This week in wealth management offers


    This week’s deals included a return from the Captrust and Wealth Enhancement Group, an acquisition of HUB International, and a new RIA launched by former Merrill consultants.

    One of the largest RIA acquirers, Captrust, acquired Nachman Norwood & Parrott Wealth Management and, along with a team of 17 financial professionals, gained $ 2.1 billion in assets under management. TA Associates-backed Wealth Enhancement Group bought Oakwood Capital Management. The purchase adds $ 1.04 billion in client assets to its assets under management and doubles WEG’s presence in the Southern California area.

    HUB International, a global insurance company, acquired the operating subsidiaries of TCG Holdings for AUM 4.6 billion.

    The RIA welcomed a new addition, Kickstand Wealth Advisors. Two former Bank of America advisors, Merrill Lynch, Chad Goodchild and Jacob Schlicht, founded a consultancy firm in Pittsford, NY through TruClarity Wealth Advisors.

    Below are other offers you may have missed during the week of June 5, 2021.

    The Colony Group acquires new Providence Asset Management

    Consulting firm The Colony Group has agreed to acquire New York City-based New Providence Asset Management. The deal will add 16 offices and more than 275 employees. It would add $ 2.8 billion to the colony’s AUM from $ 13 billion.

    First United takes minority stake in Exencial Wealth Advisors

    First United Bank, one of the largest community banks, acquired a minority stake in Exencial Wealth Advisors. Exencial Wealth Advisors, with nearly $ 4 billion in assets under management, gains access to First United’s retail, commercial, insurance and mortgage services. In return, First United receives wealth management, estate planning, tax and accounting services.

    Mariner takes over allegiant Private Advisors

    Mariner Wealth, a national company based in Overland Park, Can., Agreed to acquire Allegiant Private Advisors based in Sarasota, Florida. Allegiant will be Mariner’s third Florida company with $ 1 billion under management to 500 clients.

    LPL is dismantling another wirehouse consultant: Joseph Myer

    Advisor Joseph Myer, who managed total client assets of approximately $ 250 million at Bank of America Merrill Lynch, has moved to LPL Financial. Myers and Teresa Gentry, Director of Client Experience, have joined the LPL platforms Broker / Dealer, Corporate RIA and Custodial and will operate under the name Veritas Capital Management. The Ashburn, Va. Consultant joined LPL and worked with Gladstone Wealth Partners.

    Morgan Stanley loses a Louisiana consultant to Ameriprise

    Shreveport, LA-based advisor Ryan Thompson moved his practice to the Ameriprise Financial platform. He joined Morgan Stanley where he managed $ 110 million in client assets.

    Former International Wells Fargo advisor finds new home at Laidlaw Wealth Management

    John W. Cross of Coral Gables, Florida moved his international business to Laidlaw Wealth Management. In addition to advisor Philip Morrissey, who joined Laidlaw’s 2020 acquisition of Naples Wealth Planning, Cross will be based in Laidlaw’s newest location in Miami.

    GCG Wealth Management recruited by Wells Fargo Advisors

    Advisor Jonathan Metzger joined GCG Wealth Management, a subsidiary of Woodbury Financial Services, which is itself a subsidiary of the Advisor Group. Previously, he was with Wells Fargo Advisors for eight years and had $ 80 million under management.


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