Hightower Advisors added two extra companies with greater than $1 billion in property this week, totaling three billion-dollar-plus offers in June alone.
In different information introduced this week, SageView picked up a five-person workforce from institutional retirement planning agency RBG; a quartet of Securian advisors joined Advisor Group; Sowell Administration introduced over a Northeastern Arkansas workforce from Raymond James; and a husband/spouse workforce in California has joined Grove Level Monetary from IFG.
In the meantime, $31.5 billion AUM Oxford Monetary Group has expanded into the Southeastern U.S. with two new places of work run by Goldman Sachs and Bessemer Belief alumni, and CoastalOne has tapped Kevin Keefe—previously with Advisor Group, LPL and Cetera—to function CEO beneath the agency’s new proprietor, Orange Avenue Holdings.
In earlier reported information, Commonwealth picked up one other Securian workforce with $881 million in property.
Hightower Provides $3.2B AUM in Two Offers
Hightower Advisors introduced two extra acquisitions representing greater than $1 billion in property this week, bringing the Chicago-based RIA aggregator to a complete of three billion-dollar-plus offers this month.
A 14-person workforce managing round $1.6 billion in shopper property has left Avidian Wealth Options to launch a brand new RIA in partnership with Hightower, Presidio Wealth Companions.
Primarily based in Houston, Texas, Presidio is led by companions Cy Cattan, Scott Bishop, Robert Harris and Sarahbeth Pipkin.
The agency expects to leverage Hightower’s know-how, again workplace help, planning instruments and methods, in addition to expanded entry to non-public markets, in response to an announcement.
“Our partnership with Hightower Advisors means extra scale, extra concepts, and extra options for our purchasers,” the agency introduced on its web site. “With the capital, know-how, and human sources of Hightower, we are able to ‘in-source’ extra providers to assist serve purchasers higher.”
Meyer Capital Group, a $1.6 billion agency with places of work in Marlton, N.J. and Naples, Fla., joins the Hightower community with 17 staff, together with 10 advisors, serving greater than 800 purchasers.
Led by CEO Thomas Meyer, the agency was based in 1963 by Meyer’s grandfather as one of many nation’s first fee-only advisory practices. When Meyer stepped into his present position in 1982, the agency was managing some $2 million in shopper property.
“We have been searching for a companion that might help our progress whereas additionally understanding our deep roots that stem again to when my grandfather based the enterprise almost six a long time in the past,” Meyer stated in an announcement, citing the breadth of Hightower’s sources, providers and advisor neighborhood as engaging.
“And most significantly, this can give us extra time to concentrate on our purchasers,” he added.
Phrases of the offers weren’t disclosed, however Hightower CEO Bob Oros has stated that each one acquisitions contain a mixture of money and fairness.
Based in 2008, the Hightower community presently includes 133 companies in 34 states and the District of Columbia overseeing round $268 billion in suggested and managed property.
Associate companies have entry to an skilled mergers and acquisitions workforce, along with progress and observe administration sources, a know-how platform and an array of further providers.
SageView Advisory Group to Purchase $5.2B AUA Retirement Plan Biz
SageView Advisory Group will purchase the founding workforce of Retirement Advantages Group, a retirement plan consulting agency with $5.2 billion in property beneath administration and a rising wealth administration division with about $63 million in managed property.
Primarily based in San Diego, RBG co-founders Tony Franchimone and Larry Deatherage will develop into managing administrators at SageView, joined by Retirement Plan Guide Cory McCarthy, Wealth Advisor Winston Ventura and Shopper Companies Affiliate Rachel Corridor.
The workforce will proceed to construct out the wealth administration enterprise beneath SageView.
“SageView’s centralized help groups in observe administration, advisory providers, advertising and enterprise improvement present the help we have to proceed our progress and success serving retirement plan sponsors,” Franchimone stated in an announcement. “We can even be capable of evolve our wealth administration know-how and operations with SageView.”
Primarily based in Newport Seaside, Calif., SageView advises on 401(ok), 403(b), 457, outlined profit and deferred compensation plans, along with offering wealth administration providers. The agency acquired MJM401k in 2021, Channel Monetary and kPlans Funding Companies final 12 months to bolster its retirement division.
The RBG acquisition, anticipated to shut on the finish of the month, is the ninth SageView has introduced because it established a partnership with personal fairness agency Aquiline Capital Companions in early 2021. Presently, the agency oversees greater than $156 billion in suggested and managed property, per a current Type ADV submitting.
Former Securian Advisors Be part of Advisor Group Affiliate Capitol Monetary
Advisor Group, a community of impartial dealer/sellers and RIAs set to be unified and rebranded, introduced this week that John Amendola, Eric Owen, Michael Pugh and Steve Tanner have joined Capitol Monetary Options, one of many largest places of work beneath its subsidiary Royal Alliance.
The previous Securian Monetary advisors in Virginia and North Carolina add about $410 million in shopper property to Advisor Group, which includes eight companies with round 10,000 advisors overseeing greater than $560 billion in property.
Primarily based in Jersey Metropolis, N.J., Royal Alliance accounts for some 3,600 advisors managing $29.5 billion in property throughout lots of of particular person practices, per a current Type ADV. Capitol Monetary Options is an affiliated tremendous workplace of supervisory jurisdiction with greater than 50 advisors overseeing virtually $2.3 billion.
