This Week in Wealth Management Deals

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Sell in May and go away is an old adage for the equity markets, but what about wealth management deals and acquisitions?

May saw 15 RIA acquisitions, according to DeVoe & Company, and zero M&A activity among independent broker/dealers, according to Fidelity Investments. 

In the first week of June, the pace dropped to a mere two acquisitions, low numbers compared to previous weeks’ RIA activity.

Focus Financial acquired ARS Wealth Management to expand its presence in Florida. The $700 million in assets under management RIA plans to use Focus’ backing to buy up firms throughout central and western parts of the state. 

In the Philadelphia area, Hoover Financial Advisors, which manages $1.46 billion in AUM, sold its firm to Wealth Enhancement Group for CEO Peter Hoover’s succession plan. WEG’s CEO Jeff Dekko said the acquisition thickens the network of teams in Pennsylvania.

Firm-to-firm moves saw Compass Wealth Solutions join Advisor Group from Raymond James Financial Services. The team manages $221 million in AUM.

Below are more advisor moves for the week of May 31, 2021:

Six-Person Advisor Team Joins UBS

San Francisco advisors John “JT” Davenport, Angela Colombani and Sean Livingston switched to UBS Private Wealth from J.P. Morgan Private Bank where the team managed $10.5 billion in client assets.

Ridgway Private Wealth Joins Kestra

Tucson, Ariz.-based Ridgway Private Wealth joined Kestra Financial’s private wealth division. Ridgway is led by Gordon Reynolds who oversaw $625 million in client assets at Wells Fargo Bank.  

Concurrent Recruits Seven Advisor Teams from Wells Fargo

Raymond James’ independent affiliate firm, Concurrent, added 10 advisor teams to its network. The new additions include seven teams from Wells Fargo, two Raymond James teams and a team from Morgan Stanley. 

The former Wells teams are San Diego-based Zach Yaklin from Wells Fargo Bank with $213 million in AUM; Pittsburg, Kan.-based Randy Sauer from Wells Fargo Advisors with $191.8 million in AUM; Sarasota, Fla.-based Vikki Ciotti with $65.6 million in AUM; Winter Park, Fla.-based Clint Tighe and Rob Broome with $90 million in AUM; Dallas-based Jason Fernandez with $56.5 million; St. Petersburg, Fla.-based Warren Bowman with $80 million and New Port Ritchey, Fla.-based Michael Cox and Nic Manns with $100 million in AUM. 

Raymond James advisor teams include Michael Grover, Robert Powell, Justin Grover and Eric Taylor of Grover Financial Group in Modesto, Calif. with $311 million in AUM and Raymond James advisor Thad Ortez in Modesto with $65 million in AUM.

And former Morgan Stanley advisor George Hoos in Sarasota, Fla. joined with $90 million in AUM.

The total AUM equals $1 billion.

1792 Wealth Advisors Brings in Two Veteran Advisors

Raymond James-backed 1792 Wealth Advisors added two new advisors to its team and over $200 million to its $1 billion in AUM. Advisor Elise Feldman from Raymond James joined with $128 million in AUM and Christopher Marlar, formerly with Ladenburg Thalmann, joined with $87 million in AUM.

Snowden Lane Picks Up Another Wells Fargo Team

Oliviera, Silva & Mogro Group joined Snowden Lane from Wells Fargo Advisors. The team, made up of Joe Oliviera, Jorga Silva, Jessy Mogro and Ana Paula O’Keefe, managed $212 million at Wells Fargo.

Ashley Dusek Leaves Blucora’s Avantax for LPL Financial

Advisor Ashley Dusek and her team at Benchmark Financial Services joined LPL Financial. The team moves from Avantax Investment Services, the wealth management business of Blucora, where it managed $150 million in client assets.

Truvium Wealth Management Joins Stratos Wealth

With $120 million in AUM, Truvium Wealth Management, led by Scott Gegerson, joined Stratos Wealth Management’s independent network. Gegerson comes from Truvium Financial Group, a practice with Park Avenue Securities, the broker/dealer and office of supervisory jurisdiction of The Guardian Life Insurance Company of America.

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