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RIA Roundup: Congress Wealth Management Acquires $1.1B MainLine Private Wealth

Congress completes first acquisition since CI Financial sold its stake to Audax, two Indiana firms merge to create $750 million AUM Wellington Wealth, a 10-person team leaves Ameriprise for OneSeven and NewEdge Wealth adds to Bay Area office.

Congress Wealth Management has moved into Pennsylvania. The Boston-based firm announced this week that it has established an eighth office location in as many states with the acquisition of MainLine Private Wealth, supported by capital from Audax Private Equity.

Meanwhile, two Indiana firms joined forces to improve services and attract talent, a $250 million AUM team left Ameriprise Financial Services to launch an independent practice in Ohio with OneSeven and a former Wells Fargo advisor has become the second breakaway to join NewEdge Wealth's newest office. 

In earlier reported news this week, LPL extended its acquisitive liquidity and succession program to external firms and breakaway advisors, Pitcairn announced the imminent retirement of CEO Leslie Voth after more than three decades with the firm, and Wealthspire is set to make the largest acquisition in its history.

Congress Wealth Management Acquires $1.1B MainLine Private Wealth

Congress Wealth Management, a Boston-based, registered investment advisory firm now overseeing $6.7 billion in client assets, has acquired MainLine Private Wealth, a Philadelphia-area RIA with approximately $1.1 billion in managed assets.

“As we build out our national presence, MainLine’s strong position in Philadelphia, with a client base extending across the country, is particularly attractive,” Congress Chief Strategic Officer Scott Dell’Orfano said in a statement.

Pennsylvania is the eighth state in which Congress has established a presence since its 2009 launch. It is the first deal completed by the firm since CI Financial (rebranded Corient in August) sold its minority stake to Audax Private Equity earlier this year, with debt financing from Bain Capital. It is the sixth since partnering with CI in early 2020.

MainLine provides investment advice and portfolio management for wealthy families, as well as retirement plan advisory services for corporate qualified and non-qualified deferred compensation plans, according to federal filings.

 “Congress provides a scaled platform and a shared collaborative and authentic philosophy,” said Gary Droz, MainLine co-founder and managing director. “As the industry at large gravitates away from commission-based models, this approach should help us attract and retain new business, while providing the perceptive advisory and attentive service clients have come to expect.”

Two Indiana Firms Combine to Create Wellington Wealth Strategies

The Wellington Group and TrustWealth Strategies have merged under TrustWealth’s federal registration and rebranded as Wellington Wealth Strategies in a deal that closed earlier this month.

Wellington Group was founded in 1996 by Tony Bonanno, who is now managing partner of Wellington Wealth. Greg Freeman and Joe Hillman, who launched TrustWealth in 2019, will be partners alongside Wellington Group’s Max Moritz and Tom Cates. Nate Miller will serve as the firm’s chief operating officer.

“The evolution into Wellington Wealth Strategies was a thoughtfully deliberated move,” Bonanno said in a statement. “Greg and Joe’s team seamlessly align with our ethics and core values.”

With a combined $750 million in assets across about 450 clients in 40 states, Wellington has 20 financial advisors and three locations in Indiana—its Indianapolis headquarters and satellite offices in Fort Wayne and Crown Point. The firm offers investment management, retirement planning, estate planning and access to alternative investments, as well as retirement income and tax planning services.

“Collaboratively, we unlock a realm of flexible and sophisticated investment opportunities, enhanced by a broad spectrum of cutting-edge technologies, catering to a diverse clientele,” said Freeman. “This enables seasoned and new advisors to join our ranks, shaping customized investment strategies that genuinely prioritize clients’ best interests.”

Feldmeyer Financial Group Jumps to OneSeven from Ameriprise

OneSeven, a Cleveland-based RIA that recently passed $4 billion in managed assets, has partnered with a 10-person team from Ameriprise Financial Services to launch Feldmeyer Financial Group as an independent practice in Dayton, Ohio.

Created by Ben Feldmeyer in 1994, Feldmeyer Financial is joining OneSeven with $250 million in client assets after almost three decades with Ameriprise to “enrich its service offerings, operations, technology, marketing, and communications capabilities,” according to an announcement.

OneSeven supported Feldmeyer through the transition process, helping to launch the firm's new website and establish additional service capabilities, including expanding their small business and exit planning services with OneSeven’s 401(k) platform.

"The partnership with OneSeven is a significant milestone in our growth journey," Feldmeyer said in a statement. "This move and its enhancements reinforce our commitment to excellent client service for generations."

Backed by Merchant Investment Management, OneSeven was created last summer through the merger of MGO Investment Advisors and One Seven, with a collective $2.4 billion in assets. The firm now supports more than a dozen advisory teams representing 45 financial advisors across six Ohio offices, three each in Florida and Park City, Utah, and locations in Georgia and Michigan.

"This partnership with Feldmeyer Financial Group is a testament to our shared values of client commitment, innovation, and growth," said OneSeven President Todd Resnick. "We look forward to supporting their continued success."

NewEdge Wealth Adds Former Wells Fargo Advisor to Bay Area Office

NewEdge Wealth, a boutique, Stamford, Conn.-based RIA owned by NewEdge Capital Group, announced Friday that Dale Schroeder has joined its new San Francisco office from Wells Fargo.

As a managing director, Schroeder will serve clients in the Bay Area along with John Froley, a former First Republic advisor who established the office location in June.

"We have seen significant interest in our service offering in the San Francisco Bay Area since opening our office early this summer, and we are thrilled to support this demand with the addition of Dale to our team," NewEdge Wealth CEO Rob Sechan said in a statement. "We are thrilled to leverage Dale's depth of experience in the industry and region as we enhance our local capabilities in Northern California." 

Schroeder spent more than a decade with Wells Fargo, where he provided risk analysis and planning around retirement, legacy and philanthropy for ultra-wealthy families, family offices and institutions as a senior financial advisor and managing director of investments. Prior to that he was an equity options specialist on the Pacific Stock Exchange.

"NewEdge Wealth represents the future for high net worth family wealth management services, and I look forward to being part of the growing team on the West Coast," Schroeder said.

Three years old at the end of the year, NewEdge Wealth has seen significant expansion in 2023, adding offices in San Francisco, Nashville and Northwest Arkansas, and recruiting Josh Gully from Morgan Stanley. The firm now has more than 30 advisors serving a select group of ultra-high-net worth families, family offices and institutions.

Backed by private equity firms Parthenon Capital Partners and Waterfall Asset Management, NewEdge Capital Group comprises two RIAs—NewEdge Wealth and NewEdge Advisors, its platform partnership model—and broker/dealer NewEdge Securities. Together, they represent more than 300 advisors overseeing approximately $40 billion in assets for more than 75,000 clients. Sechan told in June that NewEdge Wealth accounts for about a third of the firm’s collective assets.

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