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Friday, February 10, 2023

RIA Roundup: Hightower’s TC Wealth Companions Provides $800M Chicago Agency

Mergers and acquisitions exercise appeared to gradual a bit within the RIA house this week, however some offers bought accomplished and development hires have been made. Hightower facilitated a merger, Wealth Enhancement Group added a brand new East Coast agency, Kornitzer Capital Administration named two new executives and Arkadios Capital has employed a director of company technique.

Hightower Facilitates Merger Between TC Wealth Companions and EFG Advisors

Hightower introduced this week that it has facilitated a merger between two Chicago-based RIAs, TC Wealth Companions and EFG Advisors.

EFG, which has roughly $800 million in property beneath administration, is led by Thomas Olexa and supplies boutique monetary planning, wealth and property administration to enterprise house owners. The merger brings TC’s complete property to greater than $2 billion.

TC Wealth Companions additionally serves enterprise house owners and establishments, offering wealth, belief and advisory companies to greater than 800 shoppers. The merger is predicted to additional strengthen its capabilities, in response to an announcement, notably in life insurance coverage and property planning, the place EFG has experience. 

“We’re excited to supply our shoppers expanded entry to even higher capabilities by TC Wealth Companions and Hightower’s strong value-added companies,” Olexa stated in a press release. “By becoming a member of forces, we offer our shoppers with holistic choices throughout each facet of the monetary planning panorama.”

“With EFG Advisors we now have a companion who’s aligned with us by way of service, specialization and tradition,” stated TC Wealth CEO William Giffin. “We have now all the time believed tradition is essential to success. It’s one of many causes we chosen Hightower.” 

The transaction represents the primary sub-acquisition made by TC Wealth, which was acquired by Hightower in January 2022 with a mission to develop throughout the area and scale nationally. On the similar time, Hightower acquired the Belief Firm of Illinois, a TC Wealth subsidiary that gives belief and property planning and administration, executor and co-executor companies and retirement plan companies.

“From the start, it was clear to us that TC Wealth was a agency that had the flexibility to develop and scale,” stated Hightower Chairman and CEO Bob Oros. “This strategic merger is the first step.”

Hightower has a devoted M&A staff to assist affiliated companies execute mergers and sub-acquisitions by offering sourcing, valuation, deal structuring, due diligence, authorized and regulatory and pre- and post-close integration companies, in addition to the capital sources wanted for transactions.

At the moment, the rising platform of impartial advisors helps 131 corporations in 34 states and the District of Columbia with a variety of companies designed to catalyze and speed up development. On the finish of 2022, the agency managed $113.7 billion in consumer property, up from $106.1 billion simply three months earlier, and $144.3 billion in property beneath administration.

Wealth Enhancement Group Provides $273M Washington Wealth Advisors

Minneapolis-based Wealth Enhancement Group has introduced the acquisition of Washington Wealth Advisors in Falls Church, Va., with greater than $273 million in managed property.

Led by managing companions Maura Schauss, who based the agency in 2011, and Todd Youngdahl, Washington gives monetary planning and training, funding administration, retirement planning and tax saving methods to rich households, excessive earners, ladies and small enterprise house owners.  Schauss and Youngdahl are joined by a staff of three monetary advisors and 4 consumer service professionals.

The most recent acquisition brings WEG to greater than $60.8 billion in property and provides greater than 250 shoppers.

“Our two corporations have remarkably comparable cultures, wealth administration philosophies and firm values, all of which deal with delivering monetary recommendation in one of the best curiosity of our shoppers,” WEG CEO Jeff Dekko stated, in a press release.

“By partnering with our agency, the advisors at Washington Wealth Advisors can have entry to extra sources and instruments permitting for an much more elevated monetary strategy constructed round their shoppers’ distinctive targets,” stated Jim Cahn, who heads up investments and enterprise growth for WEG.

Based in 1997, WEG serves greater than 50,000 households and has greater than 85 areas nationwide. Advisory companies are provided by the agency’s RIA arm, with some advisors working as dually registered advisors. 

