Wednesday, March 29, 2023

RIA Roundup: Mariner Wealth Advisors Acquires Tax Apply

RIAs are getting loads of dealmaking performed in February. Mariner Wealth Advisors, Hightower, Focus Monetary’s Buckingham Strategic Wealth, Sanctuary’s Alluvial Non-public Wealth, Kestra’s Grove Level and Ashton Thomas Non-public Wealth all introduced acquisitions this week, in offers price greater than $1.4 billion in cumulative consumer belongings.

In the meantime Savant and Wealthspire each added expertise in newly-created roles to facilitate development, Methods Wealth Advisors has a brand new identify and NAPFA named Kathryn Dattomo as its new CEO.

Mariner Wealth Advisors Acquires Arizona Tax Apply 

Mariner Wealth Advisors introduced its first acquisition of 2023—the Arizona-based tax follow Hopkins Tameron Hostal.

Joe Tameron and David Hopkins based the agency in 2017. They beforehand labored collectively on the nationwide CPA agency CliftonLarsonAllen and launched Hopkins with the intention of offering shoppers with extra customized companies. Their workforce of 10 provides tax, consulting and wealth administration companies to professionals in industries resembling development, actual property, manufacturing, hospitality and expertise. In 2022, Hopkins additionally accomplished 1,500 returns for company and particular person shoppers.

The integration of Hopkins’ companies aligns with Mariner’s objective to supply shoppers with “a full catalog of options in-house,” in response to Wednesday’s announcement

“It has all the time been our imaginative and prescient to supply our shoppers with nationwide agency expertise and information, whereas nonetheless providing the individualized and private consideration they deserve,” Hopkins stated in an announcement. “Becoming a member of Mariner Wealth Advisors will speed up our mission of turning imaginative and prescient into worth for our shoppers, and we’re excited to broaden the scope of companies we’re in a position to present with the agency’s assist.” 

“Hopkins and Tameron have demonstrated admirable success of their operations on each a nationwide and impartial scale,” Mariner CEO Marty Bicknell stated in an announcement. “I look ahead to seeing this success translate into the workforce’s work with our advisors and shoppers within the higher Scottsdale and Phoenix space, in addition to nationwide.”

The deal is considerably uncommon for Mariner—which has an aggressive M&A method primarily concentrating on registered funding advisors—however isn’t the primary in its historical past. The agency has accomplished six such acquisitions and three lift-outs, together with two 2019 acquisitions that established tax associates in Los Angeles and New Jersey.

The agency has grown to 84 areas nationwide since its 2006 launch and is now working to supply shoppers with a “seamless” wealth administration expertise, together with entry to tax, belief, insurance coverage and property specialists.

The transaction closed Jan. 31, 2023, and Hopkins’ Scottsdale workplace formally joined the Mariner model on Thursday. Following integration, the Hopkins workforce will stay of their Scottsdale workplace and supply assist for Mariner’s Scottsdale and Phoenix areas.

Launched with simply $300 million in consumer belongings lower than 20 years in the past, Mariner and its associates now advise on greater than $105 billion in belongings.

Hightower Buys $625M Bickling Monetary Companies

Hightower introduced the acquisition of Bickling Monetary Companies, a Lexington, Mass.-based registered funding advisor with roughly $625 million in belongings beneath administration and three workplaces throughout the state.

Bickling is a family-owned enterprise based in 1984 by Dorothy Bickling, one of many first 600 folks—and one of many first girls—to earn the Licensed Monetary Planner designation. Sons Spencer and Andrew Betts joined the agency in 2000 and 2007, respectively, serving to to transition Bickling to an SEC-registered agency in 2015. They at present work as co-managing principals and have aimed to institutionalize the enterprise.

“As a agency, now we have skilled great development over the previous few years,” Spencer Betts stated in an announcement. “To proceed attaining our development objectives, we knew we wanted a strategic companion that would assist us scale the enterprise and put money into its future.”

“We see this as the following evolution of our enterprise,” added Andrew Betts. “We knew we needed a agency that will add assets and experience, but in addition provides us the liberty to implement our strategic imaginative and prescient.”

