This Week in Wealth Management Offers: June 28, 2021


    This week was another active month for mergers and acquisitions and advisor changes.

    DeVoe & Company, an investment bank and advisory firm, tracked 13 registered investment advisory transactions during the month. This number contributed to another record: DeVoe & Co. reported that in 2021 they had reached 100 deals within six months. In previous years such as 2020 and 2019, transactions climbed to 100 by October. In 2018, DeVoe reached 100 in December.

    In the last few days of June, Radnor Financial Advisors was acquired by CI Financials. Based in Wayne, Pennsylvania, the company has $ 2.6 billion in client assets and became CI Financial’s 19th company. Another RIA consolidator, Focus Financial Partners, bought Badgley Phelps Wealth Managers in Seattle.

    Also that week, Savant Wealth Management re-entered acquisition mode, buying AMDG Financial, an RIA that manages $ 250 million in assets in Plymouth, Michigan.

    LPL Financial has gained a number of teams among the consultant changes. Former Wells Fargo consultants Steven Carlsen and Sathya Chey launched Arise Wealth Management through LPL’s Strategic Wealth Services. LPL’s partnership with insurance broker HUB International has added Brandon Chase to their growing team of advisors.

    Below are more consultant moves and takeovers you may have missed in the week of June 28, 2021.

    Boston Private is off the market

    SVB Financial, the parent company of Silicon Valley Bank, announced that it has completed its transaction to acquire Boston Private Financial Holdings, which includes a private banking and wealth management business. Anthony DeChellis, CEO of Boston Private, has been appointed CEO of SVB Private Banking and Wealth Management.

    CI Financial completes acquisition of Dowling & Yahnke. from

    Dowling & Yahnke, an RIA based in San Diego, California, is now owned by CI Financial. CI announced the acquisition in May and the transaction closed in late June. Dowling & Yahnke has approximately $ 5.1 billion in assets under management, growing CI’s assets to $ 244 billion worldwide and $ 65 billion in the US

    Focus Financial acquires two companies

    Focus Financial Partners, a global asset management company consolidator, has agreed to acquire two companies. Arizona-based Sonora Investment Management, an RIA with $ 1.35 billion in assets, joins Focus as a partner firm. Focus also announced a sub-acquisition by one of its partner firms, Maryland-based XML Financial Group, which acquired Collins Investment Group, a Bethesda, Maryland-based RIA.

    WealthSource is hiring $ 70 million consultants in Fort Worth

    WealthSource, an independent RIA with $ 1.7 billion in assets, hired advisor Graham Marshall as its wealth advisor. Marshall, who is based in Fort Worth, Texas, joins from Raymond James Financial Services, where he had approximately $ 70 million in assets under management.

    Considerable acquisition of Brighton Securities

    Brighton Securities, a Rochester, NY-based asset management company, acquired Worth Considering, another Rochester-based RIA. Consideration has approximately $ 55 million in assets under management, according to its most recent ADV filing. The company will become Brighton Securities Capital Management, where it will provide investment advisory and portfolio management services to financial advisors and retail clients.


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