This Week in Wealth Management Offers: June 6, 2021


    That week, Steward Partners sold a minority stake in its wealth management business to the Pritzker Organization, an investment firm for the heirs to Hyatt hotel assets, the Pritzker family. The Pritzker organization has invested $ 100 million in Steward and will have two seats on Steward’s board of directors.

    Protective Life Holdings, the parent company of insurance company Protective Life, consolidated three of its businesses, including its broker / trader ProEquities, to create a new competitor in the wealth management space. The new company will have $ 5 billion in AUM and $ 16 billion in AUA.

    WEG takes over MACRO Consulting Group

    A hybrid of $ 35.5 billion in assets, the Wealth Enhancement Group acquired an RIA based in Parsippany, NJ with $ 900 million in assets under management. Of the 24 employees who joined WEG in the transaction, five are financial advisors. WEG is back from TA Associates.

    Ameriprise Receives $ 800 Million on CUNA Mutual’s AUM Credit Union Team

    Ameriprise Financial has entered into an agreement with Randol Brooks Credit Union as a broker / dealer. The RBFCU will complete its move from CUNA Mutual by 2022. The new deal brings together RBCU’s 14 financial advisors, who manage total assets of $ 800 million in 61 offices across Texas.

    LPL Financial adds 3 advisors from Northwestern Mutual and 2 from Raymond James

    Four financial advisors joined Bleakley Financial Group, an LPL finance company, from Northwestern Mutual. Consultants John Patterson, Steve Owings, Joe Patterson and McKee Nunnally managed approximately $ 420 million in advisory, brokerage and retirement assets. They are going to open a new office in Atlanta.

    Consultants Mike Fuller and Rob Barber joined LPL and became Perennial Financial Services. The duo, who came from Raymond James, managed $ 155 million in advisory, brokerage and retirement services. The team is based in Arroyo Grande, California.

    Advisory group recruits 5 advisory teams

    The Advisor Group assembled five teams of advisors to oversee total client assets of $ 331 million. SagePoint Financial, a network member of the Advisor Group, includes Granite Vista Financial, founded by David “Chris” Benson in Phoenix; Perfected Wealth Management, led by Daniel Campbell in Huntington Beach, California; Bridges Wealth Management, headed by Eric King in Corvallis, Oregon; Legacy Financial Advisors, Inc., headed by Kenneth Moran of Lynnfield, Massachusetts; and Tartarini Financial Services, a Woburn, Massachusetts company owned by Richard Tartarini.

    Former RBC advisor moves to TruClarity Wealth Advisors

    Consultant Matthew Chester in Stockbridge, Massachusetts founded his company Tableaux Wealth Management with TruClarity Wealth Advisors. Chester supervised $ 133 million in assets under management at RBC Wealth Management.

    Consultant Daniel Limmer opens Procyon Partners in West Palm Beach

    Daniel Limmer, who managed $ 70 million in client assets for Planning Solutions in his Long Island office, joined Procyon Partners, a $ 4.5 billion company. Limmer will build Procyon’s West Palm Beach, Florida site.

    Kestra adds Marc Goldstein Associates

    Consultant Marc Goldstein and his firm Marc Goldstein Associates joined Kestra Financial from Principal Securities. The firm is based in New York City.

    First Republic pulls JP Morgan as Vice President

    Terance Takyi, formerly JP Morgan, moved to First Republic’s New York office. He brings 15 years of industry experience and will hold the title of Managing Director and Asset Manager.


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