With a workers of 14 staff, together with 5 advisors, Bickling gives full-service wealth administration and monetary planning companies to greater than 850 shoppers and 27 pension plans in 13 states, in response to its newest ADV submitting.

“We look ahead to serving to them obtain their bold development objectives, each organically and thru expertise acquisition, scale their operations and develop the next-generation of leaders via applications like our Hightower Middle for Management,” stated Hightower CEO Bob Oros.

Hightower’s mannequin is based on shopping for impartial, growth-oriented corporations and offering them with the means to facilitate that development in all kinds of how, together with M&A assist, expertise acquisition, expertise, funding administration, back-office assist, enterprise improvement assets and extra. Companies are absolutely acquired and moved to the Hightower ADV.

The Chicago-based RIA platform at present boasts 132 associates in 34 state and the District of Columbia. The corporate ended 2022 with round $144.3 billion in belongings beneath administration and $113.7 billion beneath administration.

Schwinck Non-public Wealth Workforce Joins Ashton Thomas Non-public Wealth from Wells Fargo

Schwinck Non-public Wealth, which managed greater than $500 million at Wells Fargo Advisors, joined Ashton Thomas Non-public Wealth and established two new workplaces within the Rocky Mountain area.

“We’re dedicated to a collaborative strategy in offering solutions-oriented, advice-driven wealth administration companies for every consumer now we have the privilege of serving,” Schwinck Managing Director Karl Schwinck stated in an announcement, noting that months of due diligence went into the seek for an impartial companion.

“We consider Ashton Thomas will permit us to raise that have for our shoppers and guarantee we proceed offering the ‘white glove’ concierge service they’ve come to anticipate from us,” Schwink stated.

Along with Schwinck, the workforce consists of Senior Wealth Advisor John McCloskey, Wealth Advisor Cade Hammarquist, Non-public Wealth Shopper Affiliate Sandy Martin and Non-public Wealth Advertising Affiliate Tiffany Shorkey. They’ll co-locate within the agency’s new Denver and Colorado Springs workplaces.

“We consider the addition of Karl, John, and workforce mark a pivotal level within the development of Ashton Thomas,” stated Ashton Thomas CEO and Founder Aaron Brodt. “We opened a 9,300-square-foot workplace in a primary location within the Cherry Creek part of Denver. We additionally took down area in Colorado Springs, a metro space which inserts the profile of others wherein we’ve had success thus far. We’re dedicated to Colorado, and the addition of the Schwinck workforce is a transparent demonstration of that dedication to the neighborhood.”

Based mostly in Scottsdale, Ariz., Ashton Thomas manages greater than $2 billion throughout greater than 1,500 shoppers. The agency gives foundations, companies and rich people and households with fee-based monetary planning and funding portfolio administration, in addition to retirement plan consulting and monetary schooling.

Alluvial Non-public Wealth Expands in Cleveland with Sanctuary Assist

Sanctuary Wealth accomplished a sub-acquisition for companion agency Alluvial Non-public Wealth, enabling Alluvial to open a brand new workplace in a Cleveland Alternative Zone district.

Led by Randall and Kerry Bliss, the workforce from HB Wealth Advisors joins Alluvial with $70 million in belongings. It’s the first acquisition Alluvial has made since launching with Sanctuary’s assist in January 2021.

“We’re thrilled they’ve chosen to companion with us as we proceed to develop Alluvial Non-public Wealth,” stated Alluvial founder Lars Olson, in an announcement. “The truth that so a lot of their shoppers signify a number of generations of the identical household is indicative of the standard of the work that they do on behalf of their shoppers.”

“There have been quite a few explanation why I made a decision to hitch with Lars and Alluvial Non-public Wealth,” stated Randall Bliss in an announcement. “However I used to be actually impressed with the Sanctuary platform and the deep bench and extra refined strategy that I’d have entry to via Alluvial.”

The sub-acquisition is the fifth Sanctuary has accomplished on behalf of a companion agency, following intently on the G Squared Non-public Wealth tuck-in of Brandi Cooper’s workforce from Morgan Stanley.

