalyst Wealth Administration will likely be becoming a member of the agency underneath the identify Catalyst Apollon.

Primarily based in Atlanta, the Catalyst crew is led by managing companions Christopher Pullaro, David Pierce, Dave Mirolli and Brian Pierce. They’re joined by advisors Matt Cayce and Cal Halliburton.

The crew serves somewhat greater than 300 shoppers, primarily within the southeastern U.S., with some $193 million in property.

Based in 2018 with seven advisors, Apollon now contains round a dozen companion companies and employs some 70 advisors managing about $3 billion in consumer property.

Thrivent Advisor Community Provides twenty fifth Affiliate

Thrivent Advisor Community, a Minneapolis-based hybrid RIA platform launched in September 2019, added its twenty fifth affiliate with Perspective Monetary Providers in Phoenix.

Based in 2003 by Mike McCann, the eight-person Perspective crew manages $230 million in consumer property.

“We performed a deliberate and intensive seek for a strategic alliance that might help our rising operations and expertise wants,” McCann mentioned in an announcement. “We’re enthusiastic about our continued progress, with Thrivent’s broad operational help and the energy, flexibility and autonomy Thrivent gives.”

The Thrivent Advisor Community platform gives expertise, advisory, compliance and threat, and advertising and model administration help, in addition to capital companies {and professional} neighborhood engagement alternatives.

TAN contains greater than 130 advisors in 17 states managing greater than $5 billion in consumer property.

Ryan Parker Steps into CEO Function at EP Wealth Advisors

EP Wealth Advisors President Ryan Parker will transfer into the function of chief government officer on the agency on July 1, in response to an announcement.

On the similar time Patrick Goshtigian, who has served as CEO since 2011, will grow to be the agency’s government chairman.

Goshtigian will deal with attracting prime expertise to the agency, whereas Parker will head up its community of advisors and oversee the event of EP’s advertising initiatives, funding platform, portfolio technique and wealth advisory and administration companies.

“I’m extremely happy with the crew we’ve constructed and the dedication we’ve got to enriching lives,” Goshtigian mentioned in an announcement. “In my new function—engaged on a full-time foundation as government chair—I’ll be able to deal with particular strategic initiatives and M&A, whereas offering a sounding board for Ryan.” 

Los Angeles area-based EP Wealth was based in 2004 and is backed by PE agency Berkshire Companions. After taking a minority funding from Wealth Companions Capital Group in 2017, the agency launched into a nationwide inorganic technique.

In the present day, EP Wealth employs greater than 350 professionals, together with round 175 monetary advisors managing greater than $18 billion in property—up from round $15 billion in late 2022. Over the identical time, the agency grew its presence from 18 workplaces in 9 states to 30 workplaces in 11 states.

“We proceed so as to add extremely gifted crew members to help our nationwide advisor base and main that group as we develop and evolve will likely be my focus as CEO,” mentioned Parker. Making certain we’re constantly forward of the curve in our providing, service and dedication to shoppers is how EP grew to grow to be one of many leaders within the RIA house. My intention is to proceed on that path.”

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