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Friday, January 27, 2023

RIA Roundup: Frank Smith Takes Over as PAG CEO

Frank Smith assumed his new function as CEO at Personal Advisor Group this week and Rick Pitcairn was changed as CIO at Pitcairn Belief Firm to tackle a brand new function as chief international strategist. In different RIA bulletins, Carson acquired a minority stake in a Missouri agency and Commonwealth recruited a California group from Advisor Group, whereas Focus facilitated a second acquisition this month for companion agency Kovitz Funding and Dynasty Monetary Companions joined forces with Boulevard Insurance coverage Methods to assist advisors serve ultra-high web value shoppers. 

Frank Smith Joins Personal Advisor Group as CEO

Personal Advisor Group, a registered funding advisor platform and workplace of supervisory justice based mostly in Morristown, N.J., introduced that Frank Smith has formally assumed the function of chief government officer, a transfer first introduced final yr. Smith, who will proceed in his function as president concurrent with the brand new place, replaces Robert “R.J.” Moore, who grew to become CEO of PAG in November 2020.

“Reflecting on the final yr, our occupation has needed to handle some fairly significant challenges and alternatives,” Smith stated in a press release. “As somebody who has admired Personal Advisor Group, first externally and now from the within, I stay ever impressed at how this group—our staff and the advisor group—reveals up in a significant method in help of each other, in addition to the buyers and communities we serve throughout the nation.”

In 2022, Personal Advisor Group attracted $4.4 billion in newly affiliated property beneath administration. The platform additionally rolled out two new proprietary applications—Advisor Alignment & Fairness Program and WealthSuite—unique to its advisor group.

“The impartial RIA mannequin stays in excessive demand. Based mostly on licensing and registration knowledge, we see the pattern of advisors aligning with an impartial RIA persevering with,” stated PAG’s head of enterprise growth, Verne Marble. “There may be additionally continued curiosity in advisors shifting to fee-only, adopting the Funding Advisor Consultant or IAR-only mannequin, which was one other space of development for us final yr.”

Personal Advisor Group is actively recruiting monetary advisors “with an entrepreneurial and impartial mindset,” in response to the announcement. Based in 1997, the platform now boasts greater than 750 monetary advisors, manages greater than $29 billion in shopper property and has greater than doubled employees lately.

Rick Pitcairn Changed by Nathan Sonnenberg as CIO, Turns into Chief International Strategist

Pitcairn Belief Firm, a century-old household workplace serving ultra-high web value households, has introduced the growth of its government management group with the addition of Nathan Sonnenberg as new chief funding officer. Pitcairn’s long-time CIO, Rick Pitcairn, will take a brand new function because the agency’s chief international strategist.

Based in 1923 as a single-family workplace for the Pitcairn household, the agency now serves greater than 100 households and is increasing it funding choices to achieve extra of the nation’s wealthiest.

At Pitcairn, Sonnenberg will concentrate on the day-to-day administration of the funding group, together with constructing a long-term capital framework and figuring out new alternatives in personal markets. In his new function, Pitcairn will advance the agency’s international development technique, work straight with shoppers, and produce unique analysis and insights on macroeconomic traits for shoppers and the media. Each will report back to Pitcairn President and CEO Leslie Voth.

“We’re excited to welcome Nathan to Pitcairn, and to proceed to supply Rick’s confirmed strategic imaginative and prescient and huge market data to our shopper households as we start our second century,” Voth stated in a press release. “These strikes construct on our a long time of funding excellence and can be sure that our ultra-high-net-worth shoppers proceed to obtain the trusted funding counsel and complex alternatives they deserve.”

Previous to Pitcairn, Sonnenberg was founding father of outsourced-CIO consultancy Wealth Administration Consulting. He has additionally held management positions, together with as chief funding officer, at wealth administration corporations Fortigent, Recommendation Interval, Glassman Wealth Providers and Abbott Downing.

Each males will serve on the agency’s management group and funding coverage committee. Sonnenberg is predicated within the Washington, D.C. space and can cut up his time between there and the agency’s headquarters in Jenkintown, Penn., as he works to construct out a Capital area group. Pitcairn will proceed to work from the Pennsylvania workplace.

Pitcairn Belief Firm is a state-regulated entity presently managing $7 billion in shopper property.

Carson Wealth Acquires Stake in First Missouri Location

Carson Wealth has acquired a minority stake in White Ember Monetary Planning, with $117 million in shopper property and an workplace in Nevada, Mo.

The cope with White Ember, which had a earlier relationship with Carson Group by way of its companion platform and training community, will set up the primary Carson Wealth-branded location in Missouri.

“We’re thrilled to turn into Carson Wealth as a result of we all know it’s the fitting choice for our shoppers and our group,” stated Ross Lawrence, managing director and companion at White Ember. “This alteration permits us to align with an even bigger agency—one that may enable us to deliver on further advisors and proceed to gas our agency’s natural development, all whereas persevering with to supply an distinctive shopper expertise.”

The agency’s earlier proprietor, Greg Hoffman, grew to become affiliated with Carson Teaching in 2006. Lawrence bought the agency in 2016 and joined Carson Companions, an advisor community leveraging Carson operations, funding, advertising, expertise and compliance help.

