Asset Management

Wealth Enhancement Group Acquires $1.3 Billion Levy Wealth Management Team

By Amit Chowdhry ● Sep 10, 2024

Wealth Enhancement Group - a national independent wealth management firm with over $90.5 billion in client assets - announced the acquisition of Levy Wealth Management Group, a hybrid RIA located in Philadelphia, Pennsylvania. This team oversees over $1.3 billion in client assets and is led by President, Victor Levy, CFP, Chief Operating Officer & Wealth Advisor, Michael Clatterbuck, CFP, ChFC, and Wealth Advisor, Joseph Robostello, CFP, ChSNC.

Raymond James Adds $300 Million Colorado Advisory Group

By Amit Chowdhry ● Sep 10, 2024

Kirk Bell, the Central division director for Raymond James Financial Services (RJFS) has welcomed Garrison Financial Group to the firm, which is operated by financial advisors Craig Garrison, Timothy Hall, CFP, and Matthew Strelau, CFP.

Oppenheimer Names Mark Hovanic As Executive Director And Branch Manager

By Amit Chowdhry ● Sep 9, 2024

Oppenheimer & Co - a leading wealth manager, investment bank, and a subsidiary of Oppenheimer Holdings - announced the appointment of Mark J. Hovanic as Executive Director and Branch Manager. And in this role, he will lead the day-to-day operations of Oppenheimer's Private Client Division offices in Richmond, Va., and Virginia Beach, Virginia. As a 25-year wealth management industry veteran, Hovanic joins Oppenheimer from J.P. Morgan Securities.

Baird: Brad Spencer Added To Wealth Management Office In Minnetonka

By Amit Chowdhry ● Sep 9, 2024

Baird - an employee-owned, international wealth management, asset management, investment banking/capital markets and private equity firm - announced it has added Brad Spencer as Vice President and Financial Advisor to its wealth management office in Minnetonka, Minnesota. And he is joined by Client Assistant and daughter, Jordan L. Spencer.

Sequoia Financial Group Buying Wealth Management Arm Of Eide Bailly

By Amit Chowdhry ● Sep 8, 2024

Sequoia Financial Group (an SEC-registered wealth manager with over $19.3 billion in assets under management as of June 30, 2024) and Eide Bailly LLP (a top 20 national accounting firm) announced a strategic partnership, with Sequoia Financial acquiring Eide Bailly's wealth management practice and firms collaborating to deliver expanded services to each other's clients.

Raymond James Adds $140 Million Advisor

By Amit Chowdhry ● Sep 8, 2024

Alex David, the Northeast division director for Raymond James Financial Services (RJFS), announced that the firm has welcomed financial advisor Teresa Zipf, CFP to the team.

LPL Financial Brings In $150 Million Advisor Kelly Compton

By Amit Chowdhry ● Sep 8, 2024

LPL Financial announced that financial advisor Kelly Compton has joined LPL Financial’s broker-dealer, RIA and custodial platforms, aligning with existing firm Client Centric Wealth Management (part of Upstream Investment Partners). And he reported having served about $150 million in advisory and retirement plan assets and joins LPL after owning his RIA, WCM Wealth Management, which custodied with Schwab Advisor Services.

Americana Partners: Javier Altimari Named As Founder And Managing Partner Of International Division

By Amit Chowdhry ● Sep 7, 2024

Americana Partners—a $7.5 billion Texas wealth advisor—announced it has welcomed Javier Altimari as Founder and Managing Partner of its international division, Americana Partners International (API). Altimari will be based in Houston and will join the API Board along with Jorge Suárez-Vélez, founder and CEO. Previously, Altimari was a Senior Director and Portfolio Manager at Oppenheimer.

Sanctuary Wealth Adds $400 Million TOVA Team

By Amit Chowdhry ● Sep 7, 2024

Sanctuary Wealth announced it has welcomed TOVA Wealth, a Wilmington, North Carolina, practice with over $400 million in client assets. The firm is led by its founder and Managing Partner Katie Medina, CFP, CRPC. And also on the team are advisors Michael Tunney and Eric Starkey, CFP, CRPC, and client associate Amy Kepler.

AlphaTrAI Buys Anchor Advisory Services To Enhance Support For Wealth And Asset Management Firms

By Amit Chowdhry ● Sep 5, 2024

AlphaTrAI, a leading provider of tech-enabled services for the wealth and asset management industries, announced the acquisition of Plymouth, Mass-based Anchor Advisory Services, which is a premier scheduling and sales management solutions provider for the financial services industry. And the tech-enablement of Anchor’s business with the latest tools will expand opportunities for Anchor and its clients, enhancing the value proposition of the firms and driving the growth of the company nationwide.

