This week in wealth management offers


    Acquisitions and mergers have been minor this week, but consultant recruitment has continued to be strong.

    Carson Group announced that Bain Capital has acquired a minority stake in RIA valued at $ 1 billion. Bain bought holdings from Carson’s previous private equity owner Long Ridge Equity Partners. Ron Carson, CEO and founder of the Carson Group, retains a majority stake in the Nebraska-based RIA.

    The Wealth Enhancement Group and Tiedmann Constantia also announced acquisitions this week, which you can see below.

    The advisor’s steps remain robust. LPL Financial caught a former team of Ameriprise Financial advisors in Hawaii. The new team, known as Pacstar Financial Group, had total client assets under management of $ 420 million and includes advisors Alan Kodama, Rose Antonio, John Araki and Thomas Lodico.

    Steward Partners, a subsidiary of Raymond James Financial, recruited its newest hires to help raise over $ 1 billion in assets under management. Within six weeks, the law firm brought seven new consultants along the east coast.

    A Tampa, Florida team with $ 2 billion under management moved from Bernstein Private Wealth Management to UBS Private Wealth Management. The new team brings six specialists to UBS. At around the same time, UBS gained a consultant, but also lost one. Klaudia Conradt left UBS to become independent with the Commonwealth Financial Network.

    In Miami, Insigneo, a broker / dealer and RIA, added a women-only team that manages $ 800 million in client assets. The team, known as Green Grove Wealth Management, provides services to approximately 400 high net worth households in numerous countries in Europe and America. She left Wells Fargo not long after the bank announced in January that it was closing its international wealth management unit. Wells said in its earnings report that it lost 10% of its consultant power since the second quarter of last year and 3% between the first and second quarters.

    Below are other advisor changes and acquisitions you may have missed in the week of July 15, 2021.

    WEG to acquire Houston Team for $ 513 million in AUM

    The Wealth Enhancement Group acquired Fitzgerald Wealth Management, a Houston-based company founded by Michael Fitzgerald in 2011. Fitzgerald adds $ 513 million to WEG’s total assets and increases WEG’s assets to $ 37.7 billion.

    Tiedmann Constantia expands on the London market

    Tiedmann Constantia, one of the largest independent wealth management companies in the United States serving wealthy families, trusts, foundations and foundations, has agreed to acquire a family office in London to expand its presence in the UK. Holbein Partners LLP brings Tiedmann improved cross-border skills and additional knowledge of European investment opportunities.

    Story Capital joins the Bahnsen Group

    Story Capital, a family-run team founded by Philip Barnhill, his wife Michele, and their son and senior advisor Stoddard, joined Bahnsen Group, an asset management company with $ 3 billion in assets under management. The Minneapolis-based practice serves C-suite clients.

    Farpointe Wealth Partners is recruiting three teams

    Farpointe Wealth Partners, a network company of the Cetera Financial Group, has opened additional offices with its new employees. Farpointe added Richardson Financial and Canyon Oak Financial of Los Angeles and Terzolo Financial Group of Syracuse, NY. The new offices collectively manage assets of $ 250 million.

    Former Managing Director of United Capital founds RIA

    Tom Garvey, who spent 11 years at United Capital and then Goldman Sachs after the acquisition, started his own company called LCR Wealth Management. The Connecticut consultant manages $ 110 million for high net worth investors and families, according to his latest ADV.


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