Mergers & Moves: Raymond James, Focus, LPL, Kestra and Mariner add firms and advisors

May 20, 2022 9:41 AM

Kestra’s adds former a Wells Fargo team, Mariner is purchasing a more than $600 million firm, Raymond James grabs a $140 million team, and more. These bits of news, and other notable M&A activity, as you scroll down our cardshow.

Focus firm XML to acquire $644M practice

XML Financial Group, which owns an RIA and brokerage that are part of the Focus Financial Partners network, secured an agreement to acquire Fort Washington, Pennsylvania-based Samson Wealth Management Group. The incoming team has $644 million in client assets under founder Mark Samson, and the deal is expected to close in the third quarter. “Mark and his team take a client-first approach to wealth management that aligns well with our philosophy at XML,” CEO Brett Bernstein said in a statement. “We look forward to this deal closing in the summer and to many years of continued success.”

Kestra’s ex-wirehouse channel adds former Wells Fargo team with $590M

Kestra Private Wealth Services, an RIA subsidiary of Kestra Financial catering to former wirehouse teams, picked up Provista Wealth Advisors as its largest recruiting addition ever. The South Carolina based team led by advisors Derek Oglesby, Clarke Smith, Josh Paddock and Jason Buckley managed $590 million in client assets with their prior firm, Wells Fargo Advisors. “Kestra PWS’ independent model allows us to step out from under the umbrella of a big bank and demonstrate the true extent of our team’s capabilities,” Oglesby said in a statement.

Mariner to purchase $612M firm

Private equity-backed RIA consolidator Mariner Wealth Advisors reached its 16th deal since it began a rapid expansion effort roughly a year ago, securing an agreement to acquire Bloomfield Hills, Michigan-based Emerson Wealth. The incoming firm led by founder Michael Emerson manages $612 million in assets on behalf of 159 clients, and the parties expect the deal to close on June 1. “As we continue to enhance our growth strategies, joining one of the nation’s top wealth advisory firms will allow us to better serve our clients for years to come,” Emerson said in a statement.

Independent Raymond James enterprise adds $950M in recruited client assets

Concurrent Advisors, a Tampa, Florida-based enterprise associated with Raymond James Financial Services, recruited teams with more than $950 million in combined client assets in the first quarter. A former Wells Fargo Advisors team led by advisors Brandon Glasscock, Mandy Haskell, John Garcia and Garry Schuefler is the largest incoming team. The Houston-based practice, which managed $428 million in client assets with its prior firm, is joining a Concurrent office in Dallas called the Wealth Partners Alliance. “My highest priority right now is to guide my clients through this transition period and show them the advantages my independence can create for their financial futures,” Glasscock said in a statement. “Concurrent lets me devote my full focus to my client relationships while they lay the groundwork for future success.”

Family office hires new chief operating officer and senior investment specialist

Brainvest Wealth Management, a firm acting as a multifamily office and investment manager with $3 billion in client assets worldwide, hired Elenice Dobrikow as its chief operating officer and Nick Baron as a senior investment specialist. Baron joins the Miami-based firm from J.P. Morgan Chase’s private bank, where he worked with ultrahigh net worth clients. Dobrikow is a 30-year veteran who most recently served as a vice president at Sunstate Bank. “As we continue to grow stateside, we’re excited to have Elenice join Brainvest to provide a foundation for our team and advisors,” said Rodrigo Faro, CEO of Brainvest Miami. “She will bring the building blocks together for us as we build out our platform for advisors who want to work with us and in turn continue to elevate our client service.”

Janney team with $140M goes independent with Raymond James

Financial advisor Dave Sprenkle of York, Pennsylvania-based Sprenkle Wealth Management dropped Janney Montgomery Scott for Raymond James Financial Services. The practice includes senior client service manager Theresa Lehigh, and it managed about $140 million in client assets with its prior firm. "Raymond James has long been on my radar as one of the most advisor- and client-friendly firms in the business,” Sprenkle said in a statement. “It offers the extensive services, expertise and technology you’d expect of a large, global firm, while allowing me to maintain my independence to serve my clients’ financial goals and objectives how I see fit.”

LPL employee channel picks up ex-Oppenheimer team with $180M in client assets

Linsco by LPL Financial, the independent wealth manager’s employee arm, picked up its second team at a Dallas-based branch when financial advisors Randall Pickett and Leslie Stephenson left Oppenheimer & Co. The team managed $180 million in client assets with their former brokerage. “The entire focus of LPL is empowering advisors so we can focus on our clients, and they back up that commitment with investments in their technology, services, business resources and more,” Pickett said in a statement. “We’re excited to have access to a wide range of offerings that will allow us to provide our clients with differentiated experiences.”

NewEdge Wealth hires new chief investment officer

NewEdge Wealth, an RIA catering to high net worth families and institutional clients, appointed Cameron Dawson to be the firm’s first chief investment officer. She was previously the chief market strategist of Fieldpoint Private Securities and she’s a frequent guest on Bloomberg, CNBC and Fox Business. “Ultra high net worth clients require ever-changing portfolio needs and it’s apparent that NewEdge Wealth is uniquely positioned to deliver this,” Dawson said in a statement. “I look forward to joining this team and helping to maximize opportunities for our clients.”

Emigrant Partners invests in Australian firm

Emigrant Bank’s Emigrant Partners purchased a minority stake in Koda Capital, an Australian firm serving high net worth clients with 28 financial advisors and $7 billion in assets. Koda retained 80% of its business under the strategic investment from Emigrant, which has stakes in 18 firms but no others outside of the U.S. “Koda has successfully established a high-quality independent advice business in the large and growing wealth market in Australia — a market that we see as very attractive,” Emigrant CEO Karl Heckenberg said in a statement. “Our minority investments in employee-owned, founder-led firms enable our partner firms to continue to grow while maintaining a culture of trust, ownership and service excellence that draws top-tier clients and advisors to their firms.”