Asset Management

EdgeCo Holdings Surpasses $600 Billion In Assets

By Amit Chowdhry ● Dec 4, 2024

EdgeCo Holdings announced it achieved a new record by surpassing $600 billion in assets serviced across its custody, trading, administration, brokerage, investment management, and technology platforms. And its AmericanTCS business unit, which offers retirement plan services to intermediary professionals, now services more than $550 billion in assets. EdgeCo’s wealth management arm NewEdge Capital Group represents over $60 billion in assets serviced.

Kestra PWS Onboards $427 Million Arc Private Wealth Team

By Amit Chowdhry ● Dec 4, 2024

Kestra Private Wealth Services (Kestra PWS), a registered investment adviser subsidiary of Kestra Financial announced the addition of Arc Private Wealth to its platform. And the firm offers customized solutions, including wealth management, retirement planning, and more, to its client base.

LPL Brings In $250 Million Advisor James Norris

By Amit Chowdhry ● Dec 4, 2024

LPL Financial announced that financial advisor James P. Norris, MBA, APMA, of Argosy Financial, has joined its broker-dealer, RIA, and custodial platforms. He reported serving approximately $250 million in advisory, brokerage, and retirement plan assets and joins LPL from Centaurus Financial.

Mercer Advisors Brings In $110 Million All-Woman Advisory Team Frango Financial

By Amit Chowdhry ● Dec 4, 2024

Mercer Global Advisors, a national Registered Investment Adviser (RIA), announced the acquisition of Frango Financial. Frango is an RIA that delivers comprehensive financial planning services to working professionals primarily in Washington, D.C., Virginia, Maryland, and South Carolina. Managing about $110 million in client assets, Frango is dedicated to guiding individuals and families to make informed financial decisions.

Miracle Mile Advisors Signs Strategic Partnership With Offit, Bringing AUM To $7.4 Billion

By Amit Chowdhry ● Dec 4, 2024

Miracle Mile Advisors - an registered investment advisor (RIA) offering highly customized wealth management services to high-net-worth clients, announced a strategic partnership with Offit Advisors in Maryland, which expands Miracle Mile’s East Coast presence and brings its assets under management (AUM) to $7.4 billion as December 1.

BlackRock To Buy HPS Investment Partners In $12 Billion Deal

By Amit Chowdhry ● Dec 3, 2024

BlackRock and HPS Investment Partners (a leading global credit investment manager with about $148 billion in client assets) have entered into a definitive agreement for BlackRock to buy HPS for about $12 billion, with 100% of consideration paid in BlackRock equity. The equity is issued by a wholly-owned subsidiary of BlackRock and exchangeable on a one-for-one basis into BlackRock common stock.

Raymond James Onboards $514 Million Sebring, Florida-Based Advisor Team

By Amit Chowdhry ● Dec 1, 2024

Gregg Stupinski, the South Atlantic regional director of Raymond James & Associates (RJA), announced it has welcomed financial advisors Dale Grubb, Matthew Grubb, CFP, and Corbin Hoffner to RJA. This team arrives from Morgan Stanley where they managed over $514 million in assets, and they are joined by practice business manager Joella Libero and senior client service associate Leighann Hylan.

Fifth Third Wealth Reveals $1.8 Billion North Carolina-Based Team

By Amit Chowdhry ● Dec 1, 2024

Fifth Third Wealth Advisors, a multi-custodial registered investment advisory firm, revealed its newest team and office in Winton-Salem, North Carolina.

Savant Wealth Management Buying $239 Million RIA Firm Sortino Advisory Partners

By Amit Chowdhry ● Dec 1, 2024

Savant Wealth Management, a fee-only registered investment adviser RIA, announced the acquisition of veteran-owned Sortino Advisory Partners, a Louisville, Kentucky-based fee-only RIA with $239 million in assets under management and $135.7 million in assets under advisement. Savant did not disclose terms of the deal, which closed on September 30.

MAG Wealth Management Buys Ovation To Oversee $350 Million In AUM

By Amit Chowdhry ● Dec 1, 2024

MAG Wealth Management announced the acquisition of Ovation Wealth Advisors and its subsequent rebranding to Carson Wealth. This strategic partnership, which includes Carson Group taking a 30% equity stake, exemplifies a new model for industry advisor growth and succession planning. The newly formed Carson Wealth location will oversee $350 million in assets under management (AUM) and be the first Carson Wealth branded location in Minnesota.

