Asset Management

NewEdge Capital: About $5.5 Billion In Expected Assets Recruited In First Half Of 2024

By Amit Chowdhry ● Aug 22, 2024

NewEdge Capital Group, a leading and rapidly growing wealth management firm supporting successful financial advisors nationwide, announced that successful organic growth and recruiting efforts have put the firm on pace for another record year of growth. As of June 30, 2024, NewEdge Capital Group’s total client assets serviced are over $55 billion, with a substantial part of that figure coming from successful recruitment efforts.

RIA Crux Wealth Advisors Launches With First Tranche Of $1 Billion

By Amit Chowdhry ● Aug 22, 2024

Crux Wealth Advisors announced their official launch as a hybrid Registered Investment Adviser and full-service wealth management firm. After two years of due diligence and preparation, this now fully autonomous firm launched with its first tranche of $1 billion in client assets under management (AUM) in a planned multi-phase transition strategy to minimize client and business disruption while also allowing for equally as efficient transitions in the coming months.

Equita Financial Adds Three New Member Firms

By Amit Chowdhry ● Aug 21, 2024

Equita Financial Network, a privately held entity that offers a proven business platform for women-led, independently owned, and operated fee-only financial planning firms, announced three new member firms have joined its signature platform, bringing the number of signature firms to ten. Mountain Wealth Planning, led by Amy Hamasaki, CFP; Equila Financial, led by Ann J. Shubert, CFP; and Your Story Financial, led by Shehara Wooten, CFP, have all been added to the Equita community in recent months.

HarbourVest Partners: 11th Private Equity Secondaries Fund Closed At $18.5 Billion

By Amit Chowdhry ● Aug 21, 2024

Independent private markets asset manager HarbourVest Partners announced the final closing of its eleventh dedicated private equity secondaries fund, Dover Street XI. This fund was oversubscribed and closed at its hard cap of $15.1 billion, including the General Partner’s commitment. Plus, the firm held a final close for Secondary Overflow Fund V at $3.4 billion for secondary co-investment opportunities.

GoldenTree: Avineet Punhani Named As Principal

By Amit Chowdhry ● Aug 21, 2024

GoldenTree Asset Management - a global asset management firm with about $55 billion in assets under management (AUM) - has announced the hiring of Avineet Punhani as Principal. And he will be based in the firm’s New York office and will report to Grady Frank, Partner and Head of Private Credit Origination.

LPL Financial Brings Back $535 Million Harbor Lights Financial Group Team

By Amit Chowdhry ● Aug 21, 2024

LPL Financial announced that the founders, financial advisors and staff with Harbor Lights Financial Group returned to LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $535 million in advisory, brokerage, and retirement plan assets and joined LPL from Wells Fargo FiNet.

Abacus Life Acquires $600 Million FCF Advisors Team

By Amit Chowdhry ● Aug 21, 2024

Alternative asset manager Abacus Life announced a definitive agreement to acquire FCF Advisors, a New York-based asset manager and index provider specializing in free cash flow-focused investment strategies. The acquisition of FCF - which has approximately $600 million in assets under management - is aligned with Abacus’ ongoing expansion of ABL Wealth and its suite of products.

Summit Trail: $500 Million Advisor Paul Hoskin Joins As Partner

By Amit Chowdhry ● Aug 21, 2024

Summit Trail Advisors, a leading boutique wealth management firm with $18 billion in assets under management, announced that Paul D. Hoskin, CFP, has joined the firm as Partner and Advisor in Newport Beach, California.

Janus Henderson Buying Majority Stake In Victory Park Capital

By Amit Chowdhry ● Aug 21, 2024

Global active asset manager Janus Henderson Group announced that it has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC), a global private credit manager with a nearly two-decade-long track record of providing customized private credit solutions to both established and emerging businesses. And VPC complements Janus Henderson’s securitized credit franchise and expertise in public asset-backed securitized markets and further expands the company’s capabilities into the private markets for its clients.

Journey Strategic Wealth Brings In $200 Million Advisor

By Amit Chowdhry ● Aug 21, 2024

Journey Strategic Wealth, a national RIA for independent advisors, announced the addition of the MDL Wealth advisory team, including founder Michael LaBarbera, advisor Ted Albrecht, and service advisors Carol Liddy and Sheila Meneses, bringing Journey's total AUM to $3.7 billion.

