LPL Financial, TIFIN, Genstar Capital, NewEdge Wealth, investor confidence, Foreside Financial, Insurmark, SEI, BNY Wealth Management and other people moves and quick takes

July 9, 2021 4:43 PM

An advisor took his $250 million practice from Merrill Lynch to LPL Financial, affiliating with Gladstone Wealth Partners as his OSJ. Americans aren't as worried about the economy as they were last year, a new survey from Allianz Life Insurance found. And TIFIN, a fintech collective, will distribute its products to advisors through Broadridge Financial Solutions.
Scroll through to read more of what's going on this week in the world of financial advice.

NewEdge Wealth, a hybrid RIA with ultra-high net worth, family office and institutional clients, hired Glen Mintz to be the Pittsburgh-based firm’s portfolio manager and the lead executive overseeing its upcoming new office in Park City, Utah, set to open this summer. Mintz is a veteran of three decades as a manager and has a specialty in equity portfolios. “Our team remains focused on providing superior service and resources for our clients,” John Straus, president of NewEdge Wealth, said in a statement. “Adding quality talent is a significant driver in meeting this commitment.”

Americans are growing less concerned about the economy than they were last year, according to a new survey. Only 48% say they’re worried about a major recession, compared to 65% at the same time in 2020, according to new findings from the Q2 Quarterly Market Perceptions Study by Allianz Life Insurance. Just a third reported that they were worried about the impact of volatility on their retirement portfolio, which is the lowest rate since 2019. “As the economy and stock market continue to improve coming out of the pandemic, people are wisely taking lessons learned and applying them to their go-forward financial strategies,” Kelly LaVigne, Allianz Life’s vice president of consumer insights, said in a statement.

Financial advisor Joseph Myer went independent from Merrill Lynch with LPL Financial as the broker-dealer for the two-decade wirehouse veteran’s practice and Gladstone Wealth Partners as the office of supervisory jurisdiction. Myer’s Ashburn, Virginia-based practice, Veritas Capital Management, managed $250 million in client assets with its prior firm. “I want to have my own voice and be able to freely express my views, in terms of the market and economy, as well as with products and developments in my practice,” Myer said in a statement. “With this move, I am able to serve my clients as I see fit while leveraging the robust resources and innovative capabilities provided by LPL and the boutique service from my partners at Gladstone.”

Compliance firm Foreside Financial Group is changing hands in a deal for an undisclosed price from Lovell Minnick Partners to Genstar Capital. The Portland, Maine-based firm provides wealth and asset managers with governance, risk management and compliance services. The deal is expected to close in the third quarter. Chief Executive Officer Richard Berthy and President David Whitaker will retain their positions and shareholder status with the firm after the deal. “Genstar has extensive experience in the investment management space, and we’re excited to be starting this new chapter with them,” Berthy said in a statement.

Distribution company Insurmark reached an enterprise deal with fintech firm LifeYield to use the firm’s “Social Security+” retirement income technology on InsurMark’s main advisor platform, Hubbard. About 20,000 independent advisors work with Insurmark, according to the firm. “The reality is a lot of people are headed toward retirement with no idea how to get the guaranteed income they need,” Jeff Maxey, general manager of Insurmark said in a statement. “And we find too many advisors are responding to this incredible need with a pile of spreadsheets. LifeYield gives our advisor partners a better answer.”

An RIA that has grown to $4 billion in client assets, in part due to two acquisitions in 2016 and 2020, will have further capital to deploy for future deals under a strategic partnership with a regional bank. Oklahoma City-based Exencial Wealth Advisors sold a minority stake to First United Bank in a deal that enables clients to use both firm’s banking and wealth management services. “Together, First United and Exencial will further their collective mission to return to a world of hand-shake banking and integrated financial planning, where service frictions are reduced and clients can easily do business and transact while focusing on the important things in life,” Excencial CEO John Burns said in a statement. Consulting firm Advisor Growth Strategies served as advisor to the RIA in the deal for an undisclosed price.

About 7,500 financial advisors working with Independent Advisor Solutions by SEI are gaining more flexibility within the firm’s proprietary SEI American Funds Strategies family. The updated partnership between American Funds and SEI gives advisors more ways to combine one type of investment strategy with another after the firms launched the jointly managed fund family last year. “Advisors are experiencing a paradigmatic shift as clients increasingly seek transparent, personalized solutions to achieve their investment goals," said J. Womack, managing director of investment products and Services for Independent Advisor Solutions by SEI. “The seamless delivery of multi-asset solutions with technology provides greater control for our clients pursuing investors' evolving financial goals.”

Patrice Wetzel is joining BNY Mellon Wealth Management as a senior client strategist in Chicago. Wetzel was previously with Wells Fargo Private Bank and, before that, at Northern Trust Private Banking. Her new boss is Regional President Stacie Kuhlman.

Fintech collective TIFIN has a new deal to distribute its products to advisors and wealth management professionals through Broadridge Financial Solutions. The first of TIFIN’s products Broadridge will integrate is Positivly, a personalization platform that lets advisors tailor proposals and portfolios to a client’s unique needs, according to the company. Broadridge plans to make Positivly available alongside its existing digital marketing capabilities. The deal comes on the heels of TIFIN securing a $22.3 million investment led by Broadridge, J.P. Morgan Asset Management and Morningstar.

Private equity firm Genstar Capital has acquired a majority stake in Foreside Financial Group, a provider of governance, risk management and compliance products for the asset and wealth management industries. Foreside adds to Genstar’s growing portfolio of wealth management companies, including Cetera Financial Group, Mercer Advisors and Orion Advisor Solutions. The deal is expected to close in the third quarter, and terms of the transaction were not disclosed.