“We love partnering with advisors like Ross who need to develop,” stated Michael Belluomini, Carson’s vice chairman of mergers and acquisitions. “Most advisors suppose the one option to companion is to promote. However fairness partnerships like this one let homeowners like Ross retain all of the management and get the sources they should enhance the agency’s development potential.”

Lawrence “is assured this will likely be a constructive change for his five-person group and their shoppers,” in response to the announcement.

Based in 1983 by Ron Carson and headquartered in Omaha, Neb., Carson Group presently manages greater than $20 billion in property and serves greater than 44,700 households by way of a community that features 136 companion corporations and 36 Carson Wealth areas, some wholly owned and a few with a minority stake.

Core Monetary Group Chooses Commonwealth to Assist Increase Price-Based mostly Enterprise

Commonwealth Monetary Community has recruited its second group of 2023 with Core Monetary Group in Yuba Metropolis, Calif.  

Previously with Advisor Group, advisors Michael Critchfield, Matthew DiGiacomo and their group deliver greater than $230 million in shopper property to Commonwealth’s hybrid advisor platform.

Core focuses on serving retirees and pre-retirees, in addition to small enterprise homeowners and households, in response to the announcement. The agency expects to leverage the Commonwealth partnership to broaden its fee-based enterprise.

“The advisor-centric, service-oriented tradition aligns with who we’re and the best way we serve our personal shoppers,” DiGiacomo stated, noting the “flexibility” of the instruments and applied sciences provided on the Commonwealth platforms. “It comes right down to expertise, service and tradition.”

“Core is dedicated to making a community of shoppers much like how Commonwealth fosters its group of advisors, which makes us an excellent pairing,” stated Becca Hajjar, managing principal and chief enterprise growth officer at Commonwealth. “We’re excited to welcome them into the fold.”

Privately-owned, Commonwealth was based in 1979 and has its headquarters in Waltham, Mass., and San Diego, Calif. At present, greater than 2,000 Commonwealth advisors oversee round $280 billion in shopper property.

Focus Associate Kovitz Funding Group to Purchase Newman Schimel

Focus Monetary Companions introduced this week that Chicago-based companion agency Kovitz Funding Group has agreed to accumulate Newman Schimel, a registered funding advisor in Deerfield, Sick.  

The transaction is anticipated to shut within the first quarter of 2023, topic to customary closing situations.

Based in 2006 by Jack Newman and Bryan Schimel, Newman Schimel gives funding administration and retirement planning providers to excessive web value and ultra-high web value people, with a concentrate on skilled athletes. Along with rising Kovtiz’ Chicago-area footprint, the deal will broaden the agency’s entry to the professional athlete area of interest whereas offering Newman Schimel with scale, infrastructure and a variety of providers, together with household workplace wants and funding administration experience.

“Kovitz and Newman Schimel have a long-standing relationship relationship again 20 years to once I first met Jack Newman,” stated founder and co-CIO Mitch Kovitz. “Having Newman Schimel be part of us won’t solely broaden our presence within the larger Chicago space however may also add proficient professionals to our group and a robust base of shoppers.”

“This can be a extremely synergistic transaction and illustrates our means to supply entry to capital and leverage our intensive M&A experience on behalf of our companion corporations to assist them develop and broaden their companies,” stated Focus CEO Rudy Adolf. “Since becoming a member of Focus in 2016, Kovitz has greater than doubled its revenues, partially by using each our scale and value-added providers.”

Based in New York Metropolis in 2006, Focus now manages about $350 billion in property for about 18,000 shoppers in 4 international locations and claimed $1.8 billion in income and $24.4 billion in web revenue on the finish of final yr. 

Dynasty Monetary Companions with Boulevard Insurance coverage Methods to Serve UHNW Shoppers

Dynasty Monetary Companions has introduced a brand new strategic partnership with Boulevard Insurance coverage Methods to assist Dynasty’s community of registered funding advisors ship danger safety services designed for ultra-high web value shoppers.

​​​​“As impartial advisors develop their practices and enhance the sophistication of their choices, the significance of specialty partnerships is vital,” BIS founder Matt Celenza stated in a press release. “Our purpose is to simplify the advanced, permitting shoppers and advisors to obtain the most effective recommendation, help and execution for his or her insurance coverage wants whereas sustaining clear alignment with present and future monetary planning.”

​​​​​​BIS and its group of 14 specialists will present Dynasty’s shoppers with help throughout your complete safety life cycle, in response to the announcement, from case design and point-of-sale help to underwriting and implementation. The agency leverages business partnerships to supply entry to an array of insurance coverage options, from primary whole-life insurance policies to offshore and global-client options.

“We now have watched Matt and his group fastidiously construct BIS over the previous 5 1/2 years,” stated Dynasty co-founder and CEO Shirl Penney. “Given their understanding of the Dynasty Community, we see this partnership ramping up shortly, offering quick enhancements to our collective providing.

“As a result of Matt and his colleagues have robust backgrounds in personal wealth administration, they’re uniquely located to collaborate ‘peer to see’ in serving to advisors anticipate and meet their shoppers’ high-end planning wants,” he stated.

Based mostly in St. Petersburg, Fla., Dynasty Monetary Companions presently has 47 RIAs on its platform with greater than $72 billion in shopper property.

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