“Our objective since first launching Sanctuary was to supply the help our companion corporations must develop to the following stage, together with via mergers and acquisitions,” stated Michael Longley, Sanctuary’s chief development officer. “Alluvial Non-public Wealth have proven themselves to be nice companions and we’re proud to assist them develop via this strategic acquisition and excited to welcome Randy and Kerry Bliss into the Sanctuary community.”

Randall Bliss has virtually 40 years of economic companies expertise and for the final 21 years has been an impartial monetary advisor affiliated with Concourse Monetary Group. He spent 16 of these years as a supervising principal whereas constructing his personal follow, resigning six years in the past to give attention to his shoppers.

He’s joined by his spouse, Kerry, who has greater than a decade of expertise and holds a number of skilled licenses.

Headquartered in Marion, Ohio, Alluvial has opened its first Cleveland location the place the workforce relies.

“We selected to open in an Alternative Zone as a result of we’re dedicated to serving to to revitalize our communities by bringing jobs and financial exercise again into the guts of downtown Cleveland,” stated Olson. 

Newest Focus Tuck-In, Davis Monetary Planning, to Be a part of Buckingham Strategic Wealth  

Nationwide RIA companion platform Focus Monetary Companions has struck a deal to hitch Davis Monetary Planning with Focus’ companion agency Buckingham Strategic Wealth.

Based in 2010, Asheville, N.C.-based Davis gives monetary planning and advisory companies, in addition to tax planning and preparation, to people and households. It manages round $105 million in consumer belongings. The deal will develop Buckingham’s North Carolina presence.

“We’ve been choices to evolve our companies, improve our expertise and improve our neighborhood engagement whereas persevering with to supply our shoppers with the wonderful service they anticipate and deserve,” Davis Monetary Founder Al Davis stated in an announcement. “We would have liked a companion that will permit us to give attention to what we do finest—serving to our shoppers plan for all of their life modifications. Buckingham is the proper cultural match for our workforce.”

“We’re happy that Davis Monetary Planning will probably be becoming a member of Buckingham permitting them to develop into Asheville, which is a vital wealth market in North Carolina,” stated Focus CEO Rudy Adolf. “This addition won’t solely add a proficient workforce of advisors to Buckingham however may also additional solidify its place as a number one wealth supervisor with a nationwide footprint.”

Headquartered in St. Louis, Buckingham has 50 workplaces throughout the nation and manages round $20 billion in belongings.

In December, Focus introduced that Buckingham could be buying Oxford Monetary Companions in Cincinnati in a deal set to shut this quarter.

The transaction with Davis is predicted to shut within the second quarter of 2023, topic to customary circumstances.

Father-Son Workforce with $62M Joins Grove Level Monetary

Grove Level Monetary, a hybrid RIA platform owned by Kestra Holdings, has introduced the addition of Garner Group Monetary, a Delaware-based father-son workforce managing $62 million in consumer belongings.

Led by founder Eugene Garner and his son Joe Garner, the agency makes a speciality of retirement planning and multi-generational wealth methods. Eugene Garner, who’s dually registered, launched the agency after 18 years with David Lerner Associates and practically twenty years working his personal enterprise. Joe Garner is a FINRA-registered dealer and his father’s deliberate successor.

“We had been searching for a companion who embraced and elevated our entrepreneurial spirit, and that’s precisely what Grove Level did for us,” Eugene Garner stated in an announcement. “We firmly consider in Grove Level’s mission of supporting a neighborhood of like-minded monetary professionals and are thrilled to be part of it.”

The transaction provides Garner entry to Grove Level’s funding options and again workplace assist, in response to the announcement.

“We’re devoted to bringing worth to each side of our monetary professionals’ companies and offering them with the instruments to develop and additional assist their shoppers,” stated Grove Level’s EVP of Enterprise Growth Rob Engle.

Working out of Rockville, Md., Grove Level at present gives dealer/seller and RIA companies to greater than 500 professionals nationwide.

Savant Wealth Administration Hires 2 in Assist of Development Targets

Savant Wealth Administration, a Rockford, In poor health.-based RIA with round $14 billion in consumer belongings, has introduced the recruitment of two extra business professionals to assist the agency’s aggressive mergers and acquisitions technique and a brand new consumer service platform.   