“Capitol Monetary Options has entry to industry-leading software program, highly effective in-house advertising and observe administration help, and a powerful, appropriate tradition,” Tanner stated in an announcement. “We have been additionally impressed by their substantial scale and sources.”
Owned by Reverence Capital Companions, all Advisor Group entities will probably be introduced beneath a single model and onto a shared platform over the subsequent two years. The brand new identify is ready to be introduced Wednesday.
Sowell Administration Provides Arkansas Advisor Group from Raymond James
Sowell Administration, an RIA partnership platform based mostly in North Little Rock, Ark., is including an impartial monetary advisory workforce in Rogers, Ark.
The acquisition brings $120 million in property and two advisors to the rising Sowell community. Previously Sector Grid Advisors, agency companions Bob Taylor and Tonya McKaughan left Raymond James earlier this 12 months and have since rebranded as Trek Wealth Options with Sowell’s help.
“Shifting our enterprise and dealing with an organization of Sowell’s caliber provides us and our purchasers the peace of thoughts that we have now a strong succession plan in place for what’s subsequent,” Taylor stated in an announcement.
Trek Wealth will proceed serving current purchasers, whereas additionally recruiting new advisors. The agency operates out of North Little Rock and has established an workplace in Rogers, Ark.
“We love Arkansas. It’s dwelling,” stated Sowell CEO Invoice Sowell. “I’ve been serving advisors and their purchasers right here since 1995. The Northwest a part of the state is anchored by nationwide and worldwide corporations like Tyson Meals, J.B. Hunt and Walmart, in addition to exploding with small companies and new inhabitants. We felt the time was proper to make a boots on the bottom dedication.”
With greater than 50 subsidiary companies and 80 advisors nationwide, Sowell Administration oversees some $4 billion in shopper property.
Husband and Spouse Group Joins Grove Level Monetary
Grove Level Monetary, a hybrid dealer/seller presently owned by Kestra Monetary, has added Paso Robles, Calif.-based Meritage Asset Administration Group.
Led by husband and spouse workforce Andrea and Kevin Klipfel, Meritage was established in 2013 on the Wells Fargo Advisors platform. In 2016, the agency jumped to LPL, the place it spent about three years earlier than transferring to Impartial Monetary Group in 2019. Together with Senior Administrative Assistant Mary Raggio, the workforce manages about $61 million in shopper property and is concentrated on retirement earnings and personalised monetary planning for purchasers each in and nearing retirement.
The agency plans to proceed rising its enterprise by increasing its shopper base nationally, in response to the announcement, and expects to leverage Grove Level’s back-office buyer help providers to spend extra time constructing shopper relationships.
Atria Wealth Options not too long ago introduced plans to purchase Grove Level from Kestra in a deal set to shut within the second half of this 12 months. Primarily based in Rockville, Md., Grove Level serves round 500 impartial monetary professionals with some $15 billion in shopper property.
Oxford Monetary Group Opens Places of work in Atlanta and Palm Seaside
Oxford Monetary Group, a multi-family workplace based mostly within the higher Indianapolis space, has established two new areas in Atlanta and Palm Seaside, Fla.
The Atlanta workplace with be led by managing administrators Parker Mitchell and Grayson Miller, each of whom joined Oxford early this 12 months from Bessemer Belief and Goldman Sachs, respectively.
Bart Francis, one other Bessemer Belief alum, will head up the Palm Seaside workplace together with Kevin Coquillette, a former vice chairman with Goldman Sachs Asset Administration who, in response to his LinkedIn web page, presently resides in Minneapolis.
With further places of work in Chicago, Cincinnati, Ohio; Minneapolis, Minn.; and Grand Rapids, Mich., Oxford oversees some $31.5 billion in property for greater than 700 households and establishments in 35 states.
A privately held and partner-owned enterprise, Oxford was based by CEO Jeff Thomasson in 1981 on the age of 21. Some 33 advisors, together with 20 managing administrators, provide funding advisory, household workplace and belief providers, along with institutional session for charities and retirement and pension plan suppliers.
“We’ve purposely saved the format, design and expertise the identical in constructing out our new areas in Atlanta’s bustling Buckhead district and within the coronary heart of Palm Seaside,” the agency stated in its annual report. “It’s one more step in our evolution from a Midwest-centric powerhouse to a nationally centered wealth administration workplace.”
CoastalOne Appoints Kevin Keefe as CEO
CoastalOne, a hybrid dealer/seller based mostly in Wilmington, Del., has appointed Kevin Keefe, former president and CEO of First Allied Securities, as its new CEO.
Keefe replaces Charles Reiling, who held the position for greater than eight years, following the agency’s current acquisition by Orange Avenue Holdings.
Previous to moving into the position in March, Keefe was a senior advisor for BNY Mellon. He has additionally held management roles at Advisor Group, LPL and First Allied Securities, the place he served as CEO throughout its integration into Cetera Monetary Group. At CoastalOne, he’s charged with strengthening the agency’s platform and providers for affiliated advisors.
Established in 1989, CoastalOne offers a service, operations, know-how and compliance platform for greater than 160 monetary advisors bringing in $70 million in annual income.
