Wednesday, March 22, 2023

RIA Roundup: Lazard Acquires Truvvo, Creates $8B Household Workplace

Registered funding advisors introduced greater than $18.8 billion in transacted property this week, a sign that M&A within the area has not slowed as a lot as some predicted.

Lazard Asset Administration and Truvvo Companions mixed to create Lazard Household Workplace Companions, whereas Stratos Wealth Companions took possession of First Wealth Monetary Group within the wake of the sudden dying of its CEO.

In the meantime, Beacon Pointe introduced it accomplished 5 acquisitions over the previous three months, Pathstone is ready to amass $1.5 billion in property and Service provider-backed Legacy Capital added $365 million in Arkansas. On the similar time, Hightower facilitated the primary tuck-in for companion agency Schultz Collins, whereas Snowden Lane lured one other Morgan Stanley advisor.

In tales printed earlier this week, Built-in Companions and Falcon Wealth Planning every introduced their first acquisitions ever, Americana Companions added a $6 billion Houston RIA and Clearstead bought its second belief enterprise.

Lazard Asset Administration Acquires Truvvo Companions, Creating Household Workplace

Lazard Asset Administration, which manages about $216 billion in property, introduced it acquired Truvvo Companions, a New York Metropolis-based RIA with $3.8 billion in property that gives strategic recommendation, wealth planning and funding administration to households.

Collectively, the companies have shaped Lazard Household Workplace Companions to handle roughly $8 billion in property—together with Lazard’s present U.S. personal shopper enterprise—and supply recommendation and funding options throughout private and non-private markets. The household workplace will combine funding administration, danger administration and household workplace providers into one providing.

Because of the deal, Lazard’s world wealth administration division now oversees roughly $22 billion in shopper property, together with a European wealth administration enterprise.

“Demand for classy and modern wealth administration options is growing as household places of work navigate the ever-changing markets and financial atmosphere,” Lazard CEO Evan Russo stated in a press release.

“We consider leveraging Lazard’s experience, infrastructure and sources will strengthen our platform and allow a holistic method, permitting us to higher serve our shoppers,” added Truvvo CEO and CIO Casey Whalen.

Lazard’s world funding franchise is predicted to enrich Truvvo’s open-architecture platform and experience in personal markets, in accordance with the announcement. The household workplace unit will present funding administration, in addition to experience in wealth switch, tax planning, philanthropy, operational options, money move and liquidity planning.

The Truvvo group, which will probably be primarily based in Lazard’s New York workplace, contains Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman.

One of many world’s largest asset administration companies, Lazard presently operates out of 26 nations on 5 continents, offering a variety of economic recommendation and administration to companies, partnerships, establishments, governments and people.

The agency celebrates its a hundred and seventy fifth anniversary this 12 months.

Stratos Wealth Companions Expands Possession Stake in First Wealth

Stratos Wealth Companions, an RIA of Stratos Wealth Holdings, expanded its possession in First Wealth Monetary Group to a majority stake, following the sudden passing of Founder and CEO Breton Williams.

The proprietor and management transitions are efficient instantly, in accordance with Thursday’s announcement, “with no impression to the agency’s operations.” As part of the transition, minority proprietor Andrew Meyers has been named president of First Wealth.

“As we proceed processing the lack of our good friend and colleague, we’re grateful that Breton had such an in depth enterprise continuity plan in place,” Meyers stated in a press release. “I need to guarantee our shoppers that First Wealth’s group of advisors and workers is dedicated to offering the valued funding recommendation and monetary planning care they’ve grow to be accustomed to. Our strengthened partnership with Stratos will permit us to construct an excellent better enterprise and supply further providers to those loyal shoppers.”

Established in Clinton, Iowa, in 1987, First Wealth oversees greater than $348 million in mixed brokerage and advisory property. The agency gives funding administration and retirement, property, pension and tax-favored planning. Stratos has been a non-ownership companion within the agency for eight years, supporting progress because it expanded to 6 advisors in 4 places.

“Breton was a well-respected member of the wealth administration neighborhood in Iowa, who cared deeply in regards to the well-being of his shoppers and neighborhood, and will probably be sorely missed,” stated Charles Shapiro, founding companion and Chief Growth Officer at Stratos. “On behalf of Stratos, I lengthen my condolences to the Williams household, workers of First Wealth and shoppers whose lives Breton improved through the years. We’re honored to construct on his legacy alongside Andrew and the First Wealth group, offering an distinctive shopper expertise and rising the agency.”

