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This Week in Wealth Management Deals

This Week in Wealth Management Deals

The advisor moves and acquisitions you may have missed the week of July 5, 2021.

This week's deals included a Captrust and Wealth Enhancement Group return, a HUB International acquisition and a new RIA started by former Merrill advisors.

One of the largest RIA acquirers, Captrust, acquired Nachman Norwood & Parrott Wealth Management and gained $2.1 billion in AUM, along with a team of 17 financial professionals. TA Associates–backed Wealth Enhancement Group bought Oakwood Capital Management. The purchase adds $1.04 billion in client assets to its AUM and doubles down on WEG’s presence in the Southern California area.

HUB International, a global insurance company, acquired the operating subsidiaries of TCG Holdings, bringing it $4.6 billion in AUM.

The RIA space welcomed a newcomer, Kickstand Wealth Advisors. Two former Bank of America Merrill Lynch advisors, Chad Goodchild and Jacob Schlicht, launched an advisory business in Pittsford, N.Y., through TruClarity Wealth Advisors.

Below are more deals you may have missed the week of June 5, 2021.


The Colony Group Acquires New Providence Asset Management

Advisory firm The Colony Group agreed to acquire New York City–based New Providence Asset Management. The deal will add 16 offices and more than 275 employees. It would increase the Colony’s $13 billion in AUM by $2.8 billion.

First United Takes Minority Stake in Exencial Wealth Advisors

First United Bank, one of the largest community banks, acquired a minority piece of Exencial Wealth Advisors. Exencial Wealth Advisors, which has close to $4 billion in AUM, gains access to First United’s personal banking, commercial lending, insurance and mortgage services. In return, First United gets wealth management, estate planning, tax and accounting services.

Mariner to Acquire Allegiant Private Advisors

Mariner Wealth Advisors, a national firm based in Overland Park, Kan., agreed to absorb Sarasota, Fla.–based Allegiant Private Advisors. Allegiant, with its $1 billion in AUM across 500 clients, will be Mariner’s third Florida firm.

LPL Mines Another Wirehouse Advisor: Joseph Myer

Advisor Joseph Myer, who managed approximately $250 million in total client assets at Bank of America Merrill Lynch, has moved to LPL Financial. Myer and Teresa Gentry, director of client experience, joined LPL’s broker/dealer, corporate RIA and custodial platforms and will operate under the name Veritas Capital Management. The Ashburn, Va., advisor came to LPL aligned with Gladstone Wealth Partners.

Morgan Stanley Loses a Louisiana Advisor to Ameriprise

Shreveport, La.–based-advisor Ryan Thompson shifted his practice to the Ameriprise Financial platform. He joined from Morgan Stanley, where he managed $110 million in client assets.

Former International Wells Fargo Advisor Finds New Home at Laidlaw Wealth Management

John W. Cross, in Coral Gables, Fla., moved his international business to Laidlaw Wealth Management. Joining advisor Philip Morrissey, who onboarded when Laidlaw acquired Naples Wealth Planning in 2020, Cross will serve out of Laidlaw’s newest location in Miami.

GCG Wealth Management Recruits From Wells Fargo Advisors

Advisor Jonathan Metzger joined GCG Wealth Management, an affiliate of Woodbury Financial Services, which is itself an affiliate of Advisor Group. He was previously with Wells Fargo Advisors for eight years and managed $80 million in AUM.

TAGS: Industry
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