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The Week's M&A in Wealth Management

The Week's M&A in Wealth Management

The wealth management deals for the week of February 8, 2021.

This week’s deals started with one of the biggest acquisitions this year. Cetera Financial Group and its private equity firm, Genstar, agreed to acquire the independent financial planning channel of Voya Financial Advisors. Cetera’s business increases by 385,000 retail clients, 900 independent financial professionals and $40 billion in client assets, all making the El Segundo, Calif.-based firm the fifth largest independent broker/dealer.

Below are more deals along with firm-to-firm advisor moves announced for this week:

UBS Private Wealth Management Nabs $6.5B Team

The Legacy Multi-Family Group in Century City of Los Angeles left J.P. Morgan Private Bank for a try at greener pastures. Lead advisors Patrick Schaffer, Ryan Bristol and its team of five managed $6.5 billion assets of high-net-worth individuals, families, foundation and privately held businesses. Advisors Barry Peterson, Corey Mazza and Dhanesh Bharvani also join along with Relationship Manager Basel Sbeini, and Senior Wealth Strategy Associate Shauna Kohanchi.

GSB Wealth Management Acquired $198M in AUM

GSB Wealth Management acquired CTMA Wealth Managements assets under management and hired its founder, Chris Abely, as chief investment officer. GSB’s AUM has now increased to $448 million. The transaction closed Dec. 31, 2020. 

Michael Kramer Leaves B. Riley for First Republic

Michael Kramer concluded his nine-year run at B. Riley Wealth Management with a move to First Republic Investment Management. Kramer provides investment management, retirement planning and investment consulting to individuals, families, nonprofits and private family foundations.

LPL Financial Recruits $110M in AUM Advisor

Darrell Todd and the and his registered sales assistant, Kinsey Chadick, joined LPL Financial’s broker/dealer and corporate RIA from Hilltop Securities. Todd operates under JFC Financial, which joined LPL in 2020. The 30-year industry veteran managed $110 million in brokerage, advisory and retirement assets at Hilltop.

Jeff Harley Joins AdvicePeriod

Angeleno firm AdvicePeriod recruited Jeffrey Harley as one of its partner advisors. Harley, who is based in Ventura, Calif., joined after two years of running his own RIA called Pierpoint Financial Advisors. Pierpoint managed close to $1 million in AUM. Harley said in a statement he joined AdvicePeriod to scale his services and offerings to clients.

Steward Partners Adds Webster Grosso Wealth Management as Partner

Washington-based Steward Partners announced Tuesday it added a Richmond, Va. Firm known as Webster Grosso Wealth Management to its network. The new team led by Ron Webster and Ed Grosso managed $163 million at its previous firm Wells Fargo Advisors.

Cresset Lures Goldman Sachs Advisor

Hanley Sayers joined Cresset Asset Management, an RIA with $12 billion in AUM, as managing director, wealth advisor and partner. Sayers is based in Houston, which expands Cressets presence in the Texas market. 

The former Goldman VP worked with high-net-worth families, individuals, foundations and endowments, providing analysis of portfolios, asset classes and security, according to the company release.

Three Advisors Join UBS Wealth Management USA

Joseph Zurfley, Dayle Heysse and Jason Valentz have joined UBS in Houston, Tex. Zurfley, a former Merrill Lynch advisor, will be based in the City Center office while Dale Heysse, previously with Schlumberger and Halliburton, and Jason Valentz, also formerly with Merrill, will be based in the Sugarland office.

First Allied Advisors Launch Hawaii RIA

Nick Abbott, Clifton Yasutomi, Samantha Starbuck and Crystal Ching launched Mission Financial Group. Mission provides customized planning and brokerage services through Cetera Financial.

Carson Partners Network Recruits Lane Brothers & Co.

Kevin Lane and his Arizona firm, Lane Brothers & Co., joined the Carson Partners network. The firm manages $110 million in client assets from its offices in Prescott and Scottsdale.

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