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Wealth Management Deals of the Week

The mergers, acquisitions and advisor moves that occurred the week of March 15, 2021.

CI Financial, an RIA aggregator who has amassed $55 billion in U.S. assets since January 2020, kicks off this week’s wealth management deals, acquiring Atlanta-based Brightworth, which manages $4.7 billion in client assets, from Emigrant Partners, which invests in RIA firms. Emigrant Partners received no equity in CI Financial in the deal.

Brightworth’s CEO Ray Padrón said his firm joined CI Financial to help build out what will become a U.S. private wealth unit of the Canadian financial services firm.

Also this week, San Luis Obispo, Calif.-based WealthSource acquired SurePath, an Austin-based RIA led by Patrick and Jeff Brewer, with $95 million in client assets. Details of the transaction were not disclosed.

While the firm is small, Patrick Brewer is also the founder of Model FA, a marketing and performance coaching program for financial advisors; WealthSource’s intention is to bring Brewer and his team in to amplify the RIA’s marketing and business consulting efforts for other advisors in its network, and build out consumer-focused marketing to help lure clients.

In other M&A news, Edelman Financial Engines sold a minority piece of the company to its former investor, Warburg Pincus

In the broker/dealer space, a former Royal Alliance team, The Monteverde Group, with $440 million in assets under management, headed to LPL Financial. UBS Private Wealth Management recruited a $740 million team, Executive Wealth Partners in Kenwood, Ohio, from Bank of America Merrill Lynch. That team’s led by advisors Casey Marsh and Austin Poston.

Below are more mergers, acquisitions and advisor moves that occurred the week of March 15, 2021.

Rockefeller Capital Management Recruits The Hambleton Fieler Group

Cincinnati-based The Hambleton Fieler Group joins Rockefeller Capital Management from Merrill Lynch, where the team managed $1.3 billion in client assets. Advisors Ross Hambleton and Michael Fieler and their team of six represent Rockefeller’s first Ohio team out of 49.

Ameriprise Loses Integrated Wealth Advisors to Commonwealth

Independent broker/dealer Commonwealth Financial Network said it has added Integrated Wealth Advisors in Bellevue, Wash. IWA, a virtual family office that advises business owners of companies worth $3 million to $20 million, joins Commonwealth from Ameriprise Financial, where it managed $100 million in AUM. The firm is led by advisor Austin Collins.

Main Street Financial Life Advisors Joins Carson Partners

Main Street Financial Life Advisors, led by advisors Joseph J. Roman and Matthew J. Kulpa, has joined Carson Partners. The team manages $163 million in AUM and is based in Moorestown, N.J.

FCCB Wealth Advisors Adds Advisor Joseph Garity

Advisor Joseph Garity, based in Kennett Square, Pa. joined FCCB Wealth Advisors, an affiliate of LPL Financial. Garity was previously with Citizens Investment Services.

Landmark Wealth Management Hires James Millington

After 10 years at Fidelity Brokerage Services, advisor James J. Millington has joined Landmark Wealth Management, a fee-only RIA in Melville, N.Y.

UBS Advisor Jumps Ship to IBD Prospera

Advisor Steven Loerke, founder of Redwood Advisory Group in Redwood City, Calif., has joined independent broker/dealer Prospera Financial Services. Loerke joins from UBS, where he managed $100 million in client assets. 

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