This week in Wealth Management M&A.


    The first month of the second quarter closes with some sizable deals. Rockefeller Capital Management announced that another wirehouse team joined the company shortly before it launched in May. The fast-growing wealth management company has hired a team of five from UBS based in Newport Beach, California to manage $ 560 million in assets under management.

    Consultant Stefan Oglevee came to Rockefeller with consultant Janna Devine and Stefan “Max” Oglevee, his son. Customer service representatives Justin Medeiros and Rob Lindell have also joined.

    RBC Wealth Management has also put together a highly productive wirehouse team. The Canadian wealth manager’s US business has taken on a $ 2 billion AUM Illinois team from Merrill Lynch. In the independent broker / dealer space, a $ 2 billion team previously with the Advisor Group found a new home in Atria Wealth Solutions’ subsidiary Cadaret Grant.

    Summit Financial, backed by Merchant Investment Management, acquired a non-controlling minority stake in Kandor Global of Miami. The investment is Summit’s first goal to serve international customers.

    Earlier this week, the Wealth Enhancement Group agreed to purchase Pillar Pacifica Capital Management, a San Marino, California-based company with an AUM of $ 1.6 billion. WEG’s AUM will increase to $ 30.2 billion upon completion of the deal.

    Creative Planning, an RIA consolidator with an AUM of $ 76 billion, has added a new line of business and customer service: Company Reviews. Castle Wealth Advisors provides wealth management and business valuations for business owners looking to sell. Castle manages $ 320 million in AUM.

    Finally, LPL Financial’s Strategic Wealth Services added the $ 215 million AUM team of UBS advisor Chad Taylor.

    Below are more mergers, acquisitions, and advisor moves that you may have missed in the week of April 26, 2021.

    Steward Partners completes acquisition of Umpqua Investments

    Steward Partners Holdings has completed the acquisition of a broker / dealer and registered investment advisory firm from Umpqua Holding Corporation. The asset management firm is now being acquired by Steward Partners Investment Solutions and brings in $ 3.4 billion in client assets, increasing Steward’s assets under management to $ 22 billion and generating additional revenues of $ 15 million become.

    Sanctuary Wealth Nabs $ 1.5 billion in AUM Quorum Private Wealth

    A team of eight, led by consultants Mike Berry and Kelly Milligan, joined Sanctuary Wealth. The team manages over $ 1.5 billion worth of AUM and is from Merrill Lynch. This is Sanctuary’s largest recruit to date.

    Advisor Group adds $ 257 million in Securian assets

    Ambassador Wealth Management, based in Warrenville, Illinois, moved its business to the regulatory office of Woodburry Financial Services, NorthPoint Financial Group. Woodburry is a subsidiary of the Advisor Group. Phil Battin leads Ambassador and oversees $ 257 million client assets.

    Focus Financial acquires an Australian shop with two advisors

    Focus Financial Partners, an RIA acquirer with an AUM of $ 250 billion, agreed to acquire a 17-year-old Australian wealth management firm based in Newstead, Queensland. The company, known as Aspiri Financial Services, has 120 customers and is run by Gavin Kelly and his wife Sharon Kelly.

    Prospera Financial Services Adds Wells Team

    Prospera Financial Services has added $ 120 million to the AUM team in Aliso Viejo, California. Ossola Wealth Management is led by Anthony “Dean” Ossola, who previously worked at Wells Fargo Advisors.

    Ameriprise Financial loses two Wells Fargo FiNet advisors

    Seventy2 Capital, an independent retail practice on the Wells Fargo Financial Network, recruited Amy Roberts and Doug Stead from Ameriprise Financial. Consultants joined Seventy2’s Hunts Valley, Md., Location.

    LPL hires Wells Fargo’s Dennis Durocher

    LPL Financial has hired Dennis Durocher, who managed $ 90 million in advisory, broker and retirement assets for former employer Wells Fargo Advisors. The Menasha, Wisc. -based Durocher joined the LPL Linsco employee advisor model.

    Carson Wealth Partner Firm expands Chicago team

    Mark McCallum, a Carson Wealth Partner with a team of 11 managing $ 400 million, has hired Gregory Worcestor of LPL Financial.


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