Avantax, the wealth management arm of Blucora, acquired a $1.1 billion firm. New Jersey-based Headquarters Advisory Group joins Avantax's in-house wealth management firm from Avantax’s independent b/d channel.
Wealth Enhancement Group scooped up an 11-person team in its ninth acquisition. The addition of Serafini Financial Group’s $853 million in assets under management boosted WEG’s total client assets to $39 billion.
Below are more advisor moves and mergers and acquisitions you may have missed the week of August 2.
Axos Financial Closes E-Trade Advisor Services Acquisition
Parent company to Axos Bank, Axos Financial, completed its acquisition of E-Trade Advisor Services. Axos bought E-Trade's custody business from Morgan Stanley for $55 million to gain $24.8 billion of assets under custody and $1.2 billion of client cash sweeps.
Merit Financial Advisors Acquires Consilium Financial Group
Georgia based Merit Financial expanded its Atlanta presence by acquiring Consilium Financial Group. Consilium manages $291 million in client assets and previously affiliated with Ronald Blue & Co. before joining Merit’s independent advisor partner program in 2015. The firm was founded by Kirk Wilkerson and Andy Lubben.
Capstone Financial Partners Joins LPL Financial
Advisors Robert Allen, Marcel Morin, and April Davis of Capstone Financial Partners in Glen Allen, Va. shifted its firm to LPL from Kestra Financial. Portfolio strategist Brad Gibson and client services representative Stephanie Young also joined. The team managed $170 million.
Cetera Adds Brumbaugh Wealth Management
Brumbaugh Wealth Management, a Pennsylvania-based firm managing more than $300 million in AUM joined Cetera from Lincoln Financial Advisors. Brumbaugh was founded by Kimberly Brumbaugh in 2004.
Two Advisors Leave Merrill for Stifel
Maurice “Mo” Schutte and Will Rowe joined Stifel, Nicolaus & Co. from Merrill Lynch. The two advisors who are in Frontenac, Mo. managed $200 million in AUM.
Ameriprise Scores California Credit Union Advisors
Eleven advisors across San Diego and Los Angeles joined Ameriprise Financial. They manage a collective total of approximately $750 million for California Credit Union customers.