Meyers, an advisor with First Wealth since 2011, lately stepped right into a management function as a part of the deliberate succession. Working with Senior Shopper Service Consultant Cari Bush, Meyers started implementing the plan established by the late Williams to “guarantee a seamless transition for shoppers.”

Stratos Wealth Companions manages greater than $9.6 billion in advisory property and advises on greater than $6.9 billion in brokerage and third-party property held away at LPL Monetary. The platform affords infrastructure and operational, strategic and revenue-generating sources to growth-minded companies. Since its founding, Stratos has grown to 275 impartial advisors, with greater than 60 house workplace workers and greater than 87 places nationwide.

Beacon Pointe Provides 5 RIAs in Three Months

Newport Seaside, Calif.-based Beacon Pointe Advisors accomplished 5 RIA acquisitions during the last three months, in accordance with an announcement, with three offers closing on the finish of 2022 and two closing earlier this 12 months.

Midwest Monetary Advisor Group, Nexus Wealth Advisors, Pinnacle Wealth Administration, Ailsa Capital and Bennicas & Associates have grow to be Beacon Pointe regional places of work in new and present markets and lengthen the agency’s footprint to further states, together with Illinois, Michigan and Utah.

They added a mixed $1.5 billion in property beneath administration, bringing Beacon Pointe to roughly $25 billion in AUM and 46 places of work nationwide.

“Coming off of a busy 12 months of M&A exercise in 2021, it was nice to maintain that very same momentum in 2022,” Beacon Pointe President Matt Cooper stated in a press release. “Not solely did we develop into a number of new territories, together with three new places of work within the Midwest, however we added additional density in present markets that now we have been pursuing for fairly a while.”

With workplace places in Skokie, Unwell., and Bloomfield Hills, Mich., Midwest Monetary Advisor Group brings Beacon Pointe to each states for the primary time. Serving shoppers within the better Chicago area with round $300 million in property, husband and spouse founders Heather O’Neill Fairbanks and Isamu Fairbanks lead the five-person group.

“A giant a part of what we had been on the lookout for when looking for the appropriate companion was a agency that would present us the back-office assist and sources we wanted whereas nonetheless fostering a way of neighborhood and tradition that we aligned with,” stated O’Neill Fairbanks. “These components paired with initiatives of Beacon Pointe’s Ladies’s Advisory Institute is what really drew us into the agency.”

Pinnacle Wealth Administration joins Beacon Pointe with $155 million in property beneath administration and expands the agency’s presence within the Denver area. Joined by a group of six, President Tom Stefaniak is taking up the function of managing director at Beacon Pointe.

“I used to be lucky to have heard about Beacon Pointe by way of an present companion on the agency,” Stefaniak stated. “We’re excited to start leveraging the sturdy platform and know-how Beacon Pointe has cultivated through the years.”

Ailsa Capital will grow to be Beacon Pointe’s first workplace within the state of Utah, with round $210 million in shopper property. John Martindale is becoming a member of as managing director and bringing a group of three.

“The depth of Beacon Pointe’s service choices, significantly from a shopper standpoint, was what really drew us into the agency from the outset,” stated Martindale. “That, paired with established back-office providers that will allow us to spend extra time with our shoppers, was one of many fundamental drivers of our determination to companion with Beacon Pointe.”

With $240 million in property beneath administration, Bennicas & Associates is situated in Portola Valley, Calif., and will probably be becoming a member of certainly one of Beacon Pointe’s present Bay Space workplace places. Founder Georgia Bennicas is becoming a member of as companion and senior wealth advisor, together with advisor Michael Dunn and two workers members.

Nexus Wealth Advisors, situated in Santa Cruz, Calif., is an extension of Beacon Pointe’s present Bay Space workplace in Campbell. Nexus founder Lance Wexler and his group will proceed serving shoppers within the Santa Cruz County and South Bay Space.

Monetary phrases of the offers weren’t disclosed.

Pathstone Will Purchase Rex Capital Advisors

Pathstone, a partner-owned and personal equity-backed RIA serving households, household places of work, foundations and endowments, entered into an settlement to amass Rex Capital Advisors. Based mostly in Windfall, R.I., Rex gives funding advisory and household workplace providers to ultra-high-net-worth households and associated entities.

Based in 2002 by Arthur Duffy, Rex Capital initially served as a single-family workplace. Working with Michael Chase, Matthew Thibault and Timothy Devlin, Rex has grown to advise 12 shopper households throughout the U.S., representing roughly $1.5 billion in property. Along with custom-made household workplace options, the Rex group brings personal fairness and enterprise capital experience.

