Mergers & Moves: Advisor and firm deals this week in wealth management

April 16, 2022 11:53 AM

It was a busy week in the world of wealth management.

Raymond James, Ameriprise, Stifel and LPL were among the firms adding advisors this week. Creative Planning added an RIA to the fold. And several companies added to their leadership teams.

Scroll down to catch up on the industry's latest M&A activity.

Stifel adds ex-Merrill Lynch broker with $187M

Financial advisor Adam Oestreich dropped Merrill Lynch to join the flagship Stifel Financial office in New York by Bryant Park in Manhattan. Oestreich, a 25-year veteran, had managed $187 million in client assets with his prior firm. “Adam’s unique background in both wealth management and capital markets, coupled with Stifel’s culture and broad investment platform, make this the right firm for him and his clients,” Sales Manager Chris Harrington said in a statement.

Stratos Wealth Enterprises takes stake in practice already using RIA affiliate

An advisory practice that already uses Stratos Wealth Advisors as its RIA secured an agreement for an affiliate, Stratos Wealth Enterprises, to make a minority investment. Rockland, Massachusetts-based Veritas Boston Wealth Management, led by managing partners Mark Roman and Frank Perfetuo, manages about $350 million in client assets. Stratos is taking a 25% stake in the practice with an undisclosed price and close date. “This strategic investment enables us to further build out our practice,” Roman said in a statement. “We are excited to move forward to the next chapter of milestones and achievements.”

Janney recruits 16 financial advisors in the first quarter

Employee wealth manager Janney Montgomery Scott picked up 16 financial advisors in the first quarter from rivals Edward Jones, Morgan Stanley, Raymond James, Truist, UBS and Wells Fargo Advisors. Each of the two biggest teams managed more than $300 million in client assets with their prior firms, Wells Fargo, and Raymond James & Associates. The recruits managed more than $1.9 billion in combined client assets with their previous firms. “We’re pleased to continue our recruiting momentum with the addition of these talented and experienced financial advisors,” Jerry Lombard, president of the firm’s Private Client Group, said in a statement.

Cipperman Compliance acquired by Foreside in merger of compliance firms

Foreside Financial Group, a governance, risk management, compliance and technology firm, has acquired Cipperman Compliance Services. The acquisition of an undisclosed purchase price and close date has added 25 staff members and 100 clients to Foreside from the incoming firm based in Wayne, Pennsylvania. “Our relationship with Foreside goes way back, and we’ve been impressed with the incredibly deep bench they have in the compliance advisory business,” Cipperman founder Todd Cipperman said in a statement. “They bring a unique proposition in the GRC space, and we are extremely excited to join forces with them and together become a true end-to-end GRC provider.

LPL adds father-daughter team from Thrivent

Financial advisors Robert Viau and Liz Mengo of Burlington, Wisconsin-based Northern Lakes Financial Group, as well as their client support specialist Kamryn Nardini, left Thrivent Investment Management for LPL Financial. The father-daughter team managed about $120 million in client assets with its prior firm. “As we began looking for a partner to support our business needs, we were drawn to LPL Financial’s enhanced technology, strategic consultative support and dedicated service experience,” Viau said in a statement. “From the beginning, we were impressed by their receptive team and advisor-first approach, and we’re excited to partner with them for many years to come.”

Creative Planning acquires $644M RIA

RIA consolidator Creative Planning has acquired Keystone Wealth Partners, a Chandler, Arizona-based RIA with $644 million in assets under management and a location in North Dakota. Keystone has 13 financial advisors, attorneys and CPAs on its staff, plus 16 other employees, under founder John Hagensen. “I have admired Creative Planning since my early days as a financial advisor,” Hagensen said in a statement. “Joining Creative Planning will allow us to deepen our value proposition for new and existing families.”

$327M team goes independent with Raymond James

Financial advisors Keith Haller and Cory Shepard of Kirkland, Washington-based Haller and Shepard Capital Group dropped Edward Jones to go independent with Raymond James. The team managed $327 million in client assets with its prior brokerage firm. “During the search process, our main goal was to maximize the time we spend with clients. The autonomy afforded by Raymond James to run our business as we see fit has allowed us to meet that objective in a meaningful way,” Haller said in a statement.

