This Week in Wealth Management M&A Deals


    Mergers and acquisitions increased this week.

    Sequoia Financial, an Ohio-based advisory firm considered a company by DeVoe & Company, announced plans to acquire Wealthstone Advisors. Upon completion of the transaction, Sequoia will have assets under management exceeding $ 7 billion.

    Just before technology provider Blucora closed its proxy, which turned into a public spectacle, news came of a potential buyer for its wealth management business, Avantax Wealth Management. Golden Gate Capital, a private equity firm, made an offer to acquire the tax-focused broker / trader.

    The movement of teams of consultants between wirehouses and into the independence space continues on a strong path. UBS Private Wealth announced the recruitment of two multi-billion dollar teams in South Florida from key competitors, and Steward Partners attracted Morgan Stanley to a $ 500 million AUM team.

    Below are more mergers, acquisitions, and advisor moves that you may have missed in the week of April 19, 2021.

    TS Prosperity Group takes over Callahan Financial Planning

    Callahan Financial Planning, an RIA headquartered in Omaha, Neb., Announced that it will merge with TS Prosperity Group, the escrow division of TS Bank based in Treynor, Iowa. The combined company would have approximately $ 450 million in client assets under management. Callahan Financial, a company with offices in California, Nebraska, and Colorado, will operate as a separate division of TS.

    Beacon Pointe Advisors takes over DR Saur Financial

    DR Saur Financial, a $ 230 million AUM company led by Dan and Lisa Saur, is the second Dallas company to join Beacon Pointe Advisors.

    RBC lures $ 550M AUM team from Merrill

    MMC Group, a team of four based in Jericho, NY, left Bank of America Merrill Lynch for RBC Wealth Management. Consultants Michael Meehan, Michael Meyers and Kevin Clark join forces with Senior Client Associate Lori Battista.

    Merrill loses $ 400 million AUM team to Sanctuary Wealth

    JDK Wealth Advisors, a San Antonio-based team that includes Brad Johnson, Randy Daniels, and Jonathan Klug, has joined the growing list of advisory teams that are leaving Bank of America Merrill Lynch.

    UBS lures Ohio team from JP Morgan Private Bank

    UBS Private Wealth Management recruited Allen Zaring and Tim Bayer of Families & Foundations Investment Group from JP Morgan Private Bank. The team offers services for families and institutions with multiple generations.

    Wells Fargo FiNet loses $ 400 million AUM team to LPL Financial

    Lereah Financial Group of Red Bank, New Jersey, joined LPL Financial from Wells Fargo Advisors Financial Network. Advisor Evan Lereah has $ 400 million in advisory, broker and pension plan assets.

    LPL is recruiting a $ 550 million team from the Advisor Group

    Walnut Beech Advisors, a prudential office that previously worked for Royal Alliance, a broker / dealer on the Advisor Group network, has joined LPL Financial’s B / D, Corporate RIA and Custodial platforms. Walnut Beech is led by Tim Maurer and partner Rick Betancourt and has client assets of $ 550 million.

    Ameriprise adds two practices with a combined AUM of $ 232 million

    Steve Potter, a Charleston, SC-based advisor, joined Morgan Stanley where he managed $ 125 million in client assets. Consultants Frank Gordon and John Beninato of Red Bank, New Jersey, came from MassMutual, where they managed $ 107 million in client assets.

    Advisory group adds two companies in Pennsylvania

    GL Capital and East Coast Advisory have joined the Advisor Group. GL Capital, a Lemoyne, Pennsylvania-based company led by 22-year-old industry veteran Matthew Granite, joined Triad Advisors, a network company of the Advisor Group, from Ameriprise Financial. GL Capital manages $ 175 million.

    Advisor to Ed Campbell in West Chester, Penn. also came to Triad from the Commonwealth Financial Network. He and three other members manage $ 148 million.

    Select Wealth Advisers Leaves Cambridge for the Integrated Advisors Network

    Integrated Advisors Network added Select Wealth Advisers, a Henderson, Nevada-based company led by Mitchell Horst. Select Cambridge Investment Research Joins.

    Snowden Lane brings on additional advisors from Wells Fargos International Wealth Unit

    540 Madison Wealth Advisors Group, formerly Wells Fargo Advisors where it oversaw $ 400 million in total client assets, has joined Snowden Lane Partners. 540 Madison is based in New York City and focuses on international clients.

    The seven-person NYC team is moving from Morgan Stanley to the First Republic

    Advisors Ed Wentzheimer, Howard Horowitz, Jeffrey Rozenberg, Michael Yeung, Sebastian Komuda and two support staff joined First Republic Investment Management from Morgan Stanley.

    Goldman Sachs Advisor Launches New RIA with LCR Capital Partners

    Advisor Tom Garvey, formerly an investment advisor to United Capital and following the acquisition of United by Goldman Sachs Personal Financial Management, joined LCR Capital Partners and founded LCR Wealth Management in Westport, Connecticut.


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