The newly-created positions are meant to facilitate Savant’s plans to develop in scale by three to 5 instances over the following 5 years.

Myles Cavell joined Savant from Edelman Monetary Engines, the place he spent the final 4 1/2 years in varied roles, most lately as regional director for M&A integrations. Previous to Edelman, he spent greater than eight years with TD Ameritrade and several other months with Monetary Engines. In his new function as director of companion optimization, Cavell serves as an “advocate” to newly acquired corporations and guides management via the transition and integration processes.

Cavell sits on Savant’s advisory management workforce, reporting to Chief Advisory Officer Chris Walters.

Brad Felix got here to Savant from TruePoint Wealth Counsel, the place he was director of innovation and a shareholder, and Commas, an RIA he based and remained with as a portfolio supervisor, in response to his LinkedIn profile. Previous to that, he was a portfolio supervisor at Opus Capital Administration.

At Savant, Felix will work with with Chief Technique and Innovation Officer Rob Morrison to develop and launch the agency’s Superb Futures Platform, a fintech-based monetary planning course of aimed toward enhancing general consumer expertise.

“In 2023, we’re centered on development and dedicated to creating experiences extra seamless and hassle-free, not just for shoppers, but in addition with the companion corporations we purchase,” Savant CEO Brent Brodeski stated in an announcement. “Myles will probably be devoted to smoothing the transition for corporations partnering with Savant, from each an operational and cultural perspective. As director of our Superb Futures Platform, Brad will probably be working to create a extra impactful onboarding course of and a neater means for shoppers to observe their progress towards their objectives.”

Earlier this month, Savant introduced Patrick Lawlor joined Savant as head of mergers and acquisitions, a task created to assist develop its M&A exercise. In 2021, Savant recapitalized to speed up from incremental to exponential development, and final yr, it strengthened its advisory management workforce by bringing in Walters as chief advisory officer, Jason English as director of development and John Hanley as director of follow administration.

Savant Wealth Administration provides funding administration, monetary planning, retirement plan and household workplace companies to rich people and establishments, whereas offering company accounting, tax preparation, payroll and consulting via its affiliate, Savant Tax & Consulting. 

Wealthspire Advisors Names Channing Olson Head of Integration and Mission Administration

Wealthspire Advisors, NFP’s subsidiary RIA platform, tapped Channing Olson to steer integration, undertaking administration and communication initiatives on the agency because it continues to develop via mergers and acquisitions.

Olson is becoming a member of from Non-public Ocean, a agency that had 22 companions and $2.7 billion in belongings when it was acquired by Wealthspire in late 2021. Following that integration effort, she was concerned within the integration of a number of different corporations, in response to Monday’s announcement. Previous to Non-public Ocean, Olson managed operations and advertising for Companions In Management, a consulting agency to Fortune 1000 corporations, and was a litigation authorized assistant for regulation agency Greenberg Traurig.

“Channing’s function will enormously improve the combination course of by offering extra centered assist to those that are actively concerned and enhancing the general expertise for workers who be a part of,” stated Wealthspire Head of M&A Hoyt Stastney, including that she “is aware of firsthand what must occur to ensure that these integrations to achieve success.”

“Investing on this space is a strategic benefit for us and a real differentiator within the M&An area,” stated Olson. “It’s thrilling to be in a task the place I can leverage my experience in change administration and tradition to emphasise our give attention to our folks and our shoppers.”

The Non-public Ocean arm of Wealthspire, which maintains a separate ADV and accounts for near $3 billion in belongings, has been included on’s RIA Edge 100 listing as a registered funding advisor rising at a sooner tempo than its friends whereas sustaining an above common advisor-to-client ratio and investing in CFP certificants.

Final spring, NFP realigned the corporate to position a higher emphasis on its wealth administration companies, together with Wealthspire and Fiducient Advisors, one other SEC-registered entity serving retirement plan sponsors, personal shoppers, endowments and monetary establishments. On the time, NFP President Mike Goldman stated the transfer was meant to create higher visibility for the section, which accounted for greater than 16% of revenues. 