“We see this partnership as an extension of our promise to every consumer to supply impartial, trusted monetary recommendation all through their lifetime and a chance to deepen our consumer relationships,” Schauss stated.

Arkadios Capital Hires Nathan Stibbs to Lead Company Technique After File 2022

Arkadios Capital, a fast-growing hybrid RIA and dealer/seller primarily based in Atlanta, has introduced the appointment of Nathan Stibbs as director of company technique. Most not too long ago, Stibbs was president and chief technique officer for Continuum Advisory in Atlanta.

The announcement comes on the heels of a file 12 months by which Arkadios added $3.2 billion in property by the affiliation of 42 advisors throughout 15 places of work, accounting for $16 million in new income. Stibbs is predicted to play a crucial position in serving to Arkadios execute a nationwide development and enlargement technique, in response to an announcement, by working so as to add proficient advisors, “whereas offering a robust tradition firmly targeted on the advisor expertise.”

“The Arkadios govt staff has labored carefully with Nathan Stibbs for a few years,” stated CEO David Millican. “He’s enthusiastic about helping profitable wealth administration corporations attain their full potential. He is aware of our capabilities and shares our entrepreneurial tradition. He’ll assist us increase our present relationships and add profitable advisory teams.”

For greater than 20 years, Stibbs has served as a strategic advisor to impartial monetary advisors. Previous to his time at Continuum, he spent greater than 20 years on the chief staff at Triad Advisors, the place he helped place the agency as a vacation spot for hybrid funding advisors.

“It was necessary to me that I aligned with a company with which I share the same imaginative and prescient, philosophy and core values,” he stated. “Arkadios has established itself as one of many quickest rising IBDs within the trade and their advisor-centric tradition make them a high vacation spot for profitable funding professionals.”

Based by Millican in 2016, Arkadios helps growth-oriented wealth administration corporations and oversees greater than $8 billion in consumer property, together with almost $2 billion beneath its RIA. The agency has grown to 160 advisors and 42 workplace throughout the U.S. and in Puerto Rico.

Kornitzer Capital Administration Names Joe Neuberger and Laura Symon Browne to Lead Agency, Funds

Kornitzer Capital Administration, a Kansas Metropolis-based registered funding advisor with greater than $7.3 billion in consumer property, has named Joe Neuberger as president, changing founder John Kornitzer. On the similar time, Laura Symon Browne has been named to exchange Kent Gasaway as president of Buffalo Funds, a gaggle of no-load mutual funds managed by KCM.

The strikes are a part of a deliberate succession technique; Kornitzer and Gasaway will stay with the agency as portfolio managers.

Neuberger has greater than 38 years of senior administration expertise, together with 28 years with U.S. Financial institution International Fund Companies, serving as president from 2017 to 2022. As president of KCM, he’s answerable for the day-to-day administration and long run development technique of the agency.

Symon Browne has greater than 30 years of expertise in monetary companies, most not too long ago as a principal at The Vanguard Group, the place she led dealer/seller residence workplace gross sales, enterprise growth group gross sales and Arizona retail operations.

“Joe and Laura are the fitting leaders for KCM and Buffalo Funds,” stated Kornitzer, who launched the agency in 1989. “Their in depth monetary companies and management expertise will assist KCM keep on its long-term mission of serving to personal shoppers and establishments obtain their long-term monetary targets.”

Created to handle custom-made portfolios for personal shoppers and establishments, KCM supplies customized monetary administration by Kornitzer Non-public Shopper Companies group whereas pension, company and basis separate account administration is obtainable by the agency’s institutional companies group. Buffalo Funds was created in 1994 and consists of 10 publicly registered inventory and bond funds representing a variety of capitalization, development and earnings choices.

The agency serves near 2,000 shoppers, together with 660 ultra-high-net-worth people, 101 pension funds, 37 charities and 10 funding firms throughout 40 states, in response to its newest SEC submitting in October of final 12 months.

In different RIA information…

Cetera takes a minority stake in $1.7 billion Kansas Metropolis OSJ Prosperity Companions, Steward Companions transitions fourth staff of 12 months and Joe Duran is leaving Goldman Sachs.

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