NewEdge Wealth hires head of wealth strategy from PNC unit

Robin Petty, a former managing director at Hawthorn PNC Family Wealth with prior tenures at Wells Fargo, J.P. Morgan Chase and U.S. Trust, joined NewEdge Wealth as the RIA’s head of wealth strategy. The Stamford, Connecticut-based firm and other firms owned by NewEdge Capital Group have roughly $30 billion in client assets, and NewEdge Wealth specializes in working with ultrahigh net worth clients, family offices and institutional investors. “I am thrilled to be joining an organization that is focused on providing a superior client experience through the lens of the wealth strategy process and holistic advice,” Petty said in a statement. “The talent at NewEdge is impressive and welcoming, and I look forward to further cementing the impact of wealth strategy with our clients.”

J.P. Morgan Private Bank expanding under ex-Wells Fargo regional managing director

Signage stands on display outside the JPMorgan & Chase Tower in downtown Chicago, Illinois, U.S., on Saturday, Oct. 7, 2017. AKA J.P. Morgan.

Robert DiDiano, the former Wells Fargo regional managing director for the New York City and Long Island private banking markets, joined J.P. Morgan Private Bank as a managing director in its New York headquarters. In the position, the 35-year industry veteran leads a newly created team of bankers and specialists offering advice on a range of financial services as the firm’s private bank aims to add up to 350 more advisors in the area by 2026. “There is a huge opportunity in New York for growth in the years to come as we emerge from the pandemic,” DiDiano said in a statement. “I’m ecstatic to join J.P. Morgan Private Bank, where the global resources of the firm and the unique experience of the region’s financial talent can help clients navigate today’s complex economic landscape.”

Dynasty network RIA adds ex-PNC Private Bank senior director

Interchange Capital Partners, an RIA that’s part of the Dynasty Financial Partners network of independent advisory firms, recruited former PNC Private Bank Senior Director Ken Chapel to the firm. The Pittsburgh-based wealth advisor works with high net worth and ultrahigh net worth individuals, families and business owners. “I can now deliver a true open architecture experience; we can go anywhere to find the best solutions for the client. We are not confined to a specific product offering,” Chapel said in a statement.

Kestra Holdings’ Grove Point recruits former PNC Investments advisor

Grove Point Financial, an independent wealth manager owned by Kestra Holdings, added financial advisor Ken Burhon of Chantilly, Virginia-based Burhon Financial Group. Burhon managed $77 million in client assets with his prior firm, PNC Investments. “Grove Point Financial is uniquely positioned to provide access to sophisticated technology, compliance support, and robust investment solutions to leverage in our relationships,” Burhon said in a statement.

Ameriprise poaches former Wells Fargo Advisors rep with $100M in client assets

Financial advisor Ireen Sommer dropped Wells Fargo Advisors to join the Ameriprise branch channel in Minnetonka, Minnesota. Her practice manages nearly $100 million in client assets, and she began considering a change in her brokerage about two years ago. “My decision came down to where I can best deliver advice to clients, and Ameriprise was the clear choice,” Sommer said in a statement. “The firm’s values, notably their strong commitment to clients, is paramount.”

RIA grows to nearly $5B with acquisition of firm near its headquarters

Simon Quick Advisors, a Morristown, New Jersey-based family office and advisory firm, has acquired Red Hook Management, a practice with a team of three financial advisors and other employees managing $420 million in client assets. With the acquisition, Simon Quick grew to 68 employees and about $5 billion in client assets. “For our long-term future, we needed to find a partner that gave our team and our clients assurance that we had the platform to serve them and their families for years to come,” Red Hook President Tom Trynin said in a statement. “Their commitment to independence made this the perfect fit.”

LPL poaches mother-son team with $175M from American Portfolios

Bloomberg News

Financial advisors Theresa and Kevin Hannon left American Portfolios Financial Services for LPL Financial and Professional Wealth Advisors. The Oak Brook, Illinois-based practice, a mother-son team, managed about $175 million in client assets with its prior firm. "These last two years of the pandemic have shown me where I could better prepare for the unforeseen and create an improved succession plan to take care of my clients well into the future,” Theresa Hannon said in a statement.

$230M advisor goes independent from Edward Jones with Raymond James

Raymond James Financial Services added financial advisor Logan Skinner of Longview, Texas-based Axis Private Wealth to its independent channel. The practice managed $230 million in client assets with its prior brokerage, Edward Jones, and associates Raven Billings and Linda Harrelson switched firms under the independent move as well. “I was drawn to Raymond James by the firm’s commitment to give advisors the support and freedom they need to run their business on their terms,” Skinner said in a statement. “I’m confident that my clients will benefit from that independence both now and in the long-term.”