Raymond James, LPL Financial, Stifel, plus royal funding, domestic partner certification and more

October 15, 2021 12:52 PM

LPL gobbled up several breakaway teams this week and announced a partnership with Lincoln Financial that allows it to access Lincoln’s Strategic Market Solution Plus. The Duke and Duchess of Sussex are backing a fintech. Thinking that marriage equality might diminish the need for an Accredited Domestic Partnership Advisor designation, the College for Financial Planning shelved the program some years ago, only to revive it now. Check out the winners of the National Association of Personal Financial Advisors’ service awards, and much more. Scroll through to find what you might have missed this week in financial planning news.

The College for Financial Planning revived its

Accredited Domestic Partnership Advisor designation program

. The ADDP credential signals that a planner has mastery of alternative planning techniques for unmarried couples. The CFFP, an educational company that owns the certified financial planner (CFP) and other professional designations, created the program in 2010 but retired it five years later when the Supreme Court made same-sex marriage legal in all 50 states. Christopher Woehrle, the chair of tax and estate planning at the company, said that while “it was initially thought that the need for the ADPA designation would diminish,” the 2015 Marriage Equality Act “did not entirely eliminate the demand for a program focused on the needs of unmarried couples.” He cited data showing that relationships outside of marriage — regardless of sexual orientation or domestic arrangement — are becoming more common across all age groups. Marriage rates recently hit an all-time low, according to the CDC’s

National Marriage and Divorce Rate Trends

, falling to 6.1 unions per 1,000 people between 2016 to 2019. In 2001, the national rate was 8.2 marriages per 1,000 people. Census Bureau statistics show that over two decades through 2017,

cohabitation rates more than doubled

as more couples opt to forgo marriage. Advisors have 120 days from the date they are provided online access to complete the ADPA program, including testing and passing the final exam.

Baird’s Private Wealth Management unit is promoting Mike Schroeder, a 35-year veteran of the firm, to chairman and giving Executive Director Erik Dahlberg the president’s title. Both men started as financial advisors. “Under Mike and Erik’s tremendous leadership, PWM has dramatically expanded its capabilities and the value brought to clients which, in turn, has fostered remarkable growth,” said Steve Booth, Baird chairman, president and CEO. “These strong results can be attributed to an unrivaled leadership team, specialized expertise and a laser focus on client service.” Baird’s Private Wealth Management business encompasses more than 1,300 financial advisors serving clients from over 160 locations in 33 states and has client assets of more than $239 billion.

The National Association of Personal Financial Advisors, which has 4,100 members, announced the winners of its annual awards for service to the profession. Tim Kober of Cedar Financial Advisors, Vickie Hampton of Texas Tech University, Pam Krueger, host of MoneyTrack and founder of WealthRamp, Ben Jacobs of Elwood & Goetz Wealth Advisory Group and Stephanie James of Wescott Financial Advisory Group were nominated by their peers. “The 2021 award honorees have displayed exceptional commitment to service, education and positioning the profession for the future,” said Geoffrey Brown, NAPFA CEO. “These professionals are a wonderful example to our professional community and will continue to do great work for their organizations and their clients.”

Financial advisor Montague "Cosmo" Boyd of The 680 Group dropped Stephens as the practice’s RIA and broker-dealer to affiliate with LPL Financial and the Independent Advisor Alliance. The Atlanta-area team managed more than $400 million in client assets with its prior firm. In addition to the 40-year industry veteran Boyd, 680 includes the client service team of Jana Burke, Sheila Whitten and Emily Boyd. Independent Advisor Alliance serves as the practice’s hybrid RIA and office of supervisory jurisdiction with LPL. “Cosmo and his team require a partner who offers a customizable and comprehensive set of wealth management solutions, including marketing, compliance and technology services," Independent Advisor CEO Robert Russo said in a statement. "This, combined with our experience helping advisors make a smooth transition, makes our partnership a win for both The 680 Group and their clients."

