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RIA Roundup: Perigon Wealth Management Adds Stakeholders Capital, Cognizant Wealth

At least six firms reported making moves this week, while Mission Wealth introduced trust services and Taylor Frigon launched a new family office.

Perigon Wealth Management announced two additions this week, while Focus Financial picked up its fifth Canadian partner and Kestra helped launch a new firm from Edward Jones. Meanwhile, Mission Wealth introduced trust services to bolster estate planning, and Taylor Frigon Capital Management announced a new family office.

In earlier news, Ensign Wealth Partners joined Steward Partners from Wells Fargo Advisors Financial Network and Wealth Enhancement Group snapped up a billion-dollar Northern California firm in its fourth deal this year.

Perigon Wealth Management Adds Stakeholders Capital, Cognizant Wealth 

Perigon Wealth Management, a San Francisco–based RIA with approximately $4.8 billion in client assets, announced the acquisition of Stakeholders Capital, an Amherst, Mass.–based firm with $145 million in assets under management.

Stakeholders Capital and its team of six advisors and staff will retain the firm's branding.

Founded in 2008 by Andrew Bellak and Gregory Wendt, who heads up an additional office in Santa Monica, Calif., Stakeholders specializes in ESG and impact investing. Prior to founding the firm, the duo started an options trading firm that was acquired by Goldman Sachs. 

"Joining Perigon will enable us to expand our business through the utilization of its best-in-class services and support,” Bellak said in a statement. “And we’re excited to help Perigon expand their ESG/impact capacity and become the first stop for any client or advisor who wants to adopt it into their portfolio or practice." 

At the same time, Perigon announced that Cognizant Wealth Advisors, a Palo Alto, Calif.–based duo with $100 million in AUM, has affiliated with the firm to leverage its expanded platform. 

Founder Artie Green and Sheetal Bagde will continue to operate as Cognizant, providing wealthy families with investment, tax, stock option and estate planning advice.

"Perigon is proud that our flexible affiliation models attract such experienced individuals and teams," said Perigon CEO Art Ambarik. “Advisors appreciate our seamless way to plug into technology and recruiting platforms and streamline operations.”

The employee-owned firm has said its flexible affiliation models make it appealing to potential partners. Independent financial advisors are offered the opportunity to complete a full merger or acquisition, sell a minority stake, affiliate as an independent advisor or join as W-2 employees.

Founded in 2004 in San Francisco, Perigon followed an organic growth trajectory until it began to recruit independent advisors as tuck-ins to the platform in 2017. Around 2020, the firm began pursuing a mergers and acquisitions strategy in addition to continued recruitment efforts. 

Since December 2021, Perigon has added teams and offices in five major markets and more than $1.5 billion in client assets. Currently, the firm has more than 60 advisors overseeing $4.8 billion in assets across more than 9,000 client accounts, according to a Form ADV filed last week.

Kestra Private Wealth Services Recruits $250 Million Edward Jones Team

Kestra Private Wealth Services, a hybrid RIA platform owned by Kestra Financial, announced the addition of Inspired Wealth Planning, a three-person team from Edward Jones with $250 million in client assets.

Founder and President Ricky Smith launched the firm along with Registered Associate Jynni Bowyer and Client Service Associate Stacey Kamerer.

"The move to Kestra Private Wealth Services provides our team with the flexibility and choices for clients that we weren't able to deliver before," the team said in a statement. "With so many tasks unrelated to client service off our plate, we can focus on maintaining and enhancing our high-touch client experience, strengthening our team and scaling our firm."

Located in Cordele, Ga., the firm specializes in financial planning with a focus on life events such as multigenerational planning, liquidity events, legacy strategies and longevity preparation.

Since it was launched in 2010 by wirehouse breakaways seeking to replicate the breadth of wirehouse services in an independent setting, Kestra PWS has provided support to more than 30 firms. The Kestra PWS platform oversees more than $4 billion in assets across more than 11,500 client accounts, according to a Form ADV filed earlier this month.

Westcourt Capital to Become Focus Financial’s Fifth Partner in Canada

Focus Financial Partners, a U.S.-based RIA partnership platform set to be sold this year to private equity firm Clayton, Dubilier and Rice, announced the addition of Toronto-based Westcourt Capital Corporation.

Westcourt will become Focus’ fifth partner firm in Canada and reflects the company’s concentration on expanding its ultra-high-net-worth client base, according to Thursday’s announcement.

The transaction is expected to close in the second quarter of 2023.

Founded in 2009, Westcourt provides investment advice to ultra-high-net-worth investors, family offices and select institutional clients with a focus on alternative investment strategies.

"[Westcourt’s] expertise in alternative investments, coupled with its well-established team in a prominent global market, will provide a valuable platform for Focus and our partners to leverage,” said Focus CEO Rudy Adolf, noting that the transaction denotes the second partner firm Focus has added this year, and the 16th transaction. “This transaction further enhances our presence in the ultra-high-net-worth space and in Canada, positioning us to achieve even greater success in the years ahead."

Mission Wealth Introduces Trust Services

Mission Wealth, a Santa Barbara, Calif.–based RIA that oversees $5.3 billion in client assets, has added trust services to its wealth management platform to enhance the firm’s estate planning services.

"Our clients often ask us to be their successor trustees to shepherd their wealth for the benefit and protection of their heirs,” Chief Strategy Officer Brad Stark said in a statement. “These Trust Services now allow us to fulfill those requests."

Mission will offer a suite of solutions, including independent trustee services; post-death administration; trust splitting and funding; tax basis resets; appraisals; marshaling assets; statutory heir reporting; tax optimization and compliance; investment management; asset protection; trust distributions; special needs; bill paying; and charitable giving.

According to Friday’s announcement, bringing trust services in-house will make the firm more flexible, more independent and able to more efficiently manage taxes, while clients will potentially benefit from Mission’s access to alternative investments.

“In-house services will allow our clients' trusted advisors to continue to work with their families far into the future to ensure that their wishes are honored and continue to be good stewards over their hard-earned wealth," said Director of Estate Strategy Andrew Kulha.

Founded in 2000, Mission Wealth offers financial planning, investment advice, tax strategies, estate and trust management, philanthropic advice, and asset protection solutions.

Taylor Frigon Capital Management Launches Family Office

Scottsdale, Ariz.–based Taylor Frigon Capital Management, with approximately $264 million in assets under management, announced the launch of a family office to serve the needs of high-net-worth clients.

The new Taylor Frigon Family Office is a multifamily office providing financial management, tax prep and planning, estate planning and legal counsel to wealthy families through professional partnerships with Arizona-based legal and CPA firms.

Family office clients will also have access to the firm’s investment strategies, including real estate investment management, as well as venture capital and private equity opportunities available through the firm’s private investment fund, Taylor Frigon Capital Partners.

“We feel the time is right to launch a platform that offers high-net-worth and ultra-high-net-worth clients these important services in one comprehensive offering,” CIO and President Gerry Frigon said in a statement.

Taylor Frigon was founded in 2006, has two branch offices in Paso Robles and Santa Barbara, Calif., and is focused on investing in companies with high potential for rapid growth. The firm offers four primary strategies—three built around growth and an income strategy—as well as a mutual fund built around undervalued companies and TFCP, which invests in private companies and micro- and small-cap public companies. 

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