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Hightower Advisors added two extra corporations with greater than $1 billion in belongings this week, totaling three billion-dollar-plus offers in June alone.
In different information introduced this week, SageView picked up a five-person staff from institutional retirement planning agency RBG; a quartet of Securian advisors joined Advisor Group; Sowell Administration introduced over a Northeastern Arkansas staff from Raymond James; and a husband/spouse staff in California has joined Grove Level Monetary from IFG.
In the meantime, $31.5 billion AUM Oxford Monetary Group has expanded into the Southeastern U.S. with two new places of work run by Goldman Sachs and Bessemer Belief alumni, and CoastalOne has tapped Kevin Keefe—previously with Advisor Group, LPL and Cetera—to function CEO underneath the agency’s new proprietor, Orange Avenue Holdings.
In earlier reported information, Commonwealth picked up one other Securian staff with $881 million in belongings.
Hightower Provides $3.2B AUM in Two Offers
Hightower Advisors introduced two extra acquisitions representing greater than $1 billion in belongings this week, bringing the Chicago-based RIA aggregator to a complete of three billion-dollar-plus offers this month.
A 14-person staff managing round $1.6 billion in shopper belongings has left Avidian Wealth Options to launch a brand new RIA in partnership with Hightower, Presidio Wealth Companions.
Based mostly in Houston, Texas, Presidio is led by companions Cy Cattan, Scott Bishop, Robert Harris and Sarahbeth Pipkin.
The agency expects to leverage Hightower’s expertise, again workplace assist, planning instruments and methods, in addition to expanded entry to personal markets, in accordance with an announcement.
“Our partnership with Hightower Advisors means extra scale, extra concepts, and extra options for our shoppers,” the agency introduced on its web site. “With the capital, expertise, and human sources of Hightower, we will ‘in-source’ extra providers to assist serve shoppers higher.”
Meyer Capital Group, a $1.6 billion agency with places of work in Marlton, N.J. and Naples, Fla., joins the Hightower community with 17 workers, together with 10 advisors, serving greater than 800 shoppers.
Led by CEO Thomas Meyer, the agency was based in 1963 by Meyer’s grandfather as one of many nation’s first fee-only advisory practices. When Meyer stepped into his present function in 1982, the agency was managing some $2 million in shopper belongings.
“We have been on the lookout for a accomplice that may assist our development whereas additionally understanding our deep roots that stem again to when my grandfather based the enterprise almost six a long time in the past,” Meyer mentioned in a press release, citing the breadth of Hightower’s sources, providers and advisor neighborhood as enticing.
“And most significantly, it will give us extra time to concentrate on our shoppers,” he added.
Phrases of the offers weren’t disclosed, however Hightower CEO Bob Oros has mentioned that each one acquisitions contain a mixture of money and fairness.
Based in 2008, the Hightower community presently contains 133 corporations in 34 states and the District of Columbia overseeing round $268 billion in suggested and managed belongings.
Companion corporations have entry to an skilled mergers and acquisitions staff, along with development and follow administration sources, a expertise platform and an array of further providers.
SageView Advisory Group to Purchase $5.2B AUA Retirement Plan Biz
SageView Advisory Group will purchase the founding staff of Retirement Advantages Group, a retirement plan consulting agency with $5.2 billion in belongings underneath administration and a rising wealth administration division with about $63 million in managed belongings.
Based mostly in San Diego, RBG co-founders Tony Franchimone and Larry Deatherage will turn into managing administrators at SageView, joined by Retirement Plan Advisor Cory McCarthy, Wealth Advisor Winston Ventura and Consumer Companies Affiliate Rachel Corridor.
The staff will proceed to construct out the wealth administration enterprise underneath SageView.
“SageView’s centralized assist groups in follow administration, advisory providers, advertising and marketing and enterprise growth present the assist we have to proceed our development and success serving retirement plan sponsors,” Franchimone mentioned in a press release. “We may even be capable to evolve our wealth administration expertise and operations with SageView.”
Based mostly in Newport Seaside, Calif., SageView advises on 401(okay), 403(b), 457, outlined profit and deferred compensation plans, along with offering wealth administration providers. The agency acquired MJM401k in 2021, Channel Monetary and kPlans Funding Companies final yr to bolster its retirement division.
The RBG acquisition, anticipated to shut on the finish of the month, is the ninth SageView has introduced because it established a partnership with personal fairness agency Aquiline Capital Companions in early 2021. At the moment, the agency oversees greater than $156 billion in suggested and managed belongings, per a latest Type ADV submitting.
Former Securian Advisors Be part of Advisor Group Affiliate Capitol Monetary
Advisor Group, a community of unbiased dealer/sellers and RIAs set to be unified and rebranded, introduced this week that John Amendola, Eric Owen, Michael Pugh and Steve Tanner have joined Capitol Monetary Options, one of many largest places of work underneath its subsidiary Royal Alliance.
The previous Securian Monetary advisors in Virginia and North Carolina add about $410 million in shopper belongings to Advisor Group, which contains eight corporations with round 10,000 advisors overseeing greater than $560 billion in belongings.
Based mostly in Jersey Metropolis, N.J., Royal Alliance accounts for some 3,600 advisors managing $29.5 billion in belongings throughout a whole bunch of particular person practices, per a latest Type ADV. Capitol Monetary Options is an affiliated tremendous workplace of supervisory jurisdiction with greater than 50 advisors overseeing nearly $2.3 billion.
