This Week in Wealth Management Deals: May 10, 2021


    Several deals hit the wire this week.

    Canadian serial RIA acquirer CI Financial announced that it has entered the San Diego market and added Dowling & Yahnke, an RIA with $ 5.6 billion in assets under management, to its portfolio.

    A $ 3 billion AUM regulatory LPL tax office acquired US financial advisors in Braintree, Massachusetts. The company has approximately $ 750 million in client assets.

    Legacy One merchant-backed financial advisors merged with Patrick Mendenhall’s Texas-based RIA. US capital advisor. The merger creates one of the largest RIAs in Texas, with assets of $ 5.6 billion following the transaction.

    Another Canadian company that expanded its US arm, RBC Wealth Management, acquired a Princeton, New Jersey company that managed $ 1.6 billion AUM and UBS Wealth Management USA assets, foundations and over $ 5 billion in pension trusts.

    Below are more mergers, acquisitions, and advisor moves that you may have missed in the week of May 10, 2021.

    JFS Wealth Advisors to acquire Integer Wealth Advisors

    Financial partner JFS Wealth Advisors has agreed to acquire Integer Wealth Advisors based in Philadelphia and Atlanta. Integer has $ 2.8 billion in assets under management and is aimed at high net worth individuals and families. Details of the transaction were not disclosed.

    United Community Banks expands advisory business with FinTrust Capital Partners

    United Community Banks will acquire FinTrust Capital Partners, a hybrid RIA and broker / dealer company headquartered in Greenville, SC. FinTrust has $ 2 billion in client assets under management and has additional offices in Anderson, SC, as well as Athens and Macon, Ga. The acquisition will close in the third quarter of this year.

    JP Morgan lands two teams in Miami and New York

    Donohue Group joined JP Morgan Wealth Management in Palm Beach Gardens, Florida. Advisors Mark Donohue and Gordon Sommer, and associates Butch Massaro and Steven Olson, came from Morgan Stanley, where they managed $ 1.1 billion in AUM with $ 6.4 million in follow-up profit.

    Keith Ward, advisor, also joined JP Morgan Wealth Management in New York. He joined Merrill Lynch where he managed $ 230 million in client assets.

    UBS loses Michigan team to reach financial summit

    Farmington Hills, Michigan advisor Monish Verma started Vardhan Wealth Management with Summit Financial, a New Jersey-based RIA backed by Merchant Investment Management. Verma, who previously managed $ 375 million at UBS, is supported by Renee Wahl, Director of Operations and Kory Frost, Director of Planning and Strategy.

    Pallas Capital Advisors adds former $ 300M AUM UBS team

    A four-person Boston team led by advisor Joseph Cullen has left UBS Financial Services for Pallas Capital Advisors, an RIA that manages $ 720 million in client assets. Cullen had $ 300 million under management at UBS. He is joined by Shannon Smith, Ali Laflamme and Ryner Gorowsky.

    LPL Financial to withdraw Florida Advisor from UBS

    Jeffrey Schiffman, who administered $ 150 million at UBS, has joined LPL Financial’s new Linsco employee advisor affiliation of LPL Financial. Schiffman is based in Palm Beach Gardens, Florida.

    Commonwealth loses 20-year veterans to LPL

    Glenn “Robert” DeHollander of Greenville, SC, moved his faith-based company from the Commonwealth Financial Network to LPL Financial. DeHollander manages $ 130 million in assets across wealthy families, individuals, small businesses, churches, and civic organizations.

    Connecticut Advisor is moving to Commonwealth

    FS Financial, a Southington, Connecticut-based team led by consultants Aaron Sehl and Vincent Feijoo, joined the Commonwealth Financial Network. The team moved from Wells Fargo Advisors, where they managed $ 200 million AUM, with 75% paid.

    Crosstown Financial Advisors sheds Waddell & Reed for Ameriprise

    Sugar Grove and Lisle, Illinois Crosstown Financial Advisors have joined Ameriprise Financial’s independent channel. The company joined Waddell & Reed’s asset management unit, which will be acquired by LPL Financial.

    Advisory group recruits father-son team

    Father-son duo Tor and Tyler Saile left the broker / dealer LPL finance and advisory firm Sequoia Wealth Management for Triad Advisors, a subsidiary of the Advisor Group. The Scottsdale, Arizona-based practice oversees AUM for $ 150 million.

    Snowden Lane brings in another Wells Fargo advisor

    Snowden Lane Partners recruited Marivi Rodriguez. The advisor managed $ 71 million in Wells Fargo Advisors’ recently decommissioned international wealth division.


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