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This Week in Wealth Management Deals

The advisor moves and acquisitions you may have missed the week of July 15, 2021.

Acquisitions and mergers were light this week, but advisor recruitment continued strong.

Carson Group announced Bain Capital took a minority stake in the RIA, valuing it at $1 billion. Bain bought equity interests from Carson’s previous private equity owner, Long Ridge Equity Partners. Ron Carson, the CEO and founder of Carson Group, retains majority ownership of the Nebraska-based RIA.

Wealth Enhancement Group and Tiedemann Constantia also announced acquisitions this week, which you can see below.

Advisor moves remain robust. LPL Financial nabbed a former Ameriprise Financial advisor team in Hawaii. The new team, known as Pacstar Financial Group, managed $420 million in total client assets and includes advisors Alan Kodama, Rose Antonio, John Araki and Thomas Lodico.

Raymond James Financial’s affiliate firm, Steward Partners, touted its latest recruits that helped it bring in over $1 billion in assets under management. Within six weeks, the firm brought in seven new advisors along the East Coast.

A Tampa, Fla. team that managed $2 billion in AUM moved from Bernstein Private Wealth Management to UBS Private Wealth Management. The new team brings six professionals to UBS. Around the same time UBS gained advisors, it also lost one. Klaudia Conradt exited UBS for independence with Commonwealth Financial Network.

In Miami, Insigneo, a broker/dealer and RIA, added an all-women led team managing $800 million in client assets. The team, known as Green Grove Wealth Management, provides services to approximately 400 high-net-worth households across numerous countries in Europe and the Americas. It left Wells Fargo not long after the bank’s announcement in January that it would close its international wealth management unit. Wells shared in its earnings report it lost 10% of its advisor force since the second quarter last year and 3% between the first and second quarters.

Below are more advisor moves and acquisitions you may have missed the week of July 15, 2021.

WEG Acquires Houston Team With $513 Million in AUM

Wealth Enhancement Group bought Fitzgerald Wealth Management, a Houston-based firm founded in 2011 by Michael Fitzgerald. Fitzgerald adds $513 million in total assets to WEG and boosts WEG’s assets to $37.7 billion.

Tiedemann Constantia to Expand in London Market

One of the U.S.’s largest independent wealth management firms that serves high-net-worth families, trusts, endowments and foundations, Tiedemann Constantia, agreed to acquire a family office in London to expand its footprint in the United Kingdom. Holbein Partners LLP brings Tiedmann improved cross-border abilities and additional knowledge of European investment opportunities.

Story Capital Joins the Bahnsen Group

Story Capital, a family-led team started by Philip Barnhill, his wife Michele and their son and lead advisor, Stoddard, joined The Bahnsen Group, a wealth management firm with $3 billion in AUM. The Minneapolis-based practice serves C-suite clients.

Farpointe Wealth Partners Recruits Three Teams

Farpointe Wealth Partners, a Cetera Financial Group network firm, opened additional offices with its recent recruits. Farpointe added Richardson Financial and Canyon Oak Financial in Los Angeles and Terzolo Financial Group in Syracuse, N.Y. The new offices manage $250 million in combined assets.

Former United Capital Managing Director Starts RIA

Tom Garvey, who spent 11 years with United Capital and then Goldman Sachs after the acquisition, has started his own firm called LCR Wealth Management. The Connecticut advisor manages $110 million, according to its most recent ADV, across high-net-worth investors and families.

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