Moore Wealth Management, and affiliated firm Abundance, have joined Austin, Tex.-based broker-dealer Kestra Financial.
Moore and Abundance operate under two different names but will be coming together under the Moore name within the next 12 months, Kestra’s executive vice president of business development, Dan Schwamb, told WealthManagement.com on Monday.
Moore and Abundance have over $181 million in AUM. The former is led by Susan Moore, a 36-year industry veteran, while the latter is led by Chris Stallings, who has over 19 years of industry experience.
Kestra Financial counts over 1,800 independent advisors on its platform.
Schwamb said that like other companies in the space such as LPL Financial, Commonwealth or Raymond James, Kestra charges its advisors a fee on revenues and an affiliation fee. He said that generally for the industry the revenue fee is “10% off the top” and the affiliation fee is generally “about $7,000 to $12,000 per year per advisor.”
Schwamb said that one of Kestra's selling points is that its average production per advisor of approximately $500,000 a year is one of the highest in the industry.
He also touted two recent technology initiatives, the Enhanced Onboarding Tool and the Retirement Plan Establishment Tool, both introduced in April of this year, as reasons Kestra has been successful in courting a record 32 independent advisory teams to the platform so far this year.
The onboarding technology “helps facilitate the transition to Kestra Financial,” he said, by helping “everyone on the team to understand what needs to get done—the training, the procedural stuff” as part of the transition.” He said that the tool enables firms to transition the majority of their revenue “within 60 days.”
The other tool makes it easier for retirement-focused advisors to “establish new plans with new sponsors.”