Skip navigation
businessmen handshakes nico_blue/iStock/thinkstock

This Week in Wealth Management Deals

The mergers, acquisitions and advisor moves you may have missed the week of June 21 to 25, 2021.

So far, June continues to be a light month for mergers and acquisitions, but advisor movements have stayed steady.

Two acquisitions were announced: Stratos Wealth Enterprises, the acquisition arm of Stratos Wealth Holdings, took a minority stake in Summit Wealth Partners, a $600 million in assets under management firm based in Orlando, Fla. Summit marks Stratos Wealth’s sixth investment within the past four years.

RIA consolidator Mercer Advisors acquired a fifth firm after being relatively quiet since its January acquisition spree. It picked up AFI Wealth Strategies, a wealth management firm headed by one of Green Bay Packers’ board of directors, Andrew Farah. The Green Bay, Wis.-based firm manages $240 million in AUM.

Firm-to-firm moves this week included Commonwealth Financial Network recruiting a wirehouse advisor from UBS Financial Services. Keith Ryan was the first advisor to launch a firm through Commonwealth’s recently created transition program for breakaways known as the Access Advisor Program.

LPL Financial added two firms to its platform. Advisor Brian Woods, formerly with Voya Financial Advisors, joined LPL Financial’s broker/dealer and corporate RIA just a month before Cetera Financial completed its acquisition of Voya Financial’s b/d. The large independent b/d also recruited former Wells Fargo advisor Larry Boggs who launched his firm through LPL’s Strategic Wealth Services, a premium affiliation model for wirehouse advisors.

Below are more wealth management deals you may have missed the week of June 21, 2021.

$800M in AUM Wells Team Jumps to Snowden Lane Partners

Snowden Lane Partners picked up its seventh team this year. The Esses Group, founded by advisor Tony Esses, managed over $800 million at its former employer, Wells Fargo Advisors. Esses and his team provide services to individuals, business owners and families based in Argentina.

Philly-Based Retirement Planning Specialists Join LaSalle St.

Independent broker/dealer LaSalle St. Investment Advisors recruited Retirement Planning Specialists, an RIA in the Philadelphia area with $200 million in AUM, to its corporate RIA platform. Outside of its namesake, Retirement Planning Specialists provides estate, life insurance and tax planning to individuals and families. The firm is led by founder and CEO Joe Sarappo.

Reed Wealth Management Affiliates with Prospera Financial Services

Based in Colchester, Conn., Reed Wealth Management ended its relationship with the IBD Cetera Advisor Network and Summit Financial’s RIA to join Prospera Financial Services' hybrid platform. Reed Wealth Management manages $100 million in AUM and is led by advisor, president and founder Brendan Reed Lewis.

Insigneo Snatches Up HSBC Advisor

Insigneo, a broker/dealer and RIA firm headquartered in Miami, recruited Nelson Vallin from HSBC Securities. Vallin manages $212 million for clients across Latin America, but mostly Argentina, Mexico, Uruguay, Venezuela, and Brazil.

Steward Partners Global Adds Four-Person Team Managing $780M in AUM

Sullender Utley Financial Group joined Steward Partners Global Advisory from the Wells Fargo Private Wealth Profit Formula program. The McLean, Va.-based team managing $780 million in AUM is headed by Joe Sullender and John Utley.

Former Edward Jones Advisor Finds New Home at WealthSource

Scott McManus, a California-based advisor who spent 20 years with Edward Jones, has chosen WealthSource as the new home for his team and 50 clients. McManus will add to WealthSource’s $1.6 billion in AUM and join its network of 31 financial advisors.

TAGS: People
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.