As soon as the deal has closed, the Rex group may have entry to Pathstone’s infrastructure, expanded providers and expertise to speed up progress.

“From the primary dialog with Arthur and his group, we noticed alignment in the best way we method shopper service, embrace innovation, and consider the way forward for the household workplace enterprise mannequin,” stated Pathstone CEO Matt Fleissig. “We’re thrilled to companion with such a culturally aligned group and to proceed strengthening our presence in New England, consistent with our aim of rising inside our present regional places of work.”

Based mostly in Englewood, N.J., the acquisition will convey Pathstone’s complete shopper property to virtually $80 billion, with 17 workplace places and almost 350 group members­—greater than 175 of whom are shareholders of the agency.

Service provider-backed Legacy Capital Recruits $650M Arkansas Staff

Legacy Capital, a Little Rock, Ark.-based RIA and wealth administration agency backed by Service provider Funding Administration, is opening an workplace in Northwest Arkansas with the addition of Brian Wooden, Michael Peebles and DeAnn Gann. The group of advisors had been most lately with Arvest Financial institution’s wealth administration division.

The deal will develop Legacy’s geographic footprint and strengthen its place as one of many largest impartial wealth administration companies in Arkansas, in accordance with the announcement, together with greater than $1 billion in shopper property and greater than $2.5 billion of in-force life insurance coverage.

The previous Arvest Financial institution group will present every thing from asset administration and investments to monetary and property planning, banking and belief providers, and insurance coverage options to high-net-worth and ultra-high-net-worth households.

Legacy has served people and households since 1977 with monetary planning, asset administration, legacy and property planning, and insurance coverage options. Backed by Service provider since 2018, Legacy has doubled AUM since a 2020 merger with Trent Capital and now serves 400 households with a workers of 20.

“Matt and the group at Legacy Capital had been certainly one of Service provider’s first companions,” stated Service provider co-founder and Managing Associate Tim Bello. “It’s been outstanding working with them and rising the agency.”

Hightower Helps 1st Acquisition for Associate Agency Schultz Collins

Schultz Collins Funding Counsel, a Hightower agency in California’s San Francisco Bay space, accomplished its first acquisition with assist from its father or mother platform.

DHR Funding Counsel in Oakland, Calif., a $385 million agency led by husband-and-wife group Davis Riemer and Louise Rothman-Riemer, is becoming a member of Schultz Collins and bringing the agency’s property beneath supervision to greater than $1.3 billion.

Based in 1987, DHR Funding Counsel “pioneered the implementation of the fiduciary commonplace of observe amongst funding advisory companies,” in accordance with the announcement, and is among the many trade’s first fee-only companies.

Based in 1995, Schultz Collins serves particular person traders, retirement plan sponsors and establishments. The agency joined Hightower in January 2020.

“Collectively, Schultz Collins and DHR Funding Counsel serve a extremely enticing, complementary clientele,” stated Hightower Chairman and CEO Bob Oros. “This acquisition will go a great distance in supporting the agency’s bold progress plans and serving to empower their subsequent generations of advisors.”

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

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

Snowden Lane Companions Provides Morgan Stanley Advisor in Miami

Eduardo Alvarez Andreu, a Miami-based advisor managing $132 million in shopper property, left Morgan Stanley to hitch Snowden Lane Companions, a hybrid RIA primarily based in New York.

Understanding of Snowden Lane’s Coral Gables, Fla. workplace, Alvarez Andreu will function companion and managing director. He brings almost twenty years of expertise in monetary providers, with experience in worldwide wealth administration and different investments.

Previous to Snowden Lane, Alvarez Andreu held the roles of first vice chairman, worldwide shopper advisor, different investments director and portfolio supervisor at Morgan Stanley in Miami. He joined the wirehouse as a group analysis analyst and glued revenue dealer in 2010.

He has additionally labored as senior gross sales affiliate and buying and selling specialist at Barclays and as a non-public wealth administration licensed gross sales assistant at Lehman Brothers. He’s fluent in English, Spanish and Portuguese.

“It’s at all times humbling to obtain curiosity from advisors as certified as Eduardo,” stated Snowden Managing Director Doug Flaherty. “His expertise working with shoppers each domestically and internationally will probably be invaluable, and his consideration to element for every of his shoppers is a real differentiator.”

Since its founding in 2011, Snowden Lane has grown quickly by recruiting advisors from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, Wells Fargo and Fieldpoint Non-public, amongst others.

As we speak, the agency employs 136 professionals, 75 of whom are client-facing advisors, throughout 13 places of work across the nation.

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