This week in wealth management offers: May 31 – June 4, 2021


    Selling and leaving in May is an old saying for the stock markets, but what about wealth management businesses and acquisitions?

    There were 15 RIA acquisitions in May, according to DeVoe & Company, and no M&A activity among independent brokers / traders according to Fidelity Investments.

    In the first week of June the pace sank to only two acquisitions, low numbers compared to the RIA activities of the previous weeks.

    Focus Financial acquired ARS Wealth Management to expand its presence in Florida. RIA’s $ 700 million under management plans to use Focus support to buy up companies in central and western parts of the state.

    In the Philadelphia area, Hoover Financial Advisors, which has $ 1.46 billion in assets under management, sold its company to the Wealth Enhancement Group to replace CEO Peter Hoover. WEG CEO Jeff Dekko said the acquisition tightens the network of teams in Pennsylvania.

    Compass Wealth Solutions moved from company to company from Raymond James Financial Services to the Advisor Group. The team manages $ 221 million in AUM.

    Further advisor changes for the week of May 31, 2021 are listed below:

    Six-strong team of advisors joins UBS

    San Francisco-based consultants John “JT” Davenport, Angela Colombani and Sean Livingston moved from JP Morgan Private Bank to UBS Private Wealth, where the team managed client assets of $ 10.5 billion.

    Chornyak & Associates leaves Commonwealth and joins Janney

    Janney Montgomery Scott added Chornyak & Associates, a team of eight that manages over $ 1.4 billion in client assets. The team came from the Commonwealth Financial Network and is based in Columbus, Ohio.

    Ridgway Private Wealth joins Kestra. at

    Ridgway Private Wealth, headquartered in Tucson, Arizona, joined Kestra Financial’s Private Wealth division. Ridgway is led by Gordon Reynolds, who managed $ 625 million in client assets at Wells Fargo Bank.

    Concurrent is recruiting seven teams of Wells Fargo consultants

    Concurrent, the independent subsidiary of Raymond James, has added 10 teams of consultants to its network. The new additions include seven teams from Wells Fargo, two Raymond James teams and one team from Morgan Stanley.

    The former Wells teams are San Diego-based Zach Yaklin of Wells Fargo Bank with $ 213 million in assets under management; Randy Sauer, based in Pittsburg, Can., Of Wells Fargo Advisors with assets under management of $ 191.8 million; Vikki Ciotti, based in Sarasota, Florida, with $ 65.6 million in assets under management; Clint Tighe and Rob Broome, based in Winter Park, Fla. With assets under management of $ 90 million; Jason Fernandez of Dallas for $ 56.5 million; Warren Bowman, based in St. Petersburg, Florida, with $ 80 million and Michael Cox of New Port Ritchey, Florida, and Nic Manns with $ 100 million AUM.

    Raymond James’ advisory teams include Michael Grover, Robert Powell, Justin Grover and Eric Taylor of Grover Financial Group in Modesto, California, with $ 311 million.

    And former Morgan Stanley advisor George Hoos in Sarasota, Florida joined them with $ 90 million in assets under management.

    Total assets under management are $ 1 billion.

    1792 Wealth Advisors brings on two experienced advisors

    1792 Wealth Advisors, backed by Raymond James, added two new advisors and added over $ 200 million to its $ 1 billion in assets under management. Advisor Elise Feldman from Raymond James came with $ 128 million AUM and Christopher Marlar, formerly with Ladenburg Thalmann, with $ 87 million AUM.

    Snowden Lane brings another Wells Fargo team on board

    Oliviera, Silva & Mogro Group joined Snowden Lane from Wells Fargo Advisors. The team, consisting of Joe Oliviera, Jorga Silva, Jessy Mogro and Ana Paula O’Keefe, managed $ 212 million at Wells Fargo.

    Sanctuary Wealth hires an experienced UBS advisor

    Matt Tucker joined Bowersock Capital Partners, an affiliate of Sanctuary Wealth in Lawrence, Kansas. Tucker joined Sanctuary from UBS Financial Services where he had $ 200 million under management.

    Ashley Dusek is leaving Blucoras Avantax for LPL Financial

    Consultant Ashley Dusek and her team from Benchmark Financial Services joined LPL Financial. The team is leaving Avantax Investment Services, Blucora’s wealth management business, where it managed client assets of $ 150 million.

    Truvium Wealth Management joins Stratos Wealth

    With $ 120 million in assets under management, Truvium Wealth Management joined Stratos Wealth Management’s independent network, led by Scott Gegerson. Gegerson comes from Truvium Financial Group, a practice at Park Avenue Securities, the broker / dealer and regulator of the Guardian Life Insurance Company of America.


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