Asset Management

LPL: $300 Million Advisor Duo Team Launches 1818 Wealth Management

By Amit Chowdhry ● Jun 17, 2024

LPL Financial announced that financial advisors Stephen Shevlin and Jonathan Joelner, MBA, have joined LPL Financial’s broker-dealer, RIA and custodial platforms to launch a new independent practice 1818 Wealth Management. And the team reported having served about $300 million in advisory, brokerage and retirement plan assets* and joins LPL from Stifel, Nicolaus and Co.

J.P. Morgan Private Capital: Inaugural Biotechnology Fund Closed At Over $500 Million

By Amit Chowdhry ● Jun 16, 2024

J.P. Morgan Private Capital (a venture capital and growth equity investment team within J.P. Morgan Asset Management) announced the final closing of the first Life Sciences Private Capital offering, 270 Life Sciences Private Capital Fund I, led by Chief Investment Officer Stephen Squinto, Ph.D. and Managing Partner Gaurav Gupta, M.D., M.S.E.

Wealthspire Advisors: Michael Santo Named As Managing Director And Advisor

By Amit Chowdhry ● Jun 15, 2024

Wealthspire Advisors (an NFP company and independent investment adviser) announced the addition of industry veteran and portfolio manager Michael J. Santo to the team. Santo, who oversaw portfolios for public company executives, business owners, philanthropic organizations, and multigenerational households in prior roles, joins the firm in both its New York and South Florida markets and brings decades of experience serving high net worth clients.

Sequoia Financial Group: Chris Thom Named As Chief Strategy And Partnerships Officer

By Amit Chowdhry ● Jun 15, 2024

Akron, Ohio-based Sequoia Financial Group, a leading SEC-registered wealth manager with over $18 billion in assets under management as of March 31, 2024, has hired Chris Thom, CFP, as chief strategy and partnerships officer. And Thom is a member of the executive committee while reporting to Tom Haught, CEO and founder of Sequoia Financial Group.

Alteri Wealth Launches In California By Over $1 Billion Team

By Amit Chowdhry ● Jun 15, 2024

Alteri Wealth co-founders Michelle Gruber and Alex Markowitz announced the official launch of their firm, which is an SEC-registered investment Advisory and wealth management team based in Westlake Village, California. Before founding the new firm, the two principals, along with Senior Vice President Matthew Mullaly, collectively worked at Merrill Lynch Wealth Management, where they oversaw over $1 billion in client assets.

Nuveen: William Huffman Named As CEO

By Amit Chowdhry ● Jun 14, 2024

Nuveen (the investment manager of TIAA) - with $1.2 trillion in assets under management - announced the appointment of William Huffman as Chief Executive Officer. MrHuffman will chair the Nuveen Executive Leadership Team and serve as a member of TIAA's Executive Committee. Huffman succeeds Jose Minaya.

Beacon Pointe Expanding Into PNW By Acquiring $775 Million Joslin Capital Team

By Amit Chowdhry ● Jun 14, 2024

Beacon Pointe Advisors announced a recent partnership with Joslin Capital Advisors. Based in Redmond, Washington, Joslin Capital is Beacon Pointe’s second RIA acquisition this year and brings about $775 million in client assets under advisement to Beacon Pointe.

Wealth Enhancement Group Adds $658 Million Gavin Financial Team

By Amit Chowdhry ● Jun 14, 2024

Wealth Enhancement Group, a national independent wealth management firm with $82.1+ billion in client assets, announced that it joined forces with Gavin Financial Group in Midland, Michigan. This team of five manages over $658 million in client assets and is led by Owner and Financial Advisor, Michael Gavin, CFP.

Raymond James Adds $500+ Million Alaska-Based Advisor Team

By Amit Chowdhry ● Jun 14, 2024

Michael O'Meara, Midwest regional director for the firm's employee advisor channel Raymond James & Associates (RJA) welcomed financial advisors Keith Green, CFP, CIMA, and Jon Coon, CPFATM, MBA, in Anchorage, Alaska.

LPL Financial Brings In $265 Million Generational Asset Planning And Cousino Teams

By Amit Chowdhry ● Jun 14, 2024

LPL Financial announced it added a couple of teams that both reported serving $265 million in advisory, brokerage and retirement plan assets each.

