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The RIA Deals This Week

Here are the breakaways, mergers and acquisitions announced the week of Jan. 11, 2021.

Just because the Visa/Plaid deal went bust, doesn’t mean the industry stopped spinning. Independent broker/dealers, registered investment advisors and wirehouses continued to lose or add new businesses to their firms.

This week’s highlights include Sanctuary Wealth picking up a Merrill team that suffered a branch closure, Modera Wealth selling a stake of its company to Tria Capital shortly after acquiring Charles Boinske’s Independence Advisors, Cetera taking in an office of supervisory jurisdiction named BAR Financial, and Wealth Enhancement Group’s expansion in the New York metropolitan area with the acquisition of Connecticut-based Reby Advisors

Mercer Advisors also added its 40th firm, Rowland Carmichael Advisors, to its collection.

Below are more deals that occurred this week:

Focus Financial Acquires St. Louis–Based RIA

Focus Financial Partners, a publicly traded acquirer of RIAs, said it has acquired Hill Investment Group, a St. Louis–based firm. Terms of the deal, expected to close later this quarter, were not revealed. Hill Investment Group manages close to $700 million with 12 employees, focused mostly on high-net-worth families. 

Morgan Stanley Team Departs to Form All Source Investment Management

Just a week after announcing plans to build out a dedicated offering for breakaway advisors, Integrated Advisors Network, a Palos Verdes, Calif.–based support platform for RIAs, has recruited a Hartford, Conn.–based Morgan Stanley team, which expects to bring at least $100 million in client assets initially.

RZ Wealth Joined Diversified Lifelong Advisors    

The combining of Wayne, Penn.–based RZ Wealth and Diversified Lifelong Advisors in Wilmington, Del., has created an RIA with $900 million in assets under management. RZ’s founder and president, Irvin W. Rosenzweig, will join Diversified’s executive and investment management teams. 

Father and Son Team Jump to LPL

John and Evan McCoy of Integrity Financial Services are LPL Financial’s newest team. The duo moved from Securities America, one of Advisor Group’s network of broker/dealers, where they managed $150 million in AUM.

LPL Recruits West Texas WealthCare

Advisors Cassandra Fillingim, Elaine McNair and Michael Garnier of West Texas WealthCare joined LPL’s affiliate JFC Financial from Avantax Investment Services. The team managed $175 million at Avantax, which is part of the Blucora network.

Lexington Wealth Management Adds $200 Million in AUM Firm

Lexington Wealth Management, a Hightower firm, announced that it acquired Marcus Financial Advisors. The Beverly, Mass., firm managed $200 million in AUM at Raymond James and, if successful, will push Lexington’s AUM to $1.5 billion.

Mercer Acquires McGee Wealth Management

McGee Wealth Management in Portland, Ore., manages $815 million in assets under management.

Benchmark Private Wealth Management Acquires Texas Father and Son Team

Waco Ferguson Wealth Management Group, run by Keith Ferguson and his son, Allen, have joined Benchmark Private Wealth Management. The Waco, Texas, firm joins Benchmark’s other Texas firms that are in Austin, Houston, Dallas and Plano.

Thacker Wealth and Retirement Signed On to Concurrent

Concurrent, an advisor-owned partnership, announced it added three advisors. All three advisors are based in Kentucky across two cities. Tracy Tacker of Thacker Wealth and Retirement and his staff of three joined with $259 million in AUM from Edward Jones in Owensboro, Ky., Hendrickson Wealth and Retirement in Benton, Ky., took in the $87 million in AUM team of Kaylo Jo Teckenbrock and Jackie Rainey

JP Morgan Loses $300M in AUM Team to Merrill

Aaron Gutierrez, David Cepeda, Michael Coody and Dana Lewis joined JP Morgan’s West Fort Worth office. The team managed $300 million in AUM and pulled in $2 million in revenue while at its previous employer.

Center Street Grows Arete Wealth’s AUM by $1B in AUM

Broker/dealer and insurance firm Arete Wealth is set to acquire Center Street Securities. The Chicago firm announced that once the transaction closes in 2021, its assets under management will grow by $1.04 billion to $5.5 billion.

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