Skip navigation
business plan meeting HRAUN/iStock/Getty Images Plus

This Week in Wealth Management M&A Deals

The mergers, acquisitions and advisor moves you may have missed the week of May 17, 2021.

Mid-May turned out a light stream of deal announcements. It doesn’t mean deals weren’t still happening. 

There have been 18 transactions in the registered investment advisor space in May, according to Echelon Partners, an investment bank and M&A consulting firm, with the biggest deal still going to CI Financial’s acquisition of Dowling & Yahnke. DeVoe & Company tracked about 12 deals this month and said that with nine days left, May is on pace to beat February, March and April.

Among the more noteworthy deals this week, Rockefeller Capital Management scored another billion-dollar team, this one from UBS. Knowlton, Knowlton, & Larsen jump-started Rockefeller’s first Boston-based private wealth team. 

Edelman Financial Engines announced its first acquisition since its 2018 merger. The $270 billion in assets under management RIA acquired Viridian Advisors in Bothell, Wash., bringing $846 million in assets and a team of tax specialists to its platform.

Newly launched Sanctuary Global, the international business of Sanctuary Wealth, a registered investment advisory based in Indianapolis, recruited former tennis pro turned wirehouse advisor Rodolfo “Rudy” Rake to its Miami office from Morgan Stanley. 

Below are more mergers, acquisitions and advisor moves you may have missed the week of May 17, 2021.

UBS Adds $1.8B Team From J.P. Morgan 

UBS Private Wealth recruited advisors John Farrell and Joel East, who are based in Fort Worth, Texas, from J.P. Morgan’s private bank division. The duo managed $1.8 billion in client assets for its ultra-high-net-worth clients.

$3.7M Team Joins J.P. Morgan from UBS Financial Services

A team with $3.7 million in 12-month trailings shifted its business to J.P. Morgan. The four-person team includes advisors and Robert Mosesian James Tayler and joined from UBS where it managed $750 million in client assets.

RevolutionX Joins Arkadios Capital

Frank Hanna’s Berwyn, Penn.–based firm, RevolutionX, which managed $400 million in client assets, joined Arkadios Capital, an Atlanta-based independent broker/dealer that manages $4.25 billion in assets. Hanna joined from Lincoln Financial Advisors.

Sanctuary Wealth Adds Harbor Asset Private Wealth 

Harbor Asset Private Wealth joined Sanctuary Wealth’s independent partners network. The Greenwich, Conn.–based Harbor advised on $280 million in client assets at previous employer Morgan Stanley.

GCG Wealth Management Completes Acquisition of Cooper Investment Company

GCG Wealth Management closed on its purchase of Cooper Investment Company, a 50-year-old firm led by second-generation owner Thomas Greg Cooper. Cooper Investment advised on $270 million in assets under management.

Three Advisors Exit UBS, Join LPL Financial 

Advisors Gena Barbato, Beth Woodward and Daniel Kundla joined LPL Financial from UBS Financial Services. The Atlanta-based team managed $215 million in AUM and join through Gladstone Wealth Partners.

Lionheart Wealth Management Joins Ameriprise

Lionheart Wealth Management, an advisory practice in New York City that manages close to $200 million in client assets, joined Ameriprise Financial from AXA Advisors. The firm is led by advisor Anthony DeAngelo and incudes advisors Frank D’Erasmo and Samuel Dicocco.

Gold Family Wealth Adds Daniel Armas

Gold Family Wealth, a Westport, Conn. firm in the Carson Partners network, recruited Daniel from Vanderbilt Financial Group.. The firm manages approximately $172 million in AUM and has recently opened a second shop in Red Bank, N.J.

Advisor Group Picks Up Three-Person Team From Waddell & Reed

Financial advisors Maynard Azose and Amanda Johnson of Azose Johnson & Associates moved their practice from Waddell & Reed’s wealth business, which has been recently acquired by LPL Financial, to Royal Alliance, a subsidiary of IBD Advisor Group. The team managed $168 million in total client assets.

Talisman Wealth Advisors Launches With LPL Financial

Jennifer Kirby and Frank Granizo, formerly with Merrill Lynch where they managed $150 million in advisory assets, launched their RIA with LPL Financial.

Eriksen Financial Affiliates With Prospera Financial Services

Clarkston, Mich.–based Eriksen Financial joined Prospera Financial Services. It manages $115 million in assets and joins from RIA Summit Financial Group and IBD Cetera Advisor Networks.

TAGS: Industry
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.