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Wealth Management’s Week in M&A

A succinct summary of the mergers, acquisitions and movements in the wealth management industry over the first week of March.

The first week of March saw a flurry of movement among advisors and the assets they manage. In the wealthtech space came news of Betterment’s purchase of Canadia-based Wealthsimple’s U.S. business.

The RIA space saw more consolidation as Wealth Enhancement Group announced its acquisition of North American Management, a firm managing $1.75 billion in assets, to build out additional services for ultra-high-net-worth clients. It also saw new firms crop up as Dynasty Financial Partners helped a former Bank of America Merrill Lynch team that managed $1.2 billion get their bearings as a new independent firm. Snowden Lane also captured a Miami-based team from a major bank. It announced it recruited Armando Ureña of Ureña Wealth Management and his team from Wells Fargo.

Last, but not least, Abacus Wealth Partners merged with asset manager Robasciotti & Philipson to form a $3.8 billion firm.

Below are more mergers, acquisitions and advisor moves made during the week of March 1, 2021.

$600M Team Departs Merrill for Rockefeller

Advisors Elmer Martin, Patty Lawyer and Brett Daniels, along with their three-member support staff, have left Bank of America Merrill Lynch for the quickly scaling Rockefeller Capital Management. The team is based in San Antonio, Tex. and managed $600 million in AUM at its former firm.

Steward Partners Adds First Colorado Team

Harmony Private Wealth joined Steward Partners, an independent partnership associated with Raymond James Financial Services. The firm managed $350 million in AUM at its previous firm, RBC Wealth Management and is led by co-founders DeHaven Becker, Michael Stradt and Janet Mabry.

Axiom Took A Minority Stake from Merchant Investment Management

Axiom Financial Strategies Group sold a minor, non-controlling piece of their company to Merchant. The RIA, which manages $450 million in client assets out of New Albany, Ind., will use the investment to add new talent and improve services and processes for its clients.

Tenet Wealth Partners Joins Sanctuary Wealth

Tenet Wealth Partners, based in Champaign, Ill. moved its practice from Raymond James Financial Services to Sanctuary Wealth. AUM was not disclosed.

Beacon Pointe Advisors Acquires Wealth Design

Beacon Pointe Advisors merged in a San Jose, Calif. RIA called Wealth Design and its $350 million in AUM. Gene Ka, Thu Ka and Melissa Ochoa make up Wealth Design, which is a relaunch of Ka, Demmler & Associates. Beacon Pointe now has more than $4.1 billion in AUM.

Ashton Thomas Recruits $200M AUM Team from Royal Alliance

Two former Royal Alliance advisors who managed $200 million in client assets joined Ashton Thomas Private Wealth Network. At their new firm, Kathleen Adams and David Swift will do business as Second 50 Financial.

Baird Picks Up $225M AUM Team in Scottsdale

Doche Financial Consulting Group in Scottsdale, Ariz. joined Baird’s private wealth management business. Advisors Lisa Ladds Doche and Ron Demmers and client associate Maggie Loe join Baird from Wells Fargo.

Waddell & Reed Loses $150M AUM Team to Ameriprise

Jason Hatch, Frank Janowitsch, Mary Weber and Benjamin Esdaile have fled Waddell & Reed following the firm’s acquisition by Macquarie Group. The trio managed $150 million in client assets and are based in Madison, Wisc.

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