Summit Financial: $420 Million Asset Acquisition Of Three Leading Advisory Firms

By Amit Chowdhry ● Dec 1, 2024

Summit Financial, an investment advisory firm with over 40 years of experience providing market-leading, multi-family office services that enable financial advisors to accelerate growth, announced that advisors from three firms - Southeast Financial Group (SEFG), Radiance Private Wealth, and Silvertree Retirement Planning - have joined its network. Summit’s partnership model Summit Growth Partners (SGP) has strategically invested in SEFG, Radiance, and Silvertree, elevating its total strategic investments to 16 for the year.

LPL Financial Brings In $250 Million RIA Happier Wealth Team

By Amit Chowdhry ● Dec 1, 2024

LPL Financial announced that financial advisors Will Beck, CFP, Mike Macfarlane, CASL, CLU, ChFC, Tyler Vongsawad, CLU, ChFC, CASL, CFP, MSFS, and Sam Rosen, CFP, have joined LPL Financial’s broker-dealer, RIA, and custodial platforms to launch a new independent practice, Happier Wealth. They reported having served about $250 million in advisory, brokerage, and retirement plan assets and joining LPL from Northwestern Mutual.

Cetera Brings In $300 Million FA Bart Schulte

By Amit Chowdhry ● Dec 1, 2024

Cetera Financial Group, a premier financial advisor Wealth Hub, announced that Bart Schulte has joined Cetera Investment Advisers. Schulte is utilizing Cetera's growing RIA Blueprint platform to support his exclusive advisory business as an investment adviser representative. He will have access to the resources and support provided through the Cetera Advisors community. And he oversees approximately $300 million in assets under management (as of August 31, 2024) and previously managed client portfolios for nearly seven years in his latest role in his 24-year financial services industry career.

Modera Wealth Management Buying $467 Million Firm Bay Point

By Amit Chowdhry ● Dec 1, 2024

Modera Wealth Management - a fee-only comprehensive financial planning firm with $12.5 billion in assets under management (as of September 2024) - announced its acquisition of Bay Point Wealth, a registered investment adviser firm with offices in Annapolis and Stevensville, Maryland, and $467 million in assets under management (as of September 2024).

Raymond James Brings In $190 Million Advisors In Vancouver, Washington

By Amit Chowdhry ● Nov 29, 2024

Raymond James Financial Services (RJFS) Western division director Bill Counsman announced that the firm has welcomed financial advisors Brian Harmon and David Brown to the firm’s independent advisor channel.

CAPTRUST Acquires $5 Billion Boston-Based RIA

By Amit Chowdhry ● Nov 29, 2024

CAPTRUST Financial Advisors recently announced the addition of Boston Financial Management (BFM). This firm adds nearly $5 billion of client assets, an additional location in Boston, and two new locations in Cape Cod, Massachusetts, and Portland, Maine.

Osaic Onboards $180 Million Nova Wealth Team

By Amit Chowdhry ● Nov 29, 2024

Osaic - one of the nation's largest wealth management platforms - announced the addition of Nova Wealth, an independent wealth manager based in Buffalo, N.Y., with $180 million in client assets under administration.

Waverly Advisors Acquires $900 Million Ohio-Based Buckingham Team

By Amit Chowdhry ● Nov 28, 2024

Waverly Advisors - a federally registered investment adviser (RIA) that specializes in investment management, financial planning, and wealth management solutions for a group of high-net-worth individuals, corporate retirement plans, and institutional clients - announced it had acquired Buckingham Advisors, an investment advisory firm based in Dayton, Ohio.

Commonwealth Brings In $550 Million Client Assets Team Diversified Capital Management

By Amit Chowdhry ● Nov 28, 2024

Commonwealth Financial Network, a national RIA focused on providing financial advisors with holistic, integrated business solutions, announced that Syracuse, New York-based Diversified Capital Management (DCM) joined its network of independent financial advisors. The firm’s advisors include William Kriesel, CPA, CFP, PFS, Kevin Visconti, CFP, and George Nardone, ChFC, AIF. Previously with Cadaret Grant and its acquirer, LPL Financial, the DCM team reported advising on more than $550 million in client assets.

LPL Brings In $540 Million Advisors Ryan Kirby And Michael Alvarez

By Amit Chowdhry ● Nov 28, 2024

LPL Financial announced that financial advisors Ryan Kirby, CFP, and Michael Alvarez have joined LPL Financial’s broker-dealer, RIA and custodial platforms, aligned with existing firm Seapoint Wealth Advisors (Seapoint). Kirby and Alvarez reported serving approximately $540 million in advisory, brokerage and retirement plan assets, and they join LPL from U.S. Bank.

