The AmeriFlex Group and Waverly Advisors got off to a good start in 2024, adding talent and reaching more than $11 billion in client assets. Meanwhile, Fortis Capital Advisors added a Chicago team to its growing platform.
AmeriFlex Group Adds 16 Advisors, $1.9B in Q1
The AmeriFlex Group (TAG), an advisor-owned hybrid registered investment advisory firm, broker/dealer and office of supervisory jurisdiction affiliated with Osaic, added 16 advisors and nearly $2 billion in assets during the first quarter of 2024.
Now, with more than $11.5 billion in total assets under advisement across more than 160 advisors, the firm has increased AUA by 1,000% since its founding in 2019.
In a statement Wednesday, TAG attributed the growth to “an innovative succession approach, advanced financial planning platform and OSJ program, which enable advisors and their partners to take full advantage of The AmeriFlex Group’s scale.”
TAG advisors can join the platform through a standard affiliation model under which they retain branding, join the firm’s ADV and use Osaic for brokerage services. A succession-focused option, which Goodson said is taken by approximately one in ten advisors, allows them to sell a portion of revenue at three times earnings with the understanding they will sell the rest to AmeriFlex at a future date.
A newer third choice, dubbed TAG X, aims to partner with smaller OSJs—generally between five and 20 advisors—seeking scale, resources, cash or all three.
Goodson told WealthManagement.com in January that his goal is to add 97 new advisors and achieve gender parity in 2024.
“The dynamic AmeriFlex model represents the future of wealth management,” said Larry Roth, a well-known industry veteran and advisor to TAG. “Their innovative approach to the space drives incredible value for the firm, its advisors and, importantly, the clients they serve.”
Waverly Advisors Continues SE Expansion with $700M McShane Partners
Waverly Advisors picked up a $700 million RIA in its third deal of the year, bringing the Birmingham, Ala.-based firm to more than $11 billion in managed assets as it continues to grow its footprint in the southeastern U.S.
In Charlotte, N.C., Waverly has acquired McShane Partners, an 11-person team, including eight advisors, that provides wealth and investment advisory services and family financial consultation to 315 wealthy households. Led by CEO Daniele Donahoe, McShane was founded in 1985 as one of the first fee-only RIAs in Charlotte, according to Tuesday’s announcement.
“We are confident this partnership will offer increased resources and support for our clients,” Donahoe said in a statement, noting shared values.
Including the acquisitions of StrategicIQ, with $1.5 billion in AUM, and EFP Advisors, with $250 million, Waverly has added nearly $2.5 billion in assets in 2024.
“The McShane team brings additional strategies to Waverly’s growing public and private market investment options,” said Waverly President Justin Russell. “As our firm continues to grow, we remain dedicated to providing unwavering service and greater opportunities for clients and team members.”
The deal, which closed April 5, represents Waverly’s 13th acquisition since taking on private equity partners Wealth Partners Capital Group and HGGC in late 2021 and embarking on an active inorganic growth strategy that helped the firm grow assets from around $3.5 billion to more than $11 billion.
Founded in 1999, Waverly now has 13 offices scattered throughout six southeastern states, four in the Midwest and one each in Texas and Colorado.
Fortis Capital Advisors Buys ClearPath Financial
Fortis Capital Advisors, a Kansas City-area RIA platform overseeing about $331.8 million for around 435 households and 10 retirement plans across ten branded practices, bought a Chicago-area RIA from Cetera Advisors.
ClearPath Financial, in Barrington Hills, Ill., is a four-person team led by Stan Nieminski and his daughter, Jessica Nieminski.
“This strategic alliance will bring numerous benefits to all parties involved, and we are genuinely excited about the opportunities that lie ahead,” Jessica Nieminski said in a statement.
Fortis CEO Robb Hagg and Stan Nieminski both noted alignment and synergies that exist between the two firms, and Hagg said he looks forward to building Fortis’ presence in the Chicago market.