“Capitol Monetary Options has entry to industry-leading software program, highly effective in-house advertising and marketing and follow administration assist, and a powerful, suitable tradition,” Tanner mentioned in a press release. “We have been additionally impressed by their substantial scale and sources.”
Owned by Reverence Capital Companions, all Advisor Group entities shall be introduced underneath a single model and onto a shared platform over the following two years. The brand new identify is ready to be introduced Wednesday.
Sowell Administration Provides Arkansas Advisor Group from Raymond James
Sowell Administration, an RIA partnership platform primarily based in North Little Rock, Ark., is including an unbiased monetary advisory staff in Rogers, Ark.
The acquisition brings $120 million in belongings and two advisors to the rising Sowell community. Previously Sector Grid Advisors, agency companions Bob Taylor and Tonya McKaughan left Raymond James earlier this yr and have since rebranded as Trek Wealth Options with Sowell’s assist.
“Transferring our enterprise and dealing with an organization of Sowell’s caliber offers us and our shoppers the peace of thoughts that we’ve a strong succession plan in place for what’s subsequent,” Taylor mentioned in a press release.
Trek Wealth will proceed serving current shoppers, whereas additionally recruiting new advisors. The agency operates out of North Little Rock and has established an workplace in Rogers, Ark.
“We love Arkansas. It’s house,” mentioned Sowell CEO Invoice Sowell. “I’ve been serving advisors and their shoppers right here since 1995. The Northwest a part of the state is anchored by nationwide and worldwide corporations like Tyson Meals, J.B. Hunt and Walmart, in addition to exploding with small companies and new inhabitants. We felt the time was proper to make a boots on the bottom dedication.”
With greater than 50 subsidiary corporations and 80 advisors nationwide, Sowell Administration oversees some $4 billion in shopper belongings.
Husband and Spouse Group Joins Grove Level Monetary
Grove Level Monetary, a hybrid dealer/seller presently owned by Kestra Monetary, has added Paso Robles, Calif.-based Meritage Asset Administration Group.
Led by husband and spouse staff Andrea and Kevin Klipfel, Meritage was established in 2013 on the Wells Fargo Advisors platform. In 2016, the agency jumped to LPL, the place it spent about three years earlier than transferring to Impartial Monetary Group in 2019. Together with Senior Administrative Assistant Mary Raggio, the staff manages about $61 million in shopper belongings and is concentrated on retirement revenue and personalised monetary planning for shoppers each in and nearing retirement.
The agency plans to proceed rising its enterprise by increasing its shopper base nationally, in accordance with the announcement, and expects to leverage Grove Level’s back-office buyer assist providers to spend extra time constructing shopper relationships.
Atria Wealth Options lately introduced plans to purchase Grove Level from Kestra in a deal set to shut within the second half of this yr. Based mostly in Rockville, Md., Grove Level serves round 500 unbiased monetary professionals with some $15 billion in shopper belongings.
Oxford Monetary Group Opens Places of work in Atlanta and Palm Seaside
Oxford Monetary Group, a multi-family workplace primarily based within the higher Indianapolis space, has established two new areas in Atlanta and Palm Seaside, Fla.
The Atlanta workplace with be led by managing administrators Parker Mitchell and Grayson Miller, each of whom joined Oxford early this yr from Bessemer Belief and Goldman Sachs, respectively.
Bart Francis, one other Bessemer Belief alum, will head up the Palm Seaside workplace together with Kevin Coquillette, a former vice chairman with Goldman Sachs Asset Administration who, in accordance with his LinkedIn web page, presently resides in Minneapolis.
With further places of work in Chicago, Cincinnati, Ohio; Minneapolis, Minn.; and Grand Rapids, Mich., Oxford oversees some $31.5 billion in belongings for greater than 700 households and establishments in 35 states.
A privately held and partner-owned enterprise, Oxford was based by CEO Jeff Thomasson in 1981 on the age of 21. Some 33 advisors, together with 20 managing administrators, provide funding advisory, household workplace and belief providers, along with institutional session for charities and retirement and pension plan suppliers.
“We’ve purposely saved the structure, design and expertise the identical in constructing out our new areas in Atlanta’s bustling Buckhead district and within the coronary heart of Palm Seaside,” the agency mentioned in its annual report. “It’s yet one more step in our evolution from a Midwest-centric powerhouse to a nationally targeted wealth administration workplace.”
CoastalOne Appoints Kevin Keefe as CEO
CoastalOne, a hybrid dealer/seller primarily based in Wilmington, Del., has appointed Kevin Keefe, former president and CEO of First Allied Securities, as its new CEO.
Keefe replaces Charles Reiling, who held the function for greater than eight years, following the agency’s latest acquisition by Orange Avenue Holdings.
Previous to entering into the function in March, Keefe was a senior advisor for BNY Mellon. He has additionally held management roles at Advisor Group, LPL and First Allied Securities, the place he served as CEO throughout its integration into Cetera Monetary Group. At CoastalOne, he’s charged with strengthening the agency’s platform and providers for affiliated advisors.
Established in 1989, CoastalOne supplies a service, operations, expertise and compliance platform for greater than 160 monetary advisors bringing in $70 million in annual income.
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