Bluespring Wealth Partners: Pradeep Jayaraman Named As New President

By Amit Chowdhry ● Sep 4, 2024

Today, Bluespring Wealth Partners—a leading acquirer of independent RIAs and hybrid wealth management firms—announced a new President: Pradeep Jayaraman. Jayaraman will assume leadership for all functions at Bluespring, including strategy and execution for the growing wealth management acquirer. Stuart Silverman will continue to serve as Chairman of Bluespring, where he will focus on supporting the organization's growth.

The AmeriFlex Group: 200 Partner Advisors And $13 Billion Assets Surpassed

By Amit Chowdhry ● Sep 4, 2024

The AmeriFlex Group—a rapidly growing advisor-owned hybrid RIA—announced it has surpassed 200 pillar partner advisors on its platform. This growing team also confirmed that it is on track to reach or surpass its goal of 315 financial advisors by 2026. The team credits its sophisticated programs and industry-leading succession support for its rapid expansion.

Raymond James Welcomes $165 Million Advisory Team

By Amit Chowdhry ● Sep 2, 2024

Raymond James’ senior vice president and FID national director of the Financial Institutions Division (FID), Stephen Kruchten, announced that the firm has welcomed the wealth advisory team of Security Wealth Management (based at Security Savings Bank) to the FID. With this new alignment, the group will offer its clients investment and wealth management services through Raymond James Financial Services.

CW Advisors Adds $1.2 Billion Agili Team

By Amit Chowdhry ● Sep 2, 2024

CW Advisors - a registered investment advisor (RIA) based in Boston - announced it has partnered with Agili, an independent, fee-only firm that blends financial planning, investment strategy, and strategic services. This deal adds $1.2 billion of assets under management to CWA.

LPL Brings In $375 Million 4Point Wealth Management Team

By Amit Chowdhry ● Sep 2, 2024

LPL Financial announced that financial advisors Christina McConnell, CRC, ADPA, Laura Long, CRPC, AWMA, MBA, and Jay Tillman, CPWA, CIMA, CFP, RICP, CLU, have joined LPL Financial’s supported independence model, LPL Strategic Wealth Services (SW). The team has reported having served approximately $375 million in advisory, brokerage and retirement plan assets and joins LPL from Wells Fargo Financial Advisors Network (FiNet).

Ameriprise: $120+ Million FA Karen DeBaker Joins

By Amit Chowdhry ● Sep 2, 2024

Ameriprise Financial announced that financial advisor Karen DeBaker, CFP has joined the well-established independent Ameriprise practice Threshold Financial Partners. This team is based in De Pere, Wisconsin, and led by financial advisor Carey Somerville. DeBaker brings ten years of experience as a financial advisor, most recently with Raymond James, and more than $120 million in client assets.

Conway And Opto Partner On Providing RIAs With Institutional-Grade Private Markets Custom Funds

By Amit Chowdhry ● Aug 27, 2024

Conway Investment Solutions (a collaborative investment solutions partner for financial advisors) recently announced a strategic partnership with Opto Investments (a technology-enabled solution expanding private markets access for independent investment advisors).

Avantax Brings In $60 Million Advisor Ali Kazemi

By Amit Chowdhry ● Aug 27, 2024

Avantax - a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management - announced it has welcomed financial advisor Ali Kazemi, who is a seasoned professional with over 30 years of financial services experience.

TCW: Second CLO Closed This Year At $400 Million

By Amit Chowdhry ● Aug 26, 2024

The TCW Group, a leading global asset management company, announced that it has closed its second $400 million Collateralized Loan Obligation (CLO) fund this year, TCW CLO 2024-2. This fund is secured primarily by broadly syndicated first-lien loans. This closing adds to TCW’s strong, continued growth in alternative credit assets, which have doubled since 2020.

Magnetar: Alternative Asset Manager Raises $235 Million For AI Fund

By Amit Chowdhry ● Aug 26, 2024

Leading alternative asset manager Magnetar announced the closing of Magnetar AI Ventures Fund LP - which is a $235 million venture fund that invests in early-to-growth stage companies advancing the generative AI revolution. This fund builds on Magnetar’s history of investing opportunistically across the private-public continuum and serving as a long-term partner to portfolio companies.

Rise Growth Reveals Inaugural Strategic Minority Investment In Bleakley Financial

By Amit Chowdhry ● Aug 23, 2024

Rise Growth Partners, a wealth management industry’s first synergistic financial partner for growth-oriented registered investment advisors (RIAs), announced an inaugural strategic minority investment in Bleakley Financial Group.

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.