Every week, Financial Planning rounds up notable
Advisor moves: Raymond James, Beacon Pointe, Carson have big week
October 18, 2024 11:40 AM
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Raymond James picks up $1.1B team from RBC
A team of advisors formerly managing $1.1 billion at RBC Capital Markets has joined Raymond James' employee channel.
Raymond James announced this week that the four advisors will run a practice calledThe Business Exit Planning Advisors of Raymond James in Las Vegas, Nevada. The team consists of Kerry Withrow, Mark Benjack "Ben" Hamilton, Ryan D'Souza and Elliot Bloch, as well as the business manager Terri Criswell. They're joining Raymond James as employees in its Raymond James & Associates channel.
Withrow has 30 years of industry experience and started at Smith Barney in 1994. Following stints at various firms, he landed at RBC in 2005. Hamilton has 46 years of experience and came to RBC in 1998 following time at a series of firms.
D'Souza started at Ameriprise in 2016 and joined RBC two years later. Bloch started in the industry in 2004. He went on a 12-year hiatus starting in 2010 before he came back to the industry with RBC in 2022.
Raymond James announced this week that the four advisors will run a practice called
Withrow has 30 years of industry experience and started at Smith Barney in 1994. Following stints at various firms, he landed at RBC in 2005. Hamilton has 46 years of experience and came to RBC in 1998 following time at a series of firms.
D'Souza started at Ameriprise in 2016 and joined RBC two years later. Bloch started in the industry in 2004. He went on a 12-year hiatus starting in 2010 before he came back to the industry with RBC in 2022.
Beacon Pointe scoops up $1B team in fifth RIA purchase this year
Beacon Pointe's purchase of Lake Elmo, Minnesota-based Landmark Wealth Management Group marks its fifth publicly announced RIA acquisition in 2024. Besides its headquarters in Minnesota, Landmark Wealth Management has offices in Hudson, Wisconsin, and San Jose, California.
Landmark Wealth Management specializes in working with individual clients, families, business owners and employees of companies such as 3M, Lockheed Martin and Andersen Corporation, among others. Landmark is led by Chief Financial Officer and Chief Operating Officer John Underwood, partner and wealth advisor Gary Tangwall and partner wealth advisor Todd Gillingham.
The firm has 33 other members, including: Bjorn Nesvold, Chad Broberg, Jennifer Beyl-Lee, Tom Selbo, all newly minted partners; and wealth advisors Cathy Jenson, John Levi, Kurt Haugen, Leah Brooks, Tammie Mark, and Jack McNamara.
The consulting firm and investment bank Echelon Partners found in a recent RIA M&A Deal Report that there were 241 deals announced in the first three quarters of 2024, roughly on pace with the 239 in the same period of last year. Beacon Pointe has nearly $37 billion in assets under advisement.
Carson makes second-biggest purchase with $1B firm
Carson Group has bought a registered investment advisor with $1 billion under advisement in its second-largest acquisition ever.
Omaha, Nebraska-based Carson, with roughly $38 billion under management, announced its purchase this week of Sweet Financial Partners, which has its headquarters in Fairmont, Minnesota. Sweet Financial is led by managing partner and wealth advisor Bryan Sweet, who has 43 years of industry experience and was with Raymond James from 1989 to 2021. The 12-person team, which will continue operating under the Sweet Financial brand, specializes in retirement and tax planning, wealth transfers and business exits.
Omaha, Nebraska-based Carson, with roughly $38 billion under management, announced its purchase this week of Sweet Financial Partners, which has its headquarters in Fairmont, Minnesota. Sweet Financial is led by managing partner and wealth advisor Bryan Sweet, who has 43 years of industry experience and was with Raymond James from 1989 to 2021. The 12-person team, which will continue operating under the Sweet Financial brand, specializes in retirement and tax planning, wealth transfers and business exits.
Thurston Springer buys firm with $1.2B under advisement
Thurston Springer Financial, a hybrid firm in Indianapolis, is buying a diverse financial services company with $1.2 billion in assets under advisement.
Thurston Springer announced this week a pending deal to purchase Jupiter-Florida-based PEAK Reps, a holding company with a broker-dealer named PEAK Brokerage Services, a registered investment advisor named Blackridge Asset Management and an insurance group named Blackridge Asset Management. PEAK Reps has roughly 120 financial advisors.
PEAK Reps is led by Regina Rudnick, who has been CEO for the past two years. She will remain on as a co-president and head of advisor experience.
PEAK Reps will continue to operate as a separate entity under Thurston Springer. The purchase agreement is expected to be signed next month.
Thurston Springer announced this week a pending deal to purchase Jupiter-Florida-based PEAK Reps, a holding company with a broker-dealer named PEAK Brokerage Services, a registered investment advisor named Blackridge Asset Management and an insurance group named Blackridge Asset Management. PEAK Reps has roughly 120 financial advisors.
PEAK Reps is led by Regina Rudnick, who has been CEO for the past two years. She will remain on as a co-president and head of advisor experience.
PEAK Reps will continue to operate as a separate entity under Thurston Springer. The purchase agreement is expected to be signed next month.
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LPL pulls $450M team from Raymond James
LPL Financial has recruited a team of advisors formerly managing $450 million at Raymond James.
The group, based in St. Petersburg, Florida, consists of the financial advisors Michael Collins, Jim Spicer, Ryan Roy, Gary Hummel, Robert Torris, David Zaccagnino, Steven Laesser and Mark Wolf, along with Mark's son Logan Wolf. The team offers portfolio management, retirement and tax planning, estate planning and more.
The group, based in St. Petersburg, Florida, consists of the financial advisors Michael Collins, Jim Spicer, Ryan Roy, Gary Hummel, Robert Torris, David Zaccagnino, Steven Laesser and Mark Wolf, along with Mark's son Logan Wolf. The team offers portfolio management, retirement and tax planning, estate planning and more.
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Raymond James lands $479M Merrill team
Raymond James has brought over a three-person team formerly managing nearly $480 million at Merrill.
The group, now going by the nameRiverview Wealth Advisors of Raymond James , is based in Idaho Falls, Idaho. It consists of the financial advisors Larry Stucki, Brandon Peebles and Jake Waddoups and the senior registered client service associates Carla Greenough and Shauna Misseldine. They're joining Raymond James' employee channel, Raymond James & Associates.
The group, now going by the name
Exec moves: Osaic hires new chief financial officer from Thomson Reuters
The independent broker-dealer Osaic has named Kristy Britt as its chief financial officer.
Britt comes to Osaic from Thomson Reuters, where she most recently served as head
of finance for the operations and technology organization. At Osaic, she will work out of the firm's headquarters in Scottsdale and will report to President and CEO Jamie Price.
Britt will take over as Osaic's Chief Financial Officer from Jon Frojen, who has decided to step down after nearly five years with the firm.
Osaic,formerly Advisor Group , came in at the No. 3 spot in Financial Planning's latest IBD Elite ranking of the largest independent broker-dealers measured by annual revenue.
Britt comes to Osaic from Thomson Reuters, where she most recently served as head
of finance for the operations and technology organization. At Osaic, she will work out of the firm's headquarters in Scottsdale and will report to President and CEO Jamie Price.
Britt will take over as Osaic's Chief Financial Officer from Jon Frojen, who has decided to step down after nearly five years with the firm.
Osaic,