Focus Financial Partners: 4 Key Executive Appointments Revealed

By Amit Chowdhry ● Jun 14, 2024

Focus Financial Partners, a partnership of fiduciary wealth management and related financial services firms, revealed four key executive appointments that build on the firm’s commitment to operational excellence, unlocking strategic growth opportunities, and delivering innovative solutions.

Pipe: $100 Million Credit Facility Closed From Victory Park Capital

By Amit Chowdhry ● Jun 14, 2024

Pipe, a modern capital platform for fast and frictionless, dilution-free funding, announced the closing of a $100 million credit facility from Victory Park Capital (VPC), an alternative investment firm that specializes in private credit.

Cresset Acquires Connable Office To Enhance Services

By Amit Chowdhry ● Jun 13, 2024

Cresset Asset Management announced its acquisition of The Connable Office, one of the nation's oldest multi-family offices. Based out of Kalamazoo, Michigan and organized as a private trust company, Connable has been carried forward for over 130 years. With this acquisition, the combined firm will manage more than $52 billion in assets on behalf of high-net-worth and ultra-high-net-worth clients.

Marsh McLennan’s Mercer Buying Cardano

By Amit Chowdhry ● Jun 12, 2024

Mercer (a business of Marsh McLennan and a leader in reshaping retirement and investment outcomes and unlocking real health and well-being) announced that it reached an agreement to acquire Cardano. Launched in 2000, Cardano is a long-term savings specialist in the UK and the Netherlands, with about $66 billion in assets under management.

Piper Sandler Acquiring Aviditi Advisors

By Amit Chowdhry ● Jun 12, 2024

Leading investment bank Piper Sandler Companies announced that it has entered into a definitive agreement to acquire Aviditi Advisors. Aviditi Advisors is an alternative investment bank offering full lifecycle services to financial sponsors and global alternative investment managers and limited partner investors with offices in New York City, Dallas, London and Munich.

Kestra Private Wealth Services Adds $500 Million Team In Ohio

By Amit Chowdhry ● Jun 12, 2024

Kestra Private Wealth Services (Kestra PWS), a registered investment adviser subsidiary of Kestra Financial, announced the addition of the financial professional team at Ohio-based Attain Wealth Partners to its platform. The firm’s personnel offer clients personalized solutions from wealth and investment management to retirement.

Summit Financial Brings In $1.9 Billion Team From Merrill Lynch

By Amit Chowdhry ● Jun 11, 2024

Summit Financial Holdings, a leading architect of advisor success and client satisfaction for over four decades, expanded its national footprint with the launch of SRM Private Wealth. Based in Pasadena, California, this newly formed independent practice is led by managing partner and private wealth advisor Richard McWhorter, CFP, CRPC. This is the eleventh firm this year to join Summit Growth Partners (SGP).

Brightwave: AI-Based Financial Research Assistant Company Raises $6 Million

By Amit Chowdhry ● Jun 11, 2024

Brightwave, an AI-powered research assistant that generates insightful, trustworthy financial analysis on any subject, today announced $6 million in seed funding. This funding round was led by Decibel Partners, with backing from Point72 Ventures, Moonfire Ventures, and angel investors including executives from OpenAI, Databricks, Uber, and LinkedIn.

Jump: Financial Advisor AI Platform Company Raises $4.6 Million

By Amit Chowdhry ● Jun 10, 2024

Jump, an AI software platform for financial advisors, announced today that it has raised $4.6 million in funding led by Sorenson Capital with participation from Pelion Venture Partners and strategic angel investors.

Stratos Wealth Advisors Adds $120 Million Pistone Team

By Amit Chowdhry ● Jun 10, 2024

Stratos Wealth Advisors (a part of Stratos Wealth Holdings) announced it has successfully recruited the multi-generational Pistone Wealth Advisors of Pepper Pike, Ohio. Pistone is led by President and CEO Karyn Pistone, who manages $120 million in client assets. The team also includes Senior Advisor Spencer Dieck, Practice Manager Linda Tekavec, and Advisor David Taucher.