SEI Selected By Front Street Capital Management For Custody And Advisor Technology

By Amit Chowdhry ● Nov 28, 2024

SEI announced that Front Street Capital Management has selected SEI for custody and technology solutions. The company embraces a tightly integrated and single infrastructure that offers an end-to-end experience across every aspect of an advisor's business, including a dedicated service and relationship management model.

Avantax Onboards Trust Matters Financial Founder Carolyn Bare

By Amit Chowdhry ● Nov 28, 2024

Avantax - a community within Cetera Holdings and a leader in tax-focused financial planning and wealth management - announced it welcomed independent financial advisor Carolyn Bare, founder of Trust Matters Financial (a wealth management firm that prioritizes working with small-business owners and clients who want legacy planning and wealth transfer advice).

Steward Partners Expands In Florida With G2G Wealth Formation

By Amit Chowdhry ● Nov 26, 2024

Steward Partners, an employee-owned independent financial services firm specializing in comprehensive wealth management solutions, announced the introduction of G2G Wealth Management at Steward Partners to the platform. This was born from adding two financial advisors and $175 million in assets under management to the firm's previously established Miller Family Wealth branch.

LPL Onboards $350 Million Strata Financial Group Team

By Amit Chowdhry ● Nov 25, 2024

LPL Financial announced that financial advisors Anthony “Tony” Campagni, CFP, Ronald Jurczynski, CPA/PFS, Mitchell Romeo, CPWA, CPFA, Kyle Hancharick, CFP, and Dominic Elmo of Ohio-based Strata Financial Group have joined LPL Financial’s broker-dealer, RIA and custodial platforms. The advisors reported serving more than $350 million in advisory, brokerage and retirement plan assets, and they join LPL from Osaic.

Commonwealth Onboards $550 Million Asset Team Diversified Capital Management

By Amit Chowdhry ● Nov 22, 2024

Commonwealth Financial Network, a national RIA dedicated to providing financial advisors with integrated business solutions, announced that Syracuse, New York-based Diversified Capital Management (DCM) joined its network of independent financial advisors. Advisors include William Kriesel, CPA, CFP, PFS, Kevin Visconti, CFP, and George Nardone, ChFC, AIF. Formerly with Cadaret Grant and its acquirer LPL Financial, the DCM team reported advising on more than $550 million in client assets.

Ameriprise Onboards $100 Million Client Assets Team Q5 Wealth

By Amit Chowdhry ● Nov 22, 2024

Q5 Wealth Management - a team of five financial advisors managing $1.5 billion in client assets in Houston and Beaumont, Texas - has recently expanded with the addition of financial advisor Scott Guptill, CFA. Q5 had joined the independent channel of Ameriprise Financial in August 2024 after transitioning from UBS Financial Services to significantly grow their practice by utilizing the sophisticated resources at Ameriprise.

Fifth Third Wealth Advisors Onboards $2 Billion Asset Team

By Amit Chowdhry ● Nov 22, 2024

Fifth Third Wealth Advisors, a multi-custodial registered investment advisory firm, announced the expansion of its presence in Charlotte, North Carolina. And the following advisor team joined Fifth Third Wealth Advisors having managed $2 billion in client assets at their previous firm:

Allworth Financial Acquires $839 Million AUM Firm City Fiduciary Group

By Amit Chowdhry ● Nov 21, 2024

Allworth Financial announced the acquisition of City Fiduciary Group, a tax planning and wealth management firm with offices in Washington and Oregon. And this partnership enhances Allworth’s presence in the Pacific Northwest and further augments its in-house tax expertise.

Creative Planning Acquires Buys $550 Million AUM Firm Edmonds Duncan

By Amit Chowdhry ● Nov 21, 2024

Creative Planning, one of the nation's leading Registered Investment Advisors (RIA), announced the acquisition of Lawrence, Kansas-based Edmonds Duncan Registered Investment Advisors. The deal closed on October 1, and six employees at Edmonds Duncan formally joined Creative Planning.

LPL Onboards $410 Million Nexus Wealth Partners Team

By Amit Chowdhry ● Nov 20, 2024

LPL Financial announced that the financial advisors at Nexus Wealth Partners have joined its broker-dealer, RIA, and custodial platforms. They reported serving approximately $410 million in advisory, brokerage, and retirement plan assets, joining LPL from Osaic.