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This Week in Wealth Management Deals

The advisor moves, acquisitions and mergers you may have missed the week of June 6 to 11, 2021.

This week in wealth management deals saw Steward Partners sell a minority piece of its firm to the Pritzker Organization, an investment firm for the heirs to the Hyatt Hotel fortune, the Pritzker family. The Pritzker Organization invested $100 million into Steward and will be taking up two seats on Steward’s board of directors.

Protective Life Corp., parent company of insurance company Protective Life, consolidated three of its businesses, including its broker/dealer ProEquities, to create a new competitor in the wealth management space. The new entity will have $5 billion in AUM and $16 billion in AUA.

WEG Acquires MACRO Consulting Group

Wealth Enhancement Group, a $35.5 billion in assets hybrid, acquired a Parsippany, N.J.–based RIA with $900 million in AUM. Among the 24 employees joining WEG in the transaction are five financial advisors. WEG is back by TA Associates.

Ameriprise Lands $800 Million in AUM Credit Union Team From CUNA Mutual

Ameriprise Financial contracted a deal with Randolph-Brooks Federal Credit Union to be its broker/dealer. RBFCU will complete its switch from CUNA Mutual by 2022. The new deal brings RBFCU’s 14 financial advisors who manage $800 million in total assets across 61 branches throughout Texas.

LPL Financial Adds Three Advisors From Northwestern Mutual and Two From Raymond James

Four financial advisors joined Bleakley Financial Group, an LPL Financial firm, from Northwestern Mutual. Advisors John Patterson, Steve Owings, Joe Patterson and McKee Nunnally managed approximately $420 million in advisory, brokerage and retirement plan assets. They will open a new office in Atlanta.

Advisors Mike Fuller and Rob Barber joined LPL and affiliated with Perennial Financial Services. The duo, which came from Raymond James, managed $155 million in advisory, brokerage and retirement plan services. The team is located in Arroyo Grande, Calif.

Advisor Group Recruits Five Advisor Teams

Advisor Group brought on five advisor teams who oversee $331 million in total client assets. Joining SagePoint Financial, a network member firm of Advisor Group, are Granite Vista Financial, founded by David “Chris” Benson in Phoenix; Perfected Wealth Management, run by Daniel Campbell in Huntington Beach, Calif.; Bridges Wealth Management, headed by Eric King in Corvallis, Ore.; Legacy Financial Advisors, Inc., run by Kenneth Moran in Lynnfield, Mass.; and Tartarini Financial Services, a Woburn, Mass., firm led by Richard Tartarini.

Former RBC Advisor Shifts to TruClarity Wealth Advisors

Advisor Matthew Chester in Stockbridge, Mass., launched his firm, Tableaux Wealth Management, with TruClarity Wealth Advisors. Chester oversaw $133 million in AUM at RBC Wealth Management.

Advisor Daniel Limmer Opens Procyon Partners Firm in West Palm Beach

Daniel Limmer, who managed $70 million in client assets out of his Long Island office under Planning Solutions, has joined Procyon Partners, a $4.5 billion firm. Limmer will establish Procyon’s West Palm Beach, Fla., location.

Kestra Adds Marc Goldstein Associates 

Advisor Marc Goldstein and his firm, Marc Goldstein Associates, joined Kestra Financial from Principal Securities. The firm is located in New York City.

First Republic Pulls JP Morgan VP

Terance Takyi, formerly with JP Morgan, joined First Republic in its New York City office. He brings 15 years of industry experience and will hold the title of managing director and wealth manager.

TAGS: Industry
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