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

April 24, 2022 9:48 PM

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

Kestra made its fifth acquisition of the year, LPL nabs advisors from Stifel and Morgan Stanley, there record M&A transactions, and more.

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

Kestra M&A arm makes fifth acquisition of the year with $265M practice

Bluespring Wealth Partners, the RIA M&A arm of wealth manager Kestra Holdings, acquired an Elmsford, New York-based practice with $265 million in client assets called Hudson Dynamic Retirement. Under the deal, Hudson is merging into an existing Bluespring-owned practice, U.S. Financial Services. Both firms had used Kestra Financial’s brokerage prior to their respective deals to fold into Bluespring. President Andy Brief and Lead Advisor Christina Dziadzio operate the fourth office of U.S. Financial after the deal. “This merger allows us to provide the next generation of financial professionals access to a like-minded team with increased resources to perpetuate success,” Brief said in a statement.

RIA Crewe Advisors adds former J.P. Morgan private bank advisor

Financial advisor Ryan Schlappi left J.P. Morgan’s private bank to join Crewe Advisors in the RIA’s Scottsdale, Arizona-based office. Schlappi oversaw $1 billion in client assets with his prior firm. “I am excited to be in the independent space to truly be a fiduciary to clients,” Schlappi said in a statement. “I knew from our very first conversation, I was ready to make the move based on the team, resources and potential for long-term growth at the firm.”

LPL’s employee and breakaway channels add ex-Stifel, Morgan Stanley advisors

LPL Financial’s Linsco employee channel and its Strategic Wealth Services arm for breakaway brokers each picked up sizable practices. Financial advisor Robert Mitchell of the Greensboro, North Carolina-based R.B. Mitchell Team launched a new Linsco office after leaving Stifel Financial, where the team including wealth associates Joanna Page and Jonathan Peters and registered client service associate Andrea Wisekal had managed about $410 million in client assets. In the other move to LPL’s Strategic Wealth channel, brothers-in-law Chad Keeler and Brock Rouch launched Platte River Private Wealth in Casper, Wyoming, after dropping Morgan Stanley. The team, which also includes administrative support employee Bonnie Long, had managed $380 million in client assets with its prior firm.

Record RIA M&A transactions in the first quarter

At 67 transactions in the first three months of the year, RIA M&A volume surpassed any other first quarter, according to the latest research from investment bank and consulting firm DeVoe & Company and Capital Group. Another quarterly M&A report from custodial giant Fidelity Institutional estimated there were 58 RIA transactions in the quarter spanning $89.3 billion in client assets under management. In March alone, 19 firms with $28 billion in client AUM changed hands, according to Fidelity. “While many projected a slowdown in M&A activity in 2022, RIA activity continued at the 2021 run rate and set record numbers not only in March, but the first quarter overall,” Fidelity Institutional Vice President of Practice Management & Consulting Scott Slater said in a statement. “As we continue into the second quarter, it is clear that buyers remain confident with their inorganic business plans.”

Sanctuary Wealth adds ex-UBS team with $270M

Financial advisor Antonia La Rocca of Santa Barbara, California-based Saige Private Wealth went independent from UBS with Sanctuary Wealth. The three-member team managed $270 million in client assets with its prior firm. “After looking at the various independent options to advisors, it was obvious that Sanctuary afforded maximum flexibility and was the best fit for my team and my clients,” La Rocca said in a statement. “My ultimate goal is to be able to service clients on a holistic basis, and Sanctuary and their numerous partnerships will give me the tools to make that happen.”

$529M RIA rebrands to Grey Ledge Advisors

GSB Wealth Management, a Guilford, Connecticut-based RIA with $529 million in client assets, changed its name to Grey Ledge Advisors. “We tasked ourselves to resolve a brand that not only reflected our accomplished, professional team, but also represented our full scope of services and core competencies,” President Ken Russell said in a statement.

Lockton Affinity acquires insurance brokerage to deepen RIA reach

The program administrator arm of insurance brokerage giant Lockton, Lockton Affinity, has acquired a smaller brokerage that will expand its available annuities, life, long-term care and disability products for RIAs and other financial advisors currently working with an existing Lockton subsidiary called BluePrint Insurance Services. “Bringing SBG into Lockton Affinity is a perfect match of strategic and cultural fit,” Lockton Affinity President Patrick O'Farrell said in a statement. “SBG's founder, Bill Dolan, has built an impressive business that augments our ability to compete in the RIA and wealth advisory industry. SBG adds capabilities in personnel and infrastructure that will help us deliver further meaningful growth and better serve the comprehensive needs of financial advisors and their businesses.”

Sanctuary Wealth adds ex-UBS team with $270M

Financial advisor Antonia La Rocca of Santa Barbara, California-based Saige Private Wealth went independent from UBS with Sanctuary Wealth. The three-member team managed $270 million in client assets with its prior firm. “After looking at the various independent options to advisors, it was obvious that Sanctuary afforded maximum flexibility and was the best fit for my team and my clients,” La Rocca said in a statement. “My ultimate goal is to be able to service clients on a holistic basis, and Sanctuary and their numerous partnerships will give me the tools to make that happen.”

Ex-Securian advisors with nearly $550M join Ameriprise bank channel firm

Springs Wealth Group, an enterprise with $900 million in client assets that uses the Ameriprise Financial Institutions Group as its brokerage, picked up three advisors from Securian Financial. Financial advisors Robert Book and Tim Mason managed $447 million in client assets with Securian, while Bryan Ladrow oversaw $99 million. Springs Wealth now spans 15 registered representatives across five offices in Colorado and Texas. “The client experience is paramount to running a successful practice, and we’re eager to combine Springs Wealth’s strengths in this area to our own,” Mason said in a statement. “Additionally, having access to outstanding thought leadership in the financial services industry and seamless technology from Ameriprise allows us to confidently deliver a stellar client experience in 2022 and beyond.”