Summit Financial Brings In $400 Million Meeder Wealth Management Team

By Amit Chowdhry ● Aug 21, 2024

Summit Financial, a leading architect of advisor success and client satisfaction for over four decades - in collaboration with Merchant Investment Management - announced that it has acquired an equity stake in the wealth management arm of Meeder Investment Management.

Ameriprise Financial Brings In $1.5 Billion Q5 Wealth Management Team

By Amit Chowdhry ● Aug 21, 2024

Q5 Wealth Management, a financial advisory team managing $1.5 billion in client assets in Beaumont and Houston, Texas, recently joined the independent channel of Ameriprise Financial from UBS Financial Services. And financial advisors Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia, and Brad Klein conducted an extensive search for a new broker-dealer and chose Ameriprise for the firm’s robust resources to elevate their high-net-worth clients’ experience and significantly scale their practice. These advisors were specifically energized by Ameriprise’s innovative and fully integrated digital capabilities that will consistently make it more efficient in exceeding clients’ expectations.

Raymond James Brings In $290 Million Advisor Team And $150+ Million FA

By Amit Chowdhry ● Aug 21, 2024

Raymond James announced a couple of major hires. This includes a $290 million advisor team and a $150 million financial advisor.

LPL Brings In $725 Million FA Alberto Francis

By Amit Chowdhry ● Aug 21, 2024

LPL Financial announced that financial advisor Alberto Francis has joined LPL Financial’s high-net-worth-focused employee affiliation model, LPL Private Wealth Management, to launch Rockview Private Wealth. And he reported having served approximately $725 million in advisory, brokerage and retirement plan assets and joins LPL from Bank of America Private Bank.

Commonwealth Financial Brings In $630 Million Krueger Team

By Amit Chowdhry ● Aug 21, 2024

Commonwealth Financial Network, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, announced that Krueger Financial Services of Tempe, Arizona, has joined its network of independent financial advisors. Formerly affiliated with Osaic, the team reported serving over $630 million in client assets. The advisors include Kim Krueger, CFP, Eric Krueger, CFP, and Tim Hill, CFP, on the staff of nine.

LPL Brings In $615 Million Wealthstead Financial Advisors Team

By Amit Chowdhry ● Aug 21, 2024

LPL Financial announced that financial advisors Jason Walker, Vladimir Nikitenko, CFP, H. Scott Braswell, Rosty Tkachenko, and John Hydrick, CFP, have joined LPL Financial’s broker-dealer, RIA, and custodial platforms, which are aligned with existing firm Integrated Financial Group (IFG). They reported serving approximately $615 million in advisory, brokerage, and retirement plan assets and joined LPL from Lincoln (now part of Osaic).

Kestra PWS Brings In $87 Million Advisor Rachel Eisenhart

By Amit Chowdhry ● Aug 18, 2024

Kestra Private Wealth Services (Kestra PWS), a registered investment adviser subsidiary of Kestra Financial has welcomed Rachel Eisenhart CFP, ChFC, AAMS to its community of independent financial professionals, in partnership with Alexandria, Virginia-based HF3 Wealth Partners (HF3), which joined the Kestra network in 2022.

The Retirement Planning Group Brings In $180 Million Watters Financial Team

By Amit Chowdhry ● Aug 14, 2024

Cetera Holdings announced that Cetera's employee-based RIA The Retirement Planning Group (TRPG) has acquired Watters Financial Services. With about $180 million in assets under management (as of March 31, 2024), the father-son team at Watters Financial Services is based in Paramus, New Jersey and led by Tim Watters, CFP, and Colin Watters, CFP, (father and son, respectively).

Ameriprise Financial Brings In $150 Million Advisor

By Amit Chowdhry ● Aug 14, 2024

Financial advisor Michael Walstien has recently joined the branch channel of Ameriprise Financial from UBS Financial Services with $150 million in assets in Wayzata, Minnesota.

Bluespring Wealth Partners Buys $1.35 Billion Rodgers & Associates Wealth Advisers

By Amit Chowdhry ● Aug 14, 2024

Bluespring Wealth Partners, a leading acquirer of independent RIAs and hybrid wealth management firms, announced the acquisition of Rodgers & Associates Wealth Advisers (Rodgers & Associates), a wealth management firm specializing in retirement planning based in Lancaster, Pennsylvania. This deal comes shortly after Bluespring’s fifth anniversary celebration and brings the company’s community of partner firms to 27 total.

