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This Week in Wealth Management M&A Deals

The mergers, acquisitions and deals you may have missed the week of May 10, 2021.

Several deals hit the wire this week. 

Canadian serial RIA acquirer CI Financial announced that it entered the San Diego market, adding Dowling & Yahnke, an RIA with $5.6 billion in assets under management, to its portfolio.

An LPL Financial office of supervisory jurisdiction with $3 billion in AUM acquired U.S. Financial Advisors in Braintree, Mass. The firm manages about $750 million in client assets.

Merchant-backed Legacy One Financial Advisors merged with Patrick Mendenhall’s Texas-based RIAU.S. Capital Advisors. The merger forms one of Texas’ largest RIAs with assets sitting at $5.6 billion post-transaction.

Another Canadian firm that’s been building out its U.S. arm, RBC Wealth Management, picked up a firm in Princeton, N.J., that managed $1.6 billion in AUM and consulted over $5 billion in retirement plan assets, endowments and foundations at UBS Wealth Management USA.

Below are more mergers, acquisitions and advisor moves you may have missed the week of May 10, 2021. 

JFS Wealth Advisors Acquires Integer Wealth Advisors 

Focus Financial partner firm JFS Wealth Advisors agreed to acquire Integer Wealth Advisors, located in Philadelphia and Atlanta. Integer manages $2.8 billion in assets under management and caters to high-net-worth individuals and families. Details of the transaction were not disclosed.

United Community Banks Expands Advisory Business With FinTrust Capital Partners

United Community Banks will acquire FinTrust Capital Partners, a hybrid RIA and broker/dealer firm headquartered in Greenville, S.C. FinTrust manages $2 billion in client assets and has additional offices in Anderson, S.C., and Athens and Macon, Ga. The acquisition will close in the third quarter of this year.

J.P. Morgan Lands Two Teams in Miami and New York

The Donohue Group joined J.P. Morgan Wealth Management in Palm Beach Gardens, Fla. Advisors Mark Donohue and Gordon Sommer and associates Butch Massaro and Steven Olson joined from Morgan Stanley where they managed $1.1 billion in AUM with $6.4 million in trailing earnings.

Advisor Keith Ward also joined J.P. Morgan Wealth Management in New York. He joined from Merrill Lynch, where he managed $230 million in client assets.

UBS Loses Michigan Team to Summit Financial 

Advisor Monish Verma of Farmington Hills, Mich., launched Vardhan Wealth Management with Summit Financial, a New Jersey-based RIA backed by Merchant Investment Management. Verma, who previously managed $375 million at UBS, is joined by associates Renee Wahl, director of operations, and Kory Frost, director of planning and strategy. 

Pallas Capital Advisors Adds Former $300M AUM UBS Team

A four-person Boston team led by advisor Joseph Cullen has exited UBS Financial Services for Pallas Capital Advisors, an RIA that manages $720 million in client assets. Cullen managed $300 million in assets at UBS. He is joined by Shannon Smith, Ali Laflamme and Ryner Gorowsky.

LPL Financial Pulls Florida Advisor From UBS

Jeffrey Schiffman, who managed $150 million at UBS, has joined LPL Financial’s new employee-advisor affiliation Linsco by LPL Financial. Schiffman is based in Palm Beach Gardens, Fla.

Commonwealth Loses 20-Year Veteran to LPL

Glenn “Robert” DeHollander of Greenville, S.C., moved his faith-based firm from Commonwealth Financial Network to LPL Financial. DeHollander manages $130 million in assets across affluent families, individuals, small businesses, churches and civic organizations.

Connecticut Advisor Switches to Commonwealth

FS Financial, a Southington, Conn.–based team led by advisors Aaron Sehl and Vincent Feijoo, joined Commonwealth Financial Network. The team moved from Wells Fargo Advisors where it managed $200 million in AUM with 75% being fee-based.

Crosstown Financial Advisors Sheds Waddell & Reed for Ameriprise

Crosstown Financial Advisors of Sugar Grove and Lisle, Ill. joined Ameriprise Financial’s independent channel. The firm joined from Waddell & Reed’s wealth management unit, which is being acquired by LPL Financial.

Advisor Group Recruits Father-Son Team

Father-son duo, Tor and Tyler Saile, left broker/dealer LPL Financial and advisory firm Sequoia Wealth Management for Triad Advisors, a subsidiary of Advisor Group. The Scottsdale, Ariz.-based practice oversees $150 million in AUM.

Snowden Lane Scores Another Wells Fargo Advisor

Snowden Lane Partners recruited Marivi Rodriguez. The advisor managed $71 million in the recently shut down international wealth division of Wells Fargo Advisors.

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