RIA Roundup: Avantax Provides 2 Companies, $450M in Property

In RIA information this week, Avantax has added two companies, whereas Wealthspire expanded into Denver with a former financial institution advisor managing $60 million in belongings and Hightower supported the acquisition of $470 million AUM Trellis Advisors by companion agency Highland Non-public Wealth, in response to bulletins.

In the meantime, Apollon Wealth Administration added an eight-person Chicagoland workforce managing round $270 million; Kestra Non-public Wealth Providers onboarded a Silicon Valley agency with $124 million in consumer belongings; and a duo managing $175 million has joined Steward Companions from Merrill Lynch.

Berthel Fisher additionally introduced the recruitment of a dozen advisors and $165 million in AUM similtaneously the agency employed a brand new VP of enterprise growth, whereas Fashionable Wealth Administration beefed up its M&A workforce with three new hires.

In earlier reported information, Artistic Planning continued to strengthen its tax division with its newest acquisition, and David Canter is stepping down as president of Bluespring Wealth Companions.

Avantax Provides Two Companies, $450M in Property

Avantax, a publicly traded, tax-focused wealth administration agency with greater than $83 billion in consumer belongings, added two companies this week, completely roughly $450 million in brokerage and advisory belongings.

Previously Blucora, Avantax was rebranded earlier this 12 months after promoting its tax software program enterprise in December.

Within the larger Minneapolis space, Summit Wealth Advocates’ founder Bruce Primeau and a workforce of six are becoming a member of the agency as W-2 staff, bringing with them roughly $330 million in belongings. Primeau and two advisors will step into the function of economic planning consultants, whereas different workers members tackle numerous roles at their new agency.

Based in 2010, Summit had not beforehand been affiliated with Avantax, and the agency mentioned the acquisition “displays rising curiosity that exterior RIAs have in becoming a member of.”

“We create options for exterior RIAs and our unbiased Monetary Professionals to suit no matter route they wish to take, from alternatives to speed up their progress to turnkey succession planning,” Avantax President of Wealth Administration Todd Mackay mentioned in an announcement. “Now we have many years of expertise working in an employee-based RIA mannequin, particularly serving giant accounting companies searching for a confirmed planning and wealth administration companion.”

“We’re in progress mode, and I used to be searching for a companion who would give us the potential to develop quicker by getting even deeper into consumer service,” Primeau mentioned in an announcement.

The workforce is already working with monetary expertise platform Pontera to investigate, rebalance, and report on 401(okay) and different held-away belongings.

In Scottsdale, Ariz., CFR Capital Group has joined Avantax, bringing a workforce of 20 and round $120 million in belongings. CFR’s deal with tax administration extends to its possession of three lively H&R Block franchises in Arizona (which is able to stay unaffiliated with Avantax).

The agency was most just lately affiliated with Securities America, a dealer/seller being unified beneath father or mother firm Osaic (previously Advisor Group).

“Avantax’s tax focus and expertise was key for us as a result of we’re so diversified, doing tax returns and monetary planning, we wanted expertise to offer shoppers a real snapshot of every thing happening of their monetary lives,” mentioned CFR founder and CEO Frank Calise, in an announcement.

“Avantax’s transition workforce is one of the best I’ve seen in my 25 years on this enterprise,” he added.

There have been stories this summer time that Avantax was contemplating a sale following the suggestions of a shareholder, however no such plans have been introduced.

Wealthspire Advisors Expands into Denver with $60M Advisor

Wealthspire Advisors, a New York Metropolis-based RIA owned by nationwide insurance coverage brokerage NFP, has expanded into Denver with the addition of Amanda Phillips-DeSaverio.

Bringing together with her 30 shoppers and round $60 million in managed belongings, Phillips-DeSaverio will work alongside NFP colleagues in Denver’s College Hills neighborhood.

With greater than 15 years of expertise, Phillips-DeSaverio joins Wealthspire from The Corundum Group, a wealth administration and property planning agency owned by Central Bancorp, the place she held the roles of wealth advisor and vice chairman. Previous to that, she was in the identical roles at Sunflower Financial institution for greater than 4 years, following greater than eight with First Western Belief, the place she was portfolio supervisor and vice chairman.

Wealthspire now has 21 places of work in 12 states, with greater than 175 advisors managing round $20 billion in belongings.

Trellis Joins Hightower Accomplice Agency Highland Non-public Wealth

Chicago-based Hightower Advisors has facilitated a sub-acquisition on behalf of companion agency Highland Non-public Wealth Administration in its 11th deal of the 12 months.

Trellis Advisors in Ellensburg, Wash., an hour and a half southeast of Highland’s Seattle headquarters, provides a workforce of 15 led by founder Ray Gilmour and greater than $470 million in managed belongings­—bringing the mixed agency to round $1.9 billion in belongings.

The deal is the primary acquisition accomplished by Highland since becoming a member of Hightower lower than a 12 months in the past and was largely pushed by a earlier relationship and related approaches between the 2 companies, in addition to Trellis’ want for scaled providers supplied by means of the Hightower platform.

Based in 2008, Hightower contains 135 advisory companies in 35 states and Washington, D.C., with round $131 billion in AUM on the finish of the final quarter.


Apollon Wealth Administration Buys Piershale Monetary Group

Apollon Wealth Administration, a Charleston, S.C.-based RIA with greater than $3 billion in managed belongings, has added Piershale Monetary Group to its rising community of subsidiaries.

The eight-person, Chicago space workforce is led by President Mike Piershale and gives retirement, property and tax planning, in addition to portfolio administration, for round 435 shoppers with $270 million in managed belongings.

