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Friday, April 7, 2023

RIA Roundup: EP Wealth Buys Lehman & DeRafelo Monetary Sources

RIAs introduced seven offers this week and Non-public Advisor Group added a brand new function.

EP Wealth acquired $1 billion Lehman & DeRafelo, Moneta added a workforce from IWP Household Workplace, Mercer World purchased Andesa Monetary, Waverly Advisors picked up Omni Wealth and Mission merged with a mother-daughter workforce in Austin.

In an announcement late final Friday, Focus Monetary additionally facilitated its fifteenth sub-acquisition of the yr—for InterOcean Capital Group.

In earlier information, Trendy Wealth Administration introduced its launch with $200 million from Crestview Companions, CI Monetary established a South Dakota belief firm and Lido Advisors joined forces with IDB Financial institution to launch an RIA serving financial institution purchasers.

EP Wealth Advisors Acquires Lehman & DeRafelo Monetary Sources

EP Wealth Advisors, a California-based registered funding adviser, has added a second workplace within the Philadelphia space with the acquisition of Media, Penn.-based Lehman & DeRafelo Monetary Sources.

The acquisition is the eighth EP Wealth has accomplished on the East Coast because the agency seeks to determine itself as a nationwide model.

Lehman & DeRafelo, which gives monetary planning and funding administration providers to greater than 700 purchasers with round $1 billion in managed belongings, has designed an alternate funding technique that may be paired with EP Wealth’s bigger funding method, in accordance with an announcement.

“We proceed to reinforce our monetary, tax, property and specialised planning capabilities, paired with numerous funding options that assist purchasers advance towards their objectives,” EP CEO Patrick Goshtigian mentioned in an announcement. “The Lehman & DeRafelo workforce has further experience in various funding methods which boosts our shopper providing and sharpens our aggressive edge within the market.”

Agency principals Wealthy DeRafelo and Ron Lehman will every assume the function of regional director, whereas Jeff Lehman will turn out to be a senior wealth advisor. One other advisor and two assist workers are additionally becoming a member of EP Wealth.

“We’re excited concerning the further sources and capabilities that our agency and purchasers will now get pleasure from due to becoming a member of EP Wealth,” mentioned Lehman and DeRafelo in an announcement. “This strategic partnership was born from many conversations with EP’s management, and it’s great to align with a agency whose philosophy so intently matches ours.”

The deal marks EP Wealth’s twenty eighth acquisition because the agency obtained a minority funding from Wealth Companions Capital Group in July 2017—and its second in 2023. With greater than 30 places of work throughout 11 states, the addition brings EP Wealth to greater than $18 billion in shopper belongings.

Phrases of the deal weren’t disclosed.

Moneta Pronounces Merger with $450M Denver Group

Moneta, a partner-owned RIA based mostly in St. Louis, introduced the addition of Jaye Everland and Jason Sandry as companions in its Cherry Creek location.

The workforce comes from IWP Household Workplace with $450 million belongings underneath administration, bringing Moneta to roughly $31 billion in AUM.

“We wished to get again to being advisors full-time,” Everland mentioned in an announcement. “Moneta affords an unbelievable platform to assist us run our enterprise . … It will take us years to construct what they have already got.”

“As a part of Moneta, they’ll stay homeowners of their enterprise and, on the identical time, Moneta’s partnership construction means they’ve possession and a voice within the strategic selections of the agency coupled with entry to a workforce of colleagues with extremely worthwhile institutional information,” mentioned Moneta President Keith Bowles

Moneta, which has provided monetary planning providers since 1933, inhabited a single workplace till launching a nationwide progress technique in 2019, when the agency introduced it was increasing with a brand new location in Denver’s Cherry Creek space, adopted by the agency’s first acquisition. The agency now has places of work in Kansas Metropolis, Boston and Chicago, in addition to St. Louis and Denver.

Mercer Advisors Acquires Andesa Monetary Administration

In its second acquisition introduced this yr, Mercer World Advisors has picked up Andesa Monetary Administration in Allentown, Penn., with about $330 million in AUM.

Andesa was based in 2004 by a workforce that included Paul C. Barbehenn, who was joined by Michael C. Baittinger two years later.  Barbehenn, Baittinger and the remainder of the five-person workforce serve 260 purchasers in 9 states.

“[Mercer’s] complete ‘household workplace’ method to shopper care with in-house providers like property planning, tax session and tax return preparation, and so on., provides the depth and breadth of service we had been seeking to bolt on,” Barbehenn mentioned in an announcement, “whereas permitting me and my workforce to dump burdensome back-office work in order that we will deal with what’s most essential—our purchasers.”

“Paul and Michael are extremely credentialed planners and have constructed a really revered enterprise with a deep bench of expertise,” mentioned David Barton, a Mercer VP who heads up M&A method. “For Mercer Advisors, the addition of Andesa’s proficient workforce to our service ranks is probably the most worthwhile asset of the transaction.”

Denver, Colo.-based Mercer is majority owned by Oak Hill Capital and Genstar Capital. Based in 1985, the agency at the moment has greater than 900 workers and 90 places of work nationwide, overseeing greater than $48 billion in shopper belongings.

Waverly Advisors Acquires Omni Wealth Advisors

Waverly Advisors, a Birmingham, Ala.-based RIA serving high-net-worth people, company retirement plans and institutional purchasers, has acquired Omni Wealth Advisors.

Waverly’s first acquisition of 2023 strengthens the agency’s presence in Atlanta and Tampa. It follows 4 made final yr, after the agency took on non-public fairness companions HGGC and Wealth Companions Capital Group in late 2021 to assist an inorganic progress technique.

