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This Week in Wealth Management Deals

The advisor moves, acquisitions and mergers you may have missed the week of June 28, 2021.

This week wrapped up another active month for mergers and acquisitions, as well as advisor moves. 

DeVoe & Company, an investment bank and consulting firm, tracked 13 transactions in the registered investment advisory space during the month. This number contributed to another record: DeVoe reported that 2021 has reached 100 deals within six months. In previous years such as 2020 and 2019, transactions climbed to 100 by October. In 2018, DeVoe tallied 100 in December. 

The last few days of June included CI Financials’ acquisition of Radnor Financial Advisors. The Wayne, Pa.–based firm manages $2.6 billion in client assets and became CI Financial’s 19th firm. Another RIA consolidator, Focus Financial Partners, purchased Badgley Phelps Wealth Managers in Seattle.

Also this week, Savant Wealth Management stepped back into acquisition mode, purchasing AMDG Financial, an RIA managing $250 million in assets based in Plymouth, Mich. 

Among advisor moves, LPL Financial landed a few teams. Former Wells Fargo advisors Steven Carlsen and Sathya Chey launched Arise Wealth Management through LPL’s Strategic Wealth Services. Through LPL’s partnership with insurance brokerage HUB International, it added Brandon Chase to its growing advisor force. 

Below are more advisor moves and acquisitions you may have missed the week of June 28, 2021.

Boston Private Is Off the Market

SVB Financial, parent company of Silicon Valley Bank, announced it closed its deal to acquire Boston Private Financial Holdings, which includes a private bank and wealth management business. Boston Private CEO Anthony DeChellis has been named CEO of SVB Private Banking and Wealth Management. 

CI Financial Completes Acquisition of Dowling & Yahnke

Dowling & Yahnke, an RIA based in San Diego is now owned by CI Financial. CI announced the acquisition in May, and the transaction closed at the end of June. Dowling & Yahnke manages approximately $5.1 billion in AUM, increasing CI’s assets to $244 billion, globally, and $65 billion in the U.S.

Focus Financial Acquires Two Firms

Focus Financial Partners, a global wealth management firm consolidator, agreed to acquire two firms. Arizona-based Sonora Investment Management, an RIA with $1.35 billion in assets, joins Focus as a partner firm. Focus also announced a subacquisition by one of its partner firms, Maryland-based XML Financial Group, which acquired Collins Investment Group, a Bethesda, Md.–based RIA.

WealthSource Hires $70M Advisor in Fort Worth

WealthSource, an independent RIA managing $1.7 billion in AUM, hired advisor Graham Marshall as a wealth advisor. Marshall, who is based in Fort Worth, Texas, joins from Raymond James Financial Services, where he managed approximately $70 million in AUM.

Brighton Securities Acquires Worth Considering

Brighton Securities, a Rochester, N.Y.–based wealth management firm, acquired Worth Considering, another Rochester-based RIA. Worth Considering manages approximately $55 million in assets, according to its last ADV filing. The firm will be converted into Brighton Securities Capital Management, where it will provide investment advisory and portfolio management services to financial advisors and individual clients. 

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