Avantax Brings In $120 Million Financial Advisor Erin Hinzmann

By Amit Chowdhry ● Jun 10, 2024

Avantax, a leader in tax-focused financial planning and wealth management, announced it welcomed Erin Hinzmann - who joined Avantax Wealth Management via Alliance Wealth Strategies. Hinzmann was previously affiliated with Ameriprise Financial and had about $120 million in client assets under administration as of May 2024.

RWA Wealth Partners: Michelle Knight Named As CEO

By Amit Chowdhry ● Jun 10, 2024

RWA Wealth Partners, a leading independent fiduciary responsible for $15 billion in client assets, announced the promotion of Michelle Knight as the firm’s Chief Executive Officer. Most recently, Knight served as RWA Wealth’s President following the merger of Adviser Investments and Ropes Wealth Advisors.

TXSE Group Reveals Plans For Texas Stock Exchange With Backing From BlackRock And Citadel Securities

By Amit Chowdhry ● Jun 9, 2024

TXSE Group announced that it plans to launch the Texas Stock Exchange (TXSE), based in Dallas. And TXSE will focus on enabling U.S. and global companies to access U.S. equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products. TXSE will be a fully electronic and national securities exchange that will seek registration with the U.S. Securities and Exchange Commission.

Pennybacker Capital: Fund VI Closed At $1.6 Billion

By Amit Chowdhry ● Jun 9, 2024

Pennybacker Capital Management, a real assets investment manager, announced the final closing of its sixth value opportunity series fund, Pennybacker VI, LP (Fund VI), which exceeded its target with $1.6 billion in capital commitments.

Wealth Enhancement Group Adds $1.22+ Billion The Financial Advisory Team

By Amit Chowdhry ● Jun 9, 2024

Wealth Enhancement Group, a national independent wealth management firm with over $81.5 billion in client assets, announced that it will join forces with The Financial Advisory Group, LLC, an independent RIA in Houston, Texas. The team of seven financial advisors and 14 support team members manages over $1.22 billion in client assets and is led by founder, Richard J. Alphonso, J.D., CPA/PFS, M.S.T., AEP.

Bellini Capital: This Firm Invests In Companies Making The World Safer And More Sustainable

By Amit Chowdhry ● Jun 6, 2024

Bellini Capital is a firm that invests in companies that make our world safer, smarter, and more sustainable. Pulse 2.0 interviewed Bellini Capital managing partner Arnie Bellini to learn more about the firm.

Realta Wealth: John Barragan Named As Chief Operating Officer

By Amit Chowdhry ● Jun 5, 2024

Realta Wealth, an exclusive independent wealth management firm, announced the appointment of John Barragan as Chief Operating Officer (COO). Reporting to CEO Kevin Keefe, Barragan will provide strategic direction and oversight for all operating, service, and technology elements of the firm’s offerings for financial advisors and their clients.

SLK Private Wealth Brings In $300+ Million Advisor Team

By Amit Chowdhry ● Jun 5, 2024

SLK Private Wealth (SLK), a Sanctuary Wealth partner firm, announced that LA-based advisors Adam Weinstock, CFP, and Eleanor Weinstock are becoming part of SLK Private Wealth (SLK). This team from Wells Fargo Advisors has a client base totaling over $300 million in total assets focused on athletes, entertainers, entrepreneurs, and corporate executives. Adam Weinstock will become a Managing Partner of SLK, and Eleanor Weinstock will become a Managing Director.

Stratos Wealth Advisors Brings In $100+ Million Spain & Smith Team

By Amit Chowdhry ● Jun 5, 2024

Stratos Wealth Advisors (a part of Stratos Wealth Holdings) announced it has successfully recruited Spain & Smith of Pepper Pike, Ohio, to its platform. Headed by industry veteran Henry “Hank” Spain, Managing Director and Senior Portfolio Manager, and supported by Dayna Smith, Wealth Advisor, the firm has more than $100 million in assets under management (AUM).

Steward Partners: $320 Million Advisor Team Added To Firm

By Amit Chowdhry ● Jun 4, 2024

Steward Partners, a full-service, employee-owned, independent financial services firm, announced a new partnership with Coastal 360 Capital Advisors. This partnership adds two advisors and over $320 million in assets under management to Steward Partners' roster.