“We additionally need to present shoppers that wealth administration stands side-by-side and integrates effectively with our P&C and Advantages & Life segments,” he stated.

Throughout all entities, Wealthspire at present has 19 workplaces in 10 states managing round $18.8 billion in belongings.

Methods Wealth Advisors Rebrands as Innovia Wealth

Methods Wealth Advisors has grow to be Innovia Wealth in a rebranding effort meant to “higher replicate modifications within the wealth administration panorama and the agency’s continued evolution and development,” in response to an announcement.

“Quite a bit has modified in wealth administration since I based Methods Wealth Advisors in 2007,” Innovia Managing Director Michael Berkemeier stated in an announcement. “We’ve grown in measurement and scope, by including skilled workers, adopting new applied sciences, broadening our choices, and discovering new methods to raised serve our shoppers.”

“We selected the identify Innovia as a result of it displays our dedication to innovation, joined with the phrase ‘through,’ which implies the ‘means’ or ‘path,’” stated CIO and Managing Director Aaron Veldheer. “Confirmed concepts grow to be innovation when they are often replicated reliably on a significant scale at sensible prices. We work day-after-day to innovate our shoppers’ monetary lives higher and supply a path ahead that can permit them to understand their desires.”

With $1.5 billion in belongings beneath administration, Innovia gives holistic monetary planning and funding recommendation to entrepreneurs, high-net-worth households and nonprofits, bolstered by a credentialed workforce skilled in tax, authorized, insurance coverage and estate-related issues.

“So far as the households we work with are involved, the one factor altering is our identify,” stated Berkemeier. “They’ll relaxation assured that our fiduciary mindset and steadfast dedication to their monetary well-being stays the identical as is has been for the reason that begin of our relationship.”

NAPFA Appoints New CEO

The Nationwide Affiliation of Private Monetary Advisors, knowledgeable group of fiduciary, fee-only monetary advisors, introduced that Kathryn A. Dattomo has been appointed CEO—efficient March 13.

She’s going to relieve Leslie Stokes, who grew to become interim CEO when Geoffrey Brown stepped down to observe one other profession alternative in November.

In her new function, Dattomo will lead NAPFA membership whereas representing the group to donors, sponsors, companions and different stakeholders. In line with the announcement, she may also work to develop membership and programming with a give attention to DEI, advocacy and “skilled excellence.” 

“As a veteran affiliation skilled, I’m very excited to hitch NAPFA,” Dattomo stated in an announcement. “NAPFA’s dedication to skilled improvement and member success mirrors my very own values and I look ahead to upholding the group’s robust priorities and increasing its attain to advance NAPFA, the member neighborhood and the monetary planning occupation.”

Based in 1983, NAPFA is devoted to fiduciary monetary planners, offering schooling, skilled connections, enterprise improvement assets and advocacy in assist of members’ success. Headquartered in Chicago, In poor health., NAPFA represents greater than 4,500 SEC- and state-registered advisors within the U.S. and overseas.

Dattomo involves NAPFA from the American Affiliation of Neurological Surgeons, the place she served as chief improvement officer for 3 years, main the Neurosurgery Analysis & Training Basis, advertising communications and business relations. Previous to that function, she spent 15 years on the American Society of Gastrointestinal Endoscopy as govt director of the ASGE Basis.

Dattomo holds a grasp’s diploma in nonprofit administration from North Park College and is each a Licensed Affiliation Govt and a Licensed Fund Elevating Govt.

“Kathryn’s strategic drive and her lengthy, distinguished profession within the affiliation administration neighborhood make her the proper selection to steer NAPFA into the following part of its improvement,” stated NAPFA Board Chair Jeff Jones. “We’re thrilled to welcome Kathryn aboard.”

The search was carried out by affiliation and non-profit search specialists Vetted Options.

In different RIA information…

NewEdge launches W2 mannequin, TruClarity is promoting its companies individually, Sequoia provides $5 billion agency and Non-public Wealth Asset Administration recruits two U.S. Financial institution expats.

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