Doing enterprise as Piershale Monetary Group of Apollon, Piershale will acquire entry to the RIA’s expertise, service options and a broader menu of funding alternatives.  

Kestra PWS Provides $124M Thriving Asset Administration

Kestra Non-public Wealth Providers, an Austin-based RIA subsidiary of Kestra Monetary, has added Thriving Asset Administration to its platform.

Based mostly in Palo Alto, Calif., Thriving is led by founder, CEO and Senior Portfolio Supervisor David Maigret. With greater than $124 million in consumer belongings, Maigret gives asset administration and monetary planning, with a deal with life milestones akin to liquidity occasions, retirement, and property planning. He’s joined by Senior Gross sales Affiliate Robert Solis and his spouse, Senior Operations Supervisor Erika Maigret.

After spending 20 years constructing his e-book of enterprise with Wells Fargo, Maigret determined to launch his personal observe with Kestra PWS as a result of platform’s nationwide presence and versatile mannequin, in response to an announcement.

“In my earlier function, I used to be unable to profit from the newest wealth administration applied sciences,” Maigret mentioned in an announcement. “Now, as an unbiased funding advisor, I can leverage cutting-edge tech from close by Silicon Valley in addition to Kestra PWS to offer my shoppers a way of assurance, calmness, and stability about their portfolios.”

Launched in 2010 by wirehouse breakaways seeking to replicate the breadth of wirehouse providers in an unbiased setting, Kestra PWS has supplied help to greater than 40 companies in 17 states. The Kestra PWS platform oversees almost $4.5 billion in belongings throughout greater than 8,000 shoppers, in response to a Kind ADV filed final month.

Merrill Lynch Group Jumps to Steward Companions

Final Friday, Steward Companions introduced that Latimer Wealth Administration has joined its rising community of companies from Merrill Lynch, bringing $175 million in belongings and establishing a second Florida location in Winter Park.

Comprising companion and Managing Director Ted Latimer and Consumer Relationship Supervisor Denise Hoffman, Latimer gives belief and property planning providers, threat administration, wealth administration and retirement planning and enterprise planning options for rich people, households and enterprise house owners.

“Now we have great progress plans in Florida,” mentioned Jeffrey Gonyo, managing director, senior divisional president, Southeast at Steward Companions, in an announcement. “Ted has an distinctive wealth administration observe. We’re thrilled for him to have the power to develop with our partnership and for the extra instruments and advantages he’ll have the ability to carry to his shoppers.” 

“What attracted me to Steward Companions was the collaborative and inclusive tradition of partnership, the place everyone seems to be a shareholder and sings from the identical sheet of music,” added Latimer. “The big range of funding and planning choices that are actually accessible to our workforce permits us to customise much more options for our shoppers and plan for his or her profitable futures.” 

Since launching a decade in the past with round $50 million in belongings, the Steward platform has grown to supervise round $30 billion in belongings with 44 workplace areas in 21 states and the District of Columbia.

Berthel Fisher Recruits $165M, Names New Vice President of Enterprise Growth

Iowa-based Berthel Fisher, an unbiased dealer/seller, introduced the recruitment of round a dozen advisors and $165 million in belongings in current months.

Most just lately, Berthel Fisher added MP Butterworth & Associates in Studying, Penn., with about $85 million in belongings and a deal with serving particular wants households. Led by Mike Butterworth, the agency was beforehand affiliated with SagePoint Monetary, which will likely be transitioning to Osaic. His son Christopher Butterworth joined the observe in 2012.

Different recruits have joined current Berthel Fisher department places of work, together with Freedom Monetary Group in North Dakota and 1st and Essential Funding Advisors in Colorado.

On the similar time, Nate Spencer has been named the agency’s new vice chairman of enterprise growth, charged with recruiting, creating acquisition methods and supporting natural progress among the many agency’s current companions. He joins from Allworth Monetary, the place he spent a couple of 12 months within the agency’s mergers and acquisitions unit. He’ll report back to Senior Vice President of Enterprise Growth Paige Swartzendruber.  

Fashionable Wealth Administration Appoints Three to M&A Group

Fashionable Wealth Administration, an RIA launched early this 12 months by former United Capital/Goldman Sachs executives with $200 million in non-public fairness capital, has named three individuals to go up mergers and acquisitions because the agency seeks to construct a nationwide model.

With govt management primarily based in Monterey, Calif., Fashionable Wealth established its first anchor places of work within the nation’s Midwest with the acquisition of Barber Monetary Group in April. The addition of Shad Besikov, Danny Henneghan and Casey Harrison to Fashionable’s partnership growth workforce will help continued acquisition and integration efforts for the nascent agency, in response to an announcement.

Becoming a member of as managing director, Besikov was beforehand head of M&A and company growth for Exencial Wealth Advisors. Based mostly in Laguna Seashore, Calif., he’ll lead the identification and onboarding of RIA companies within the nation’s West.

Henneghan, entering into the function of vice chairman, was most just lately a vice chairman at First Republic Financial institution, which he joined in 2020 after greater than 4 years on the partnership growth workforce at Focus Monetary. Based mostly in Detroit, Mich., he’ll lead M&A efforts within the Jap area.

Harrison is the agency’s latest director, becoming a member of from Goldman Sachs Private Monetary Administration, the place she was most just lately chargeable for acquisition integration as affiliate of advisor engagement. At Fashionable Wealth, she’s going to oversee the event and progress of all M&A exercise “from inception to completion.”

A handful of hires over the past 4 months have been meant to bolster Fashionable Wealth’s formidable progress plans, together with former Goldman Sachs Vice Presidents Stephen Tuckwood, Fashionable’s director of investments, and Nicole Bittner, head of progress operations.


Leave a Comment