LPL Brings In $180 Million SoundWay Financial Team

By Amit Chowdhry ● Aug 12, 2024

LPL Financial announced that financial advisors with SoundWay Financial have joined LPL Financial’s broker-dealer, RIA and custodial platforms - which is aligned with existing firm Balmville Wealth Group (BWG). And they serve about $180 million in advisory, brokerage and retirement plan assets* and join LPL from Cetera.

CapTrust Surpasses $1 Trillion In Client Assets

By Amit Chowdhry ● Aug 12, 2024

CAPTRUST Financial Advisors announced a major milestone: surpassing $1 trillion of total client assets as of June 30, 2024. Launched in Raleigh, North Carolina, CAPTRUST has grown to a national firm with clients in all 50 states.

Robertson Stephens Brings In $530 Million Ratio Wealth Team

By Amit Chowdhry ● Aug 11, 2024

Robertson Stephens Wealth Management announced its fourth acquisition of the year and strategically expanded its presence in Colorado with the addition of Ratio Wealth Group, an SEC-registered investment advisor managing over $530 million in advisory assets. And Derek Scarth and Graham Gerlach, co-founders of Ratio Wealth Group, join Robertson Stephens with their team, including Josh Freedman, Nancy Kimball, Becky Neils, Jen Padgett, Jack Seavall, and Shawn Wallace.

Avantax Brings In $150 Million S&P Financial Services And $300 Million Noble Oak Teams

By Amit Chowdhry ● Jul 31, 2024

Avantax, a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management, announced two major acquisitions: S&P Financial Services and Noble Oak.

World Investment Advisors Brings In $3.5 Billion Boston Harbor Wealth Advisors Team

By Amit Chowdhry ● Jul 25, 2024

Leading financial advisory firm World Investment Advisors (formerly Pensionmark) announced that it has acquired Boston Harbor Wealth Advisors (BHWA), an independent financial services firm located in Westborough, Massachusetts. Specializing in comprehensive financial planning and goal-oriented investment management for individuals, families and businesses, BHWA has more than $3.5 billion in assets under management (AUM), 76 team members, and 15 offices across the Northeast and Ohio.

Avantax Adds $150 Million S&P Financial Services Team

By Amit Chowdhry ● Jul 25, 2024

Avantax - a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management - announced it welcomed financial advisors John Surace, Kelly Powers and their S&P Financial Services team (based in Hauppauge, New York in the heart of Long Island). And transferring to Avantax from Osaic, the team has approximately $150 million in client assets under administration as of June 2024.

Serenus Wealth Advisors Launched By $1.2 Billion Team

By Amit Chowdhry ● Jul 25, 2024

Kara Boccella (a seasoned wealth advisor) and Devon Galindo, CFP, ChFC, AIF (a wealth advisor with 15+ years of experience serving high-net-worth clients) announced the launch of Serenus Wealth Advisors. The Santa Monica-based independent firm is focused on serving as a trusted partner for legal professionals, executives, entrepreneurs, and high-net-worth individuals and families nationwide.

Cetera Brings In $325 Million AUA Team

By Amit Chowdhry ● Jul 25, 2024

Cetera Financial Group announced that a nine-person team doing business as Rally Wealth and Benefits has joined Summit Financial Networks. The firm (led by President Bruce Glenn) and his daughter Managing Partner Kristina Strickland provide comprehensive financial planning and investment advice to clients and had over $325 million in assets under administration as of March 1, 2024.

CW Advisors Acquiring New Jersey-Based RIA Mercadien Asset Management

By Amit Chowdhry ● Jul 25, 2024

CW Advisors (CWA) announced the acquisition of Mercadien Asset Management, an RIA located in Hamilton, New Jersey. The terms of the deal were not disclosed.

Robertson Stephens Surpasses $6 Billion In Advisory Assets

By Amit Chowdhry ● Jul 22, 2024

Robertson Stephens Wealth Management has strategically expanded its presence in the Pacific Northwest by partnering with Rain Capital (an SEC-registered investment advisor managing over $360 million in advisory assets). And David Reichle and Ellen Kim, co-founders of Rain Capital, join Robertson Stephens as Managing Directors & Principals, along with their colleagues Chris Abbruzzese, Jamie Iversen, Luz Garcia, and Wendy Maroun.