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RIA & Broker Dealer Roundup: March '24 Rep Movements, M&A Deals and Emerging Players

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The registered investment advisor (RIA) industry continues to be a hotbed of activity, with significant developments reshaping its landscape every month. FINTRX, the leader in family office and RIA data intelligence, has compiled a new monthly series 'RIA & Broker Dealer Roundup' to examine the latest happenings in the RIA sector, highlighting notable advisor transitions, strategic mergers, acquisitions and the introduction of new firms throughout March 2024.


Quick Hitters: Recent Developments in Wealth Management

Ampersand Partners Growth: Since February, Ampersand Partners has onboarded several advisors from Wells Fargo and Edward Jones, managing over $1.5 billion in assets, including a significant team led by Wayne D. Rogers with $550 million.

Mercer Global Acquisition: Mercer Global Advisors has acquired MDK Private Wealth Management, bringing $2.5 billion in AUM, expanding services to include specialized offerings for high-net-worth clients. 

Waverly Advisors Surge: Waverly Advisors reports a growth of over 200%, reaching $10.6 billion in assets through strategic acquisitions and significant hires from Wells Fargo and Ameriprise. 

Bluespring Wealth Consolidation: Bluespring Wealth Partners merged two of its RIA firms in Florida, creating a new entity managing $1.4 billion.

MAI Expands in New Jersey: MAI Capital Management acquired LWS Wealth Advisors, marking its 36th acquisition since 2019 and establishing its presence in New Jersey. 

Beacon Pointe's Strategic Acquisition: Beacon Pointe Advisors expanded into the Mid-Atlantic by acquiring Keeney Financial Group, adding $560 million in assets. 

Perigon National Expansion: Perigon Wealth Management acquired Blue Water Capital Management and Lumin Financial, boosting its expansion strategy with $375 million in AUM. 

Independent Ventures: New independent launches include MG Partners Private Wealth by Christopher Geoghegan and Tomohiko Minami, and Grafton Wealth Advisors by the Grafton siblings, both utilizing LPL's Strategic Wealth Services for better client management. 

Read on for more info...


Rep Movement

Ampersand_Capital_Partners_Logo
Since February, Ampersand Capital Partners has strategically expanded its team by recruiting several advisors from Wells Fargo and Edward Jones, collectively managing over $1.5 billion in assets. Notably, Wayne D. Rogers leads a Wells Fargo team managing $550 million. Ampersand provides these advisors with an employee model offering higher payouts and more control over expenses than traditional wirehouse structures.

What You Need to Know:

→ Ampersand Partners, established by former Wells Fargo and Edward Jones executives, has actively expanded by hiring seasoned advisors.
→ Key hires include Wayne D. Rogers, a notable advisor from Wells Fargo managing $550 million in client assets, and the Stanford Wealth Management team from Wells, managing $407 million.
→ The diversity of its new hires, including individuals from various professional backgrounds like sports and military, enriches the firm’s talent pool.
→ Ampersand's innovative employment model offers competitive payouts like those at independent brokerages.

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RIA CTA 2

M&A Activity

Mercer_Global_Advisors_Logo

Mercer Global Advisors  has acquired MDK Private Wealth Management, a $2.5 billion firm in the Pacific Northwest that specializes in services for ultra-high-net-worth clients. The firm was established by Paul Meyer, Jaimi Dennehy, and Chris Kalafatis, who collectively bring a background from JPMorgan and Cresset Asset Management.

What You Need to Know:

→ This acquisition marks Mercer's largest this year, further expanding its suite of services which includes trust and estate planning, private banking and tax planning.
→ The founders of MDK previously collaborated at JP Morgan before a brief tenure with Cresset Asset Management.

View FINTRX Profile >>

 

WaverlyAdvisors_SecondaryLogo_FullColor-e1665332253517

Waverly Advisors has achieved over 200% growth, now managing $10.6 billion, through a dozen acquisitions since its partnership with private equity backers in 2021. Moneta and Kestra Financial have also made significant acquisitions, enhancing their asset management capabilities.

What You Need to Know:

→ Waverly Advisors has significantly expanded its assets, reaching over $10 billion after completing a dozen deals and growing assets by more than 200% in just two years.
→ Moneta, managing over $34 billion, added its sixth office and approximately $250 million in assets with a new team in Boulder, CO, marking its third merger in the state.
→ Kestra Financial attracted a seven-person Ameriprise team managing over $300 million, highlighting Kestra's growth and acquisition capabilities. 
→ The article mentions several RIAs making significant acquisitions, such as Merger picking up a $2.5 billion firm and Sanctuary adding a $1 billion breakaway from Stifel. 
→ Key leadership changes include Abby Salameh moving to lead growth at RFG Advisory and Brian Price becoming CEO of the wealth management unit at Mesirow. 

