This Week in Wealth Management Deals


    The wealth management industry saw another record number of deals in the first quarter: 76 mergers or acquisitions according to Echelon Partner’s Echelon RIA M&A Deal Report for the first quarter of 2021. Given the slow crawl in April versus January, it looks like whether the second quarter might not be so active.

    In the second week of April, Integrated Partners hijacked Reserve Investments from another LPL Financial partner, Level Four. Reserve founder Mark Mitamura said he plans to make $ 1 billion in assets under management through acquisitions using business solutions from Integrated Partners.

    Snowden Lane Partners recruited another Wells Fargo team after Wells closed its international business. The new team, a practice that has managed $ 100 million, is led by Alfredo Garcia and is based in New York City.

    Below are more mergers, acquisitions, and advisor moves that you may have missed in the week of April 5, 2021.

    Atria Wealth Solutions Completes Acquisition of SCF Securities

    Atria Wealth Solutions, a New York City-based wealth management services holding company, announced the acquisition of SCF Securities, an independent broker / dealer and registered investment advisory firm with approximately 150 financial advisors. SCF is the sixth broker / dealer to be acquired by Atria, joining Cadaret, Grant & Co. Inc., NEXT Financial Group, Inc., Western International Securities, Inc., CUSO Financial Services, LP and Sorrento Pacific Financial, LLC. Atria Wealth Solutions now has approximately 2,500 advisors and $ 95 billion in assets under management.

    Texas Company is deepening Sanctuary Wealth’s presence in the Southwest

    Sanctuary Wealth has hired John Frakes and his firm Clayboun Frakes Wealth Advisory Services. Frakes had been with UBS for 11 years. Claybourn Frakes joins Sanctuary’s independent network 46 partner companies in 18 countries with advised assets of over 15 billion US dollars.

    Raymond James attracts $ 686 million in assets

    Raymond James affiliate Boston Harbor Wealth Advisors increased its AUM to $ 2.7 billion after hiring four teams of advisors who collectively managed $ 686 million in assets. In Fairfield, Connecticut, IST Group advisors Bill Sherlach, Jim Mead and Sal Trombetta come from Morgan Stanley, where they managed $ 336 million in assets. OnPoint Wealth Partners, a Cleveland, Ohio company comprised of Brian Marino and Gene Craciun, joined MML Investors where they managed $ 250 million in assets. Jeffrey Fitz of Manor, NY, came from Merrill Lynch, where he managed $ 50 million, and John Meakin, of Beverly, Massachusetts, from LPL Financial, where he also managed $ 50 million.

    LPL Financial Recruits 101 year old company

    CR Davis & Company, an independent broker / dealer founded by C. Russel Davis in 1920, has joined LPL Financial. Springfield, Illinois, manages $ 110 million in AUM and is headed by the founder’s grandson, Jeffrey Gibbs, and financial advisor Brad Welker.

    Woods Financial Group joins LPL Financial

    Advisor Joel Woods joined LPL from Concorde Investment Services where he managed advisory, broker and pension plan assets of $ 130 million. Wood Financial Group is based in Fort Worth, Texas.

    The Rixse Todd Group joins Baird

    Kellie Rixse and Jeff Todd of the Rixse Todd Group in Anchorage, Alaska, joined Baird’s private wealth management business, adding $ 215 billion to client assets. The duo manages $ 200 million in AUM.

    Former First Republic advisors set up Audent Capital Partners

    Consultants Michael Winn and Paul Feinstein, formerly at First Republic Securities, founded their own wealth management firm in Los Angeles with Brian Weiner, who founded an apartment building called BW Consulting. Audent Capital Partners is home to Audent Family Wealth Advisors and Audent Global Asset Management, two companies that represent over $ 2 billion in advised assets.

    Wagner Wealth Management is associated with Arkadios Capital

    Arkadios Capital, a hybrid registered investment advisor and broker / dealer, has added Wagner Wealth Management in Greenville, SC to its platform. Wagner, led by Dan Wagner Sr., manages AUA for $ 470 million and is from Triad Advisors.

    Apella Capital Adds Atlanta Firm with an AUM of $ 73 million

    Apella Capital and RIA, with an AUM of $ 1.6 billion in Glastombury, have Conn. Phil Calandra from Calandra Financial added to their platform. Calandra is based in Atlanta and has $ 73 million in client assets under management.

    Blucora’s Avantax is recruiting Legacy Capital Advisors

    Technology provider Blucora’s asset management unit, Avantax, has hired a former LPL finance team. Legacy Capital Advisors, comprised of managing partners Chris Kirkland and Kevin Kelly, is an Atlanta-based company that manages $ 126 million in client assets.

    Drive Wealth Advisors acquires Magellan Capital

    Drive Wealth, an AUM Salt Lake City-based company with sales of $ 800 million, announced the acquisition of Magellan Capital. The new company includes consultants Daniel Reid and Jeff Ingersoll and manages $ 18.5 million in AUM, according to ADV filing in March 2020.


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