This Week in Wealth Management M&A

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The final week of March saw a surge in mergers, acquisitions and advisor movement, a strong comeback from the previous week’s relatively few deals. 

MAI Capital bought Ownership Advisors, Inc. to grow its Cleveland presence; Raymond James scooped up a handful of advisors from wirehouses, adding over $500 million in assets under management to its overall AUM; and Investment Counsel was acquired by LaFleur & Godfrey, a Focus Financial Partners firm.

Below are more mergers, acquisitions and advisor moves that occurred the week of March 29, 2021.

Rockefeller Capital Management Secures 50th Acquisition

Rockefeller has added Adapt Partners, a wealth management firm with $630 million in assets under management, from UBS to its private wealth management business. Adapt Partners is located in San Antonio, Tex. and includes James Augustine, David Lloyd, Jr., Charles Hoffman, Jr., Jeffrey Anderson, and Londa Willems.

LPL Recruits $215M Team from Advisor Group

Financial advisors Steven Allison, Jonathan ‘David’ Cummings and Raymond Empkey in Hurst, Tex. joined JFC Financial Services, an LPL Financial affiliate. The firm joins from Securities America, an Advisor Group broker-dealer.

Merrill Lynch Loses a Maryland Team to Wells Fargo Financial Network

Advisor Steven Cohen and his client service associate Leticia Murakami have reunited with former Bank of America Merrill Lynch colleague, Don Dearie, at their new firm, Seventy2 Capital, a Wells Fargo FiNet firm with $1 billion in assets under management. Dearie left Merrill in October. The firm will be located in Bethesda, Md.

Rosenblum Wealth Management Joins Advisor Group

Advisor Group’s subsidiary SagePoint Financial recruited a $173 million AUM firm with two locations, including Jupiter, Fla. and Flemington, N.J. Rosenblum Wealth Management is led by CEO Lee Rosenblum and focuses on investment management services, tax services, life insurance products and long-term care solutions.

Boenning & Scattergood Acquires Asset Management Firm Columbus Macro

With nearly $1 billion in assets under management, Boenning & Scattergood, parent of the RIA 1914 Advisors, has acquired Craig Columbus’ asset management firm. Columbus Macro, a firm located in Neshannock, Penn. manages $370 million in assets under management, according to the firm’s March 2020 ADV. Boenning said this acquisition starts the expansion of its asset management firm. 

Kestra Recruits Mother-Daughter Duo

Advisor Deborah Trouw and her daughter and future successor, Natalie Trouw of Elevation Financial Group in Santa Fe, N.M. joined Kestra Financial. Elevation focuses offers financial planning and investment management and specializes in legacy planning. The firm manages $75 million.

Arete Wealth Completes Acquisition of Center Street

Arete Wealth, an independent broker/dealer, RIA and insurance firm in Chicago, has completed its acquisition of Center Street Securities. Center Street is a Nashville broker/dealer with $1.04 billion in AUM and Arete Wealth has $5.5 billion in AUM and 265 registered representatives.

Johnson Wealth Management Affiliates with Prospera Financial Services

Advisors David Johnson and Brandon Stockman of Johnson Wealth Management have joined Prospera Financial Services. Johnson Wealth manages $85 in AUM and has a location in Buckeye, Ariz. run by Johnson and another in Fortuna, Ca. run by Stockman. 

Former Wells Fargo Advisors Launch RIA

Advisors Thomas Pappas and his two sons, Matthew and Michal, have left Wells Fargo to launch their own firm, Cottonwood Wealth Strategies, in Salt Lake City, Utah.

Beacon Pointe Closes on Wealthstreet Investment Advisors Acquisition

Beacon Pointe, a Newport Beach, Calif. firm with over $5 billion in AUM, has acquired its largest firm. Beacon Pointe announced Thursday it finished its acquisition of Wealthstreet Advisors, a Dallas, Tex. firm with more than $1 billion in AUM. 

HawsGoodwin Wealth Hires David Hardenbergh

A Franklin, Tenn.-based RIA, HawsGoodwin Wealth, recruited advisor David Hardenbergh from MML Investor Services. Hardenbergh joined as an associate wealth advisor.

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