This Week in Wealth Management M&A

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According to a recent Fidelity report, there were just over $90 billion in RIA deals across 46 transactions, and $65 billion of money in motion across five IBD transactions in the first quarter of the year. Will the trend continue?

While last week was a lull, April’s second full week saw Wealth Advisor Growth Network, a practice management provider for breakaways, invest in its second firm; a $1.7 billion lift out named Naviter Wealth from regional broker/dealer Stephens. 

Recently launched Journey Strategic Wealth tucked in its first advisor team, recruited from Northwestern Mutual and led by Kristin Bartlow who brings $180 million in client assets. 

LPL Financial continued it recruitment and pulled in a Merrill Lynch team managing $650 million. Then Brandywine Oak Private Wealth, a firm in the Dynasty Financial Partners network, reunited with its former colleague, advisor Lisa Quadrini, from their days at Merrill Lynch. 

Below are more mergers, acquisitions, and advisor moves you may have missed the week of April 12, 2021.

Rockefeller Picks up Low Group

Rockefeller Capital Management announced its latest recruit Friday. The firm added $350 million in AUM Low Group in Bloomfield Hills, Mich., to its private wealth division, according to sources. The Low Group comes from Merrill Lynch, and includes advisors John Low and Kristen Palazeti, client relationship manager Jennifer Byrne and client associate Tori Torango.

Allworth Financial Acquires Shone Wealth Management

Allworth Financial acquires Shone Wealth Management. Based in Walnut Creek, Calif., Shone Wealth Management is led by Mark Shone, who founded the firm in 2005. It has $340 million in AUM and serves 300 households. Allworth has $11 billion and 13,000 clients. Details of the transaction were not disclosed.

Five-Person Team Joins D.A. Davidson from Truist, BB&T

The Marshall & Whatley Investment Group joined D.A. Davidson Wealth Management. The $400 million in AUM practice includes advisors Travis Marshall, Nichole Whatley, and Jordan White and two support staff, and is based in Harrisonburg, Va. Marshall & Whatley joined from Truist and were previously with BB&T Securities.

Carson Partners Signs on Former JPMorgan Exec

Jacqueline Campbell, former JPMorgan executive director and head of diverse advisor engagement, has launched Alexander Legacy Private Wealth and joined the Carson Partners network. Campbell previously led a team with over $1.8 billion in assets under supervision. Alexander Legacy is based in Chicago.

The Advisors LLC Exits LPL, Joins Cetera

Bryan Davis’ firm, The Advisors LLC, switched its brokerage platform from LPL Financial to Cetera Financial Group. The Advisors, which manages $340 million in client assets, continues to use LPL’s corporate RIA platform, according to its IAPD profile.

Golden State Nabs Advisor from Edelman Financial Engines

Not long after Edelman Financial Engines took on another private equity investment, this time from old friend Warburg Pincus, did one of its advisors leave. Advisor David Eldridge, who managed $180 million, joined the RIA Golden State. He will be located in Phoenix as the RIA’s Arizona branch. Golden State manages over $2 billion in brokerage and advisory assets.

Maestro Wealth Advisors Joins Blucora’s Avantax

Maestro Wealth Advisors, a Winston-Salem, N.C.-based firm managing over $130 million in client assets has joined Avantax, the wealth management business of technology provider Blucora. The firm is led by Craig and Jennifer Moser.

Ameriprise Lures Ark Wealth Management from First Command Financial Planning

Advisors Chris McCulloch and Wes Niblack and their three-member support staff joined Ameriprise. The team manages $120 million in client assets and is based in Tacoma, Wash.

LPL Financial Adds Kip Adams

Kip Adams joined LPL from Kestra Financial. Adams who managed $800 million in retirement plan, brokerage and advisory assets is based in Fort Worth, Texas. He’s joined by retirement plan advisor Blake Hiett, wealth advisor Spencer Stilwell, account manager Susan Blassingame and two support staff. 

CapWealth Group Recruits Ryan Burns from Citi Private Bank

CapWealth Group, a Franklin, Tenn. RIA with $1.2 billion in AUM, has hired Ryan Burns as a financial advisor. Burns joins from Citi Private Bank where he was assistant vice president and oversaw assets amounting to $8 billion plus, and, at most $10 billion.

Merrill Lynch Loses E.B. Bartlett to Capitol Securities Management

Edwin Clary “E.B.” Bartlett joined Capitol Securities Management in Wilmington, N.C. from Bank of America Merrill Lynch where he was a senior financial advisor. 

Mimi Duff Joins GenTrust

Investment advisor GenTrust has recruited Mimi Duff, formerly a portfolio manager and strategist as its new financial advisor. Duff previously worked with the co-founder and chief investment officer of GenTrust when the two were at Barclays Capital in the early 2000’s. She’s also worked for Tudor Investment Corporation and Goldman Sachs.

MJP Wealth Advisors Steals Tim Fitzgerald from MassMutual

Tim Fitzgerald joined Connecticut firm, MJP Wealth Advisors, as a retirement plan advisor. He will lead MJP’s retirement plan business that services organizations and business owners.