What you missed in wealth management: April 5 to 9

April 9, 2021 11:11 AM

This week, former Yankees star Derek Jeter joined the board of Rockefeller Capital Management, the Financial Services Institute launched a new health-insurance program for independent practices, and Altria Wealth Solutions bought its sixth independent broker-dealer, SCF Securities.

Here are some other quick takes from the week in wealth management.

Kestra Financial’s midsize IBD subsidiary, Rockville, Maryland-based H. Beck, changed its name to Grove Point Financial. The firm has more than 500 advisors.

Baird - The Rixse Todd Group photo-040921

Former Wells Fargo advisors with $200 million in assets under management have joined Baird’s wealth management office in Anchorage, Alaska, according to the firm. The two-person team, operating as the Rixse Todd Group, includes Kellie Rixse and Jeff Todd, who will serve as senior vice presidents and advisors with the firm.

Is your independent practice in the market for a new health insurance plan? The Financial Services Institute has launched a national program that the organization says enables advisors, licensed staff and their families to get Affordable Care Act-compliant insurance for much lower prices than the open market.

IBD recruiting trail: Avantax Wealth Management poached Atlanta-based Legacy Capital Advisors from LPL Financial, where Chris Kirkland and Kevin Kelly’s team managed $126 million in client assets. Partners Adam Ciepiela and Kelly Famiglietta of Albuquerque, New Mexico-based Charles Stephen left Kestra Financial to affiliate with Advisor Group’s SagePoint Financial. The team managed $583 million in client assets with their prior firm. Arkadios Capital added Greenville, South Carolina-based Wagner Wealth Management from Advisor Group’s Triad Advisors, bringing roughly $470 million in client assets at Dan Wagner’s practice. LPL Financial recruited Jeffrey Gibbs’ and Brad Welker’s CR Davis & Company in Springfield, Illinois, where the practice previously managed $110 million under their own broker-dealer. LPL also picked up Joel Woods’ and Mark Smith’s Woods Financial Group from Concorde Investment Service in Fort Worth, Texas. There the duo managed $130 million in advisory, brokerage and retirement plan assets.

Bailard, a $5 billion wealth and asset management firm in the San Francisco Bay Area, has named Sonya Mughal as its new CEO. A 27-year veteran of the firm, Mughal most recently served as Bailard’s chief operating officer and chief risk officer. She takes over for the previous CEO Peter Hill, who is transitioning to an executive chairman role to focus on corporate strategy and investment management.

Bloomberg News

New York Yankees legend and Miami Marlins CEO Derek Jeter went deeper into wealth and asset management by joining the board of Rockefeller Capital Management. He was previously a special advisor to CEO Greg Fleming.

Emily Bentley joined Atlanta-based RIA Homrich Berg’s family office division, leaving J.P. Morgan Private Bank after a decade. Homrich Berg has $9 billion of assets under management for 2000 families, the firm said.

Looking for training in every aspect of IRAs from one of the biggest experts on the topic? The American College of Financial Advisors and Ed Slott and Company are now offering a 12-course program called IRA Success. It costs $195 per course or $2,100 for the whole program.

Janney Montgomery Scott said it brought on 12 advisors with more than $2 billion in client assets to the firm in the first quarter. The broker-dealer had more than $115 billion in assets under advisement as of March 31, 2021. Janney also opened two new branch locations this quarter in Duluth, Georgia, as well as the West End area of Richmond, Virginia.

Private equity-backed wealth management holding company Atria Wealth Solutions has completed the acquisition of its sixth independent broker-dealer, Fresno, California-based SCF Securities. Atria now spans more than 2,500 advisors managing $95 billion in client assets.