Skip navigation
business people puzzle pieces James Thew/Hemera/Thinkstock

This Week in Wealth Management M&A Deals

The mergers, acquisitions and advisor moves you may have missed the week of April 19, 2021.

Mergers and acquisitions picked up this week. 

Sequoia Financial, an Ohio-based advisory business deemed a firm to watch by DeVoe & Company, announced plans to acquire Wealthstone Advisors. At the close of the transaction, Sequoia’s assets under management will increase to over $7 billion.

Just before technology provider Blucora concluded its proxy vote that turned into a public spectacle, came news of a possible buyer for its wealth management business, Avantax Wealth Management. Golden Gate Capital, a private equity firm, placed a bid to acquire the tax-centric broker/dealer.

Movement of advisor teams between wirehouses and into the independence space continues on a strong path. UBS Private Wealth announced recruitment of two multi-billion-dollar teams in South Florida from major competitors, and Steward Partners lured a $500 million in AUM team from Morgan Stanley

Below are more mergers, acquisitions and advisor moves that you may have missed the week of April 19, 2021.

TS Prosperity Group Acquires Callahan Financial Planning

Callahan Financial Planning, an RIA headquartered in Omaha, Neb., announced it is to merge with TS Prosperity Group, the trust division of TS Bank based in Treynor, Iowa. The combined businesses would manage about $450 million in client assets. Callahan Financial, a firm with offices in California, Nebraska and Colorado, will operate as a separate division of TS.

Beacon Pointe Advisors Acquires D.R. Saur Financial

D.R. Saur Financial, a $230 million in AUM firm led by Dan and Lisa Saur, is the second Dallas firm to join Beacon Pointe Advisors

RBC Lures $550M AUM Team From Merrill

The MMC Group, a four-person team in Jericho, N.Y., exited Bank of America Merrill Lynch for RBC Wealth Management. Advisors Michael Meehan, Michael Meyers and Kevin Clark join along with senior client associate Lori Battista.

Merrill Loses $400M AUM Team to Sanctuary Wealth

JDK Wealth Advisors, a San Antonio, Texas–based team that includes Brad Johnson, Randy Daniels and Jonathan Klug, has joined the growing list of advisor teams parting ways with Bank of America Merrill Lynch. 

UBS Lures Ohio Team From J.P. Morgan Private Bank

UBS Private Wealth Management recruited Allen Zaring and Tim Bayer of Families & Foundations Investment Group from J.P. Morgan Private Bank. The team provides services to multigenerational families and institutions. 

Wells Fargo FiNet Loses $400M AUM Team to LPL Financial

Lereah Financial Group in Red Bank, N.J., has joined LPL Financial from Wells Fargo Advisors Financial Network. Advisor Evan Lereah manages $400 million in advisory, brokerage and retirement plan assets. 

LPL Recruits $550M Team From Advisor Group

Walnut Beech Advisors, an office of supervisory jurisdiction formerly with Royal Alliance, a broker/dealer in the Advisor Group network, has joined LPL Financial’s b/d, corporate RIA and custodial platforms. Walnut Beech is led by Tim Maurer and partner Rick Betancourt and managed $550 million in client assets.

Ameriprise Adds Two Practices With $232M in Combined AUM

Advisor Steve Potter in Charleston, S.C., joined from Morgan Stanley, where he managed $125 million in client assets. And advisors Frank Gordon and John Beninato in Red Bank, N.J., joined from MassMutual, where they managed $107 million in client assets. 

Advisor Group Adds Two Firms in Pennsylvania

GL Capital and East Coast Advisory have joined Advisor Group. GL Capital, a Lemoyne, Penn.–based firm led by 22-year industry veteran Matthew Granite, joined Triad Advisors, a network firm of Advisor Group, from Ameriprise Financial. GL Capital manages $175 million. 

Advisor Ed Campbell in West Chester, Penn., also joined Triad from Commonwealth Financial Network. He and three other members manage $148 million.

Select Wealth Advisers Leaves Cambridge for Integrated Advisors Network

Integrated Advisors Network added Select Wealth Advisers, a Henderson, Nev.–based firm led by Mitchell Horst. Select joins from Cambridge Investment Research.

Snowden Lane Scoops Up More Advisors From Wells Fargo’s International Wealth Unit

540 Madison Wealth Advisors Group, formerly with Wells Fargo Advisors where it oversaw $400 million in total client assets, has joined Snowden Lane Partners. 540 Madison is located in New York City and focuses on international clients.

Seven Person NYC Team Joins First Republic From Morgan Stanley

Advisors Ed Wentzheimer, Howard Horowitz, Jeffrey Rozenberg, Michael Yeung, Sebastian Komuda and two support staff members joined First Republic Investment Management from Morgan Stanley. 

Goldman Sachs Advisor Launches New RIA With LCR Capital Partners

Advisor Tom Garvey, formerly an investment advisor representative of United Capital and then Goldman Sachs Personal Financial Management after Goldman’s acquisition of United, has joined LCR Capital Partners and launched LCR Wealth Management in Westport, Conn.

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.