View FINTRX Profile >>

 

Bluespring Wealth Partners

Bluespring Wealth Partners  merged two Florida-based firms, creating a new entity managing $1.4 billion. This strategic merger under the Bluespring umbrella aims to consolidate resources and enhance client services across five locations. The merged firm will operate under the Security Financial Management name. 

What You Need to Know:

Bluespring Wealth Partners merged Retirement Wealth Specialists and Security Financial Management to create a $1.4 billion RIA in Florida.
This merger reflects the strategic advantage of integration into the Bluespring Wealth Partners ecosystem, according to Bluespring Chairman Stuart Silverman.
Retirement Wealth Specialists, acquired by Bluespring in early 2020, specializes in investment, tax strategies, and estate planning.
Security Financial Management, acquired in early 2022, focuses on comprehensive wealth management for high-net-worth individuals and families.

 

Mai Capital Management

MAI Capital Management, with $21 billion in AUM, acquired the $562 million LWS Wealth Advisors in New Jersey, marking its entry into the state and its 36th acquisition since 2019. Founder Lance Lipset cited joining MAI's values and capabilities as reasons for the deal. The acquisition represents MAI's fourth transaction in 2024 as the Galway Holdings-owned firm continues an active M&A strategy across 13 states.

What You Need to Know:

→ MAI Capital Management expanded its geographic presence by acquiring LWS Wealth Advisors in New Jersey, adding $562 million in assets.
→ This acquisition marks MAI's first branded location in New Jersey, indicating a strategic move into the Northeastern U.S. market.

View FINTRX Profile >>

 

Beacon Pointe

Beacon Pointe Advisors acquired Keeney Financial Group, a $560 million firm based in Columbia, Maryland, the group's first acquisition in the Mid-Atlantic region. The deal follows Beacon Pointe's acquisition of its first wirehouse breakaway team late last year, signaling an evolution in its M&A strategy backed by private equity firm KKR. Beacon Pointe has rapidly grown from its 2002 founding to now operate over 50 offices nationwide with nearly 500 employees.

What You Need to Know:

Beacon Pointe Advisors entered the Mid-Atlantic region by acquiring Keeney Financial Group, which adds $560 million AUM to its assets.
This strategic move is part of Beacon Pointe's ongoing growth strategy, aiming to expand its national footprint and service offerings.

View FINTRX Profile >>

 

Perigon-Logo

Perigon Wealth Management, which recently received an investment from Constellation Wealth Capital, acquired two firms - Blue Water Capital Management ($200 million AUM) in Syracuse, NY and Lumin Financial ($175 million AUM) in Southfield, MI. These represent Perigon's second and third deals of 2024 as the firm pursues a national expansion strategy through M&A activity and organic growth.

What You Need to Know:

→ Perigon Wealth Management expanded its services and footprint by acquiring Blue Water Capital Management and Lumin Financial, adding a combined $375 million in assets.
→ These acquisitions allow Perigon to extend its reach into New York and Michigan, highlighting its strategic growth and national expansion efforts.
→ Perigon's assets have grown from $1.8 billion in early 2020 to nearly $7 billion through a shift from small recruits to larger acquisitions.

View FINTRX Profile >>

 

Independent Firm Launches

MG Partners Private Wealth

Christopher Geoghegan and Tomohiko Minami, formerly of Truist, launched MG Partners Private Wealth via LPL's Strategic Wealth Services, managing about $435 million in assets and focusing on high-net-worth clients. They were attracted by LPL's technology, resources for complex clients, and operational support to focus on relationships and pursue independence.

What You Need to Know:

→ Christopher “Noah” Geoghegan and Tomohiko “Tom” Minami launched MG Partners Private Wealth with LPL Strategic Wealth Services, managing about $435 million in assets.
→ The team aims to provide comprehensive financial services including investment management, estate planning, and philanthropy.
→ Plans include growing their team and expanding their community footprint.

 

Grafton Wealth Advisors

The Grafton siblings, Sarah, Will and Dexter, founded Grafton Wealth Advisors, affiliating with LPL Financial's Strategic Wealth Services. Formerly of Merrill Lynch with approximately $580 million in client assets, they joined LPL for its flexibility, superior service for wealthy clients and support, continuing their father's legacy from 1972.

What You Need to Know:

→ Grafton Wealth Advisors was founded by Sarah, William "Will" IV, and Dexter Grafton, managing about $580 million in assets.
→ The team, transitioning from Merrill Lynch, is based in Winter Park, Florida.
→ Joining LPL Strategic Wealth Services grants them greater operational flexibility and access to enhanced resources.

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