Omni brings greater than 30 years of monetary planning, funding and tax expertise to Waverly, in addition to 140 purchasers based mostly within the nation’s Southeast with $105 million in managed belongings. Omni President Brian Hershberger has led the agency since 2001.

“Waverly’s values align with our personal and we knew that this transaction would profit all events, particularly our purchasers, via entry to extra providers and sources,” Hershberger mentioned in an announcement.

The acquisition of Omni Wealth closed on March 31, bringing Waverly’s AUM to greater than $5.5 billion. Late final yr, CEO Josh Reidinger advised WealthManagement.com he expects to finish as many as eight offers this yr.

Based in 1999, the agency at the moment has 9 places of work throughout the Southeast and a workforce of greater than 80.

Phrases of the deal weren’t disclosed.

Mission Wealth Pronounces Merger with Mom-Daughter Group in Austin

Mission Wealth, a Santa Barbara, Calif.–based mostly RIA that oversees $5.3 billion in shopper belongings, introduced a merger with a mother-daughter advisory workforce in Austin, Texas. 

Positioned in Austin’s West Lake Hills neighborhood, Mary Voll Miller and Alison Miller joined Mission from Per Stirling Capital Administration, an Austin-based agency with round $1 billion in AUM.

“Having in-house entry to tax, property, philanthropy and funding administration professionals is a sport changer and permits us to serve our purchasers with best-in-class sources, instruments and assist.” Mary Voll Miller mentioned in an announcement.

A CFP and authorized divorce monetary analyst, Voll Miller spent 12 years with Per Stirling. She was a companion on the agency earlier than leaving to affix Mission, the place she is a companion and shopper advisor.

Alison Miller spent about 2 1/2 years together with her mom at Per Stirling as a shopper service affiliate following a short stint in gross sales. At Mission, she has taken on the function of senior shopper advisor affiliate.

“Each Mary and Alison display the very best degree of professionalism, an unbelievable work ethic and a transparent ardour to resolve their purchasers’ monetary wants,” mentioned Mission CEO Matthew Adams. “From the second we met Mary and Alison, it was clear to us that our shared values, our dedication to our groups, and our collective imaginative and prescient of the shopper expertise would make this a great match.”

Based in 2000, Mission affords monetary planning, funding recommendation, tax methods, property and belief administration, philanthropic recommendation, and asset safety options. The agency, which introduced the launch of in-house belief providers final week, at the moment serves greater than 2,300 purchasers.

InterOcean Capital Group Strikes into Michigan with Arthur Zaske Acquisition

In an announcement final Friday, InterOcean Capital Group—a Focus Monetary Associate agency based mostly in Nashville, Tenn., with greater than $4 billion in shopper belongings—will purchase Arthur Zaske and Associates, a three-person workforce with round $100 million in belongings and an workplace in Bingham Farms, Mich.

Joined by David Zaske and Colleen Doyle, Artwork Zaske brings greater than 50 years of funding administration expertise and a “loyal shopper base” to InterOcean, in accordance with the announcement. The workforce expects to leverage InterOcean’s monetary planning experience and extra sources. 

“My current shopper base will profit from the sources and experience InterOcean can present,” Artwork Zaske mentioned in an announcement. “I am excited to work with InterOcean to additional the agency’s model and fame in Michigan and the Midwest.”

“We have now recognized Artwork, David and Colleen for a very long time, and are extremely excited that they are going to be becoming a member of InterOcean,” mentioned InterOcean CEO and CIO Rege Eisaman. “This addition will strengthen our funding capabilities and deepen our presence within the Midwest wealth administration market.”

Established in 2020, InterOcean now has 33 workers in 4 states, together with Chicago and Scottsdale, Ariz., following one different acquisition and the opening of a brand new workplace.  

The transaction represents the seventeenth introduced by Focus this yr—together with two new companion companies and 15 sub-acquisitions for current companions.

Non-public Advisor Group Provides New Function in Pursuit of Continued Development

Non-public Advisor Group, an RIA and workplace of supervisory jurisdiction based mostly in Morristown, N.J., introduced that Petra Barone has taken on a brand new place as head of finance and Adam Schorr is moving into her former function as chief monetary officer.

The duo brings many years of expertise to the management workforce and is charged with strengthening the agency’s accounting and finance features, in accordance with the announcement, whereas leveraging natural progress and strategic alternatives.

Schorr joins the workforce from LPL Monetary, the place he spent 16 years. 9 of these had been spent in management roles, most not too long ago as senior vice chairman of expertise technique and enterprise operations following nearly 4 years as SVP of monetary planning and evaluation.

“Adam’s deep monetary planning and evaluation experience complemented by his in depth information of our occupation will make a direct and constructive influence to our advisor group,” PAG CEO Frank Smith mentioned in an announcement. “As our agency has grown and advisor wants have developed, will probably be an unlimited profit so as to add further expertise to our finance workforce whereas supplementing a lot of the work Petra has overseen up to now.”

Schorr’s obligations embrace main technique for the finance and accounting groups; serving to oversee capital technique and investments; creating monetary metrics and enterprise intelligence; and dealing along with stakeholders on technique and efficiency.

In her new function, Barone will oversee advisor compensation, advisory payment billing, accounts payable and treasury features, in addition to collaborate with key sponsor and compliance companions.

“I’m thrilled we’re increasing our finance workforce by bringing in Adam,” Barone mentioned. “His expertise and information of the wealth administration house shall be instrumental in increasing our workforce’s means to strengthen and thoughtfully develop Non-public Advisor Group.”

Early this yr, Frank Smith changed R.J. Moore because the agency’s CEO.

Based in 1997, Non-public Advisor Group at the moment manages greater than $25 billion in belongings throughout greater than 300 companion companies and 110,000 purchasers.

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