Even though the M&A market for RIAs is red hot, Charles Massimo, CEO of CJM Wealth Management, wasn't happy with the offers he was getting.
“We didn’t want to take on a lot more clients because we felt it would jeopardize the value proposition,” Massimo says. “It’s very difficult to merge with another RIA for a number of reasons, including cultural and philosophical differences. And a number of roll-up firms, they just want to purchase equity and that’s something [we] didn’t want to do.”
Instead, Massimo decided to join Dynasty Financial Partners' platform, allowing the firm to remain independent and giving it access to a range of outsourced services.
“The things that they bring to us such as practice management and marketing, the ability to help us with mergers and acquisitions, things that would be very time consuming for us and take away from our day-to-day client work really gave us a level of comfort and confidence,” he explains.
Founded by Massimo 15 years ago, Deer Park, New York-based CJM Wealth Management has around $316 million in regulatory AUM, according to its latest Form ADV, and works mainly with doctors and families impacted by autism.
Massimo says he had been considering partnering with another firm for a couple of years. Having such a specific client base , it was important for Massimo to find a firm that would allow the company to maintain its independence, while also being a partner with greater resources and specialist relationships that can benefit clients.
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The combination of the three practices will establish a key fiduciary advisor in the retirement planning industry.
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The team left J.P. Morgan Securities to form their own independent firm.
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The independent firm was founded by two former Merrill Lynch advisors in 2012.
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CJM consists of Massimo, Peter Anastasian who serves in a dual role as managing director and advisor, Diane Peters, the director of client services, Mary Cusumano, a client planning specialist and Donna Herrera, the director of client operations.
“Charles, Peter and their team at CJM are committed and passionate about the work they do for their clients and have extraordinary experience in working with both doctors and families dealing with autism,” Shirl Penney, Dynasty CEO, said in a statement. “We are proud to welcome them as a Dynasty Network Advisory Firm. .
CJM is the 45th team to join the Dynasty platform.