Covenant Multifamily Offices, a fee-only RIA with four offices and more than $2.6 billion in client assets, joined Captrust as the aggregator’s 52nd incoming practice. Founder John Eadie and fellow executive team members Barry Beal, Justin Pawl and Karl Eggerss lead a team that spans 44 other employees serving more than 500 clients across locations in San Antonio, Dallas, Boerne, Texas, and Oklahoma City. “While we had previously been on the other side of the table, adding four firms since 2012, we knew that joining Captrust was the right next step for Covenant when we saw the alignment of our two cultures, which both focus on serving our clients, colleagues, and communities,” Eadie said in a statement. “We’re excited to bring the advantages of Captrust’s resources to our clients, which will enhance our high-touch, boutique client-service model.” With this deal and the close of another one for the Chicago-based firm, Captrust has reached 1,000 employees.

Kestra Private Wealth Services, a hybrid RIA and breakaway channel under Kestra Financial, picked up a Montana-based team that left RBC Wealth Management. Financial advisor Gary Kiemele’s Missoula-based practice, WestPeak Private Wealth, managed $184 million in client assets with its prior firm. Kiemele oversaw a 3,700-acre grain farm for 20 years before eventually becoming a financial advisor. “Partnering with Kestra PWS gives us the resources and flexibility to not only assist clients in their financial planning, but to help improve their overall well-being,” Kiemele said in a statement. “Their back-office support is truly the complete package, enabling us to focus on what matters — growing the firm and refining our product and service offerings for clients.”

The former chief investment officer of Carson Group, Saumen Chattopadhyay, left the firm to take the same position with OneDigital Investment Advisors, a massive hybrid RIA focused on corporate retirement plans. The 25-year industry veteran leads Overland Park, Kansas-based OneDigital’s portfolio management and due diligence team, as well as its investment committee. The RIA has made 27 acquisitions since the beginning of last year. “OneDigital's success has been fueled by a combination of organic growth and strategic acquisitions,” Chattopadhyay said in a statement. “The wealth management industry is primed for expansion, and I’m excited to be a part of driving that presence at OneDigital.”

Gladstone Wealth Partners, a major office of supervisory jurisdiction with LPL Financial, added a wirehouse breakaway team led by financial advisor Douglas Chin in Red Bank, New Jersey. The practice managed about $200 million in client assets with its prior firm, Morgan Stanley. Chin served in the U.S. Navy for more than 30 years on active duty and in reserves. Registered administrative assistant Carolyn Anderson joined him in the move. “Every business decision I make is in my clients’ best interests, and the independence I will get with LPL, coupled with the additional resources from the partnership with Gladstone, is just what I need to further act on that principle,” Chin said in a statement. “I have the optimal freedom to manage and advance my practice, with no worries about having to hit quotas.”

Kestra Financial Headquarters in Austin, Texas - June 27 2018

Kestra Financial’s RIA M&A arm, Bluespring Wealth Partners, acquired a fee-only firm with $530 million in client assets called Ritter Daniher Financial Advisory. Advisors John Ritter and Jeffrey Daniher launched the Cincinnati-based firm in 1999. "RDFA and Bluespring Wealth share a common view on how to treat clients and foster long-term, meaningful relationships,” Ritter said in a statement. “This cultural and philosophical alignment is ultimately what compelled us to partner with them. We look forward to leveraging Bluespring Wealth’s resources and expertise to further enhance our client offering and expand our business both organically and inorganically.”

Financial advisor Rick Moore and a team of seven other registered representatives at an Angleton, Texas-based practice called The Oak Financial Group left Advisor Group’s SagePoint Financial to affiliate with Arkadios Capital. The practice manages $280 million in client assets. Moore, a career-changer who spent 17 years with Dow Chemical before becoming an advisor, conducted due diligence for two years during his search for a new broker-dealer, he said. “The Oak Financial Group did not want to move to another large broker-dealer or network broker-dealer and end up dealing with the same frustrations,” he said in a statement. “After talking with Arkadios Capital for about a year, it became evident they were something different. They listened to our needs and worked to help us solve the administrative issues we were facing.”

Stifel added financial advisor Steve Seiler to its Overland Park, Kansas-based branch after the 23-year industry veteran left Wells Fargo Advisors. The practice managed $267 million in client assets with its prior firm, and Seiler’s team now reports to Art Kennedy as its branch manager. “His client-first focus makes him a perfect fit for our culture as we continue to expand our presence in the greater Kansas City area, and we’re pleased that he has made Stifel his firm of choice,” Kennedy said in a statement.

Raymond James & Associates picked up a former wirehouse team in Naples, Florida, led by 15-year veteran financial advisor Adam English. The team, which includes client service associate Anne Mitchell, managed $130 million in client assets with its prior firm, Merrill Lynch. English is a second-generation advisor who worked with his father at Morgan Stanley prior to his time with Merrill. “Through the due diligence process, I found Raymond James to be the firm that aligns best with my values and ethics,” English said in a statement.

Financial advisor Guy Rodgers of Mansfield, Texas-based Guy Rodgers Private Wealth Strategies left the Wells Fargo Advisors Financial Network for LPL Financial. The practice managed $175 million in client assets with its prior firm. Rodgers started his professional life as a family lawyer, converting to financial advisor in 2008 after noticing a need for more ethical financial advisors to help clients through difficult times like divorce, injuries or death. The practice includes his wife, Gina Rodgers, who serves as office manager, and assistant Aida Chianappi. “LPL provides a wide breadth and depth of planning and investment choices, and most importantly, allows me to create differentiated service experiences for my clients,” Rodgers said in a statement. “Our slogan is ‘clarity, confidence and concierge care,’ and I believe LPL gives me the best option to provide all those services to my clients.”

Moneta, the parent of the major fee-only RIA Moneta Group Investment Advisors, poached a new head of alternative investments who is the former chief investment officer of the Chicago Teachers’ Pension Fund. Andrew Kelsen, a 34-year industry veteran, reports to CIO Aoifinn Devitt in his new role with the St. Louis-based RIA. Moneta’s RIA has more than $27 billion in assets under management. “Moneta has a proven track record of success and organic growth, and an expanding footprint across the nation,” Kelsen said in a statement. “I look forward to developing an enduring platform to meet our clients’ growing demand for alternative investment products.”

Private equity-backed Hightower, an RIA consolidator spanning 119 advisory practices with more than $100 billion in assets under management, agreed to acquire a majority interest in Bluerock Wealth Management. Advisors Raj Chokshi and Rachael Neil lead the Alpharetta, Georgia-based practice, which has $700 million in client assets. “After two years of rapid growth and expansion, we could see that to maintain and accelerate our momentum we needed a partner that could give us the size, scale and institutional-class support necessary to amplify our efforts,” Chokshi said in a statement. “We chose Hightower because of the immense investment the firm has made across its entire platform, from technology, HR, trust and estate capabilities to marketing and business development support. These services will allow us to focus on serving clients, nurturing prospects and attracting new assets.”

Two giants of the industry, LPL Financial and Lincoln Financial Group, have launched a new collaboration in workplace retirement plans enabling LPL advisors to gain access to Lincoln’s Strategic Market Solution Plus. The aggregate recordkeeping program reduces compliance risks and builds scale for plan sponsors, which can cut the number of tasks and the costs of managing retirement plans, according to the firms. “Small businesses cite cost and complexity as the most common barriers to offering a retirement plan,” Rob Pettman, LPL’s executive vice president of wealth management solutions said in a statement. “Meanwhile, investors have assumed greater responsibility for their personal retirement outcomes. We believe providing American workers access to employer-sponsored plans is imperative to retirement readiness.”

The Duke and Duchess of Sussex have entered the fintech arena, joining Ethic, an asset management platform that uses direct indexing to provider advisors with ESG strategies. Prince Harry and Meghan Markle are “impact partners” and investors, and are hoping to get more young people interested in impact investing,

according to the New York Times.

Ethic was founded in 2015 and has accumulated $1.3 billion in assets under management.

Halo Investing, a platform that provides financial advisors access to protective investments like structured notes and annuities, closed a $100 million round of Series C funding. Halo says it will use the capital to invest in new markets, enter into more distribution channels and expand into new asset classes. Owl Capital led the fundraising round with participation from Allianz Life Ventures, Abu Dhabi Catalyst Partners, William Blair and Alumni Ventures Group.