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Friday, December 1, 2023

RIA Roundup: Congress Wealth Buys $1.1B MainLine Personal Wealth

Congress Wealth Administration has moved into Pennsylvania. The Boston-based agency introduced this week that it has established an eighth workplace location in as many states with the acquisition of MainLine Personal Wealth, supported by capital from Audax Personal Fairness.

In the meantime, two Indiana corporations joined forces to enhance providers and appeal to expertise, a $250 million AUM staff left Ameriprise Monetary Companies to launch an impartial apply in Ohio with OneSeven and a former Wells Fargo advisor has grow to be the second breakaway to affix NewEdge Wealth’s latest workplace. 

In earlier reported information this week, LPL prolonged its acquisitive liquidity and succession program to exterior corporations and breakaway advisors, Pitcairn introduced the upcoming retirement of CEO Leslie Voth after greater than three a long time with the agency, and Wealthspire is about to make the largest acquisition in its historical past.

Congress Wealth Administration Acquires $1.1B MainLine Personal Wealth

Congress Wealth Administration, a Boston-based, registered funding advisory agency now overseeing $6.7 billion in shopper belongings, has acquired MainLine Personal Wealth, a Philadelphia-area RIA with roughly $1.1 billion in managed belongings.

“As we construct out our nationwide presence, MainLine’s robust place in Philadelphia, with a shopper base extending throughout the nation, is especially engaging,” Congress Chief Strategic Officer Scott Dell’Orfano stated in an announcement.

Pennsylvania is the eighth state during which Congress has established a presence since its 2009 launch. It’s the first deal accomplished by the agency since CI Monetary (rebranded Corient in August) bought its minority stake to Audax Personal Fairness earlier this 12 months, with debt financing from Bain Capital. It’s the sixth since partnering with CI in early 2020.

MainLine gives funding recommendation and portfolio administration for rich households, in addition to retirement plan advisory providers for company certified and non-qualified deferred compensation plans, in accordance with federal filings.

 “Congress gives a scaled platform and a shared collaborative and genuine philosophy,” stated Gary Droz, MainLine co-founder and managing director. “Because the trade at massive gravitates away from commission-based fashions, this strategy ought to assist us appeal to and retain new enterprise, whereas offering the perceptive advisory and attentive service shoppers have come to anticipate.”

Two Indiana Corporations Mix to Create Wellington Wealth Methods

The Wellington Group and TrustWealth Methods have merged beneath TrustWealth’s federal registration and rebranded as Wellington Wealth Methods in a deal that closed earlier this month.

Wellington Group was based in 1996 by Tony Bonanno, who’s now managing associate of Wellington Wealth. Greg Freeman and Joe Hillman, who launched TrustWealth in 2019, will probably be companions alongside Wellington Group’s Max Moritz and Tom Cates. Nate Miller will function the agency’s chief working officer.

“The evolution into Wellington Wealth Methods was a thoughtfully deliberated transfer,” Bonanno stated in an announcement. “Greg and Joe’s staff seamlessly align with our ethics and core values.”

With a mixed $750 million in belongings throughout about 450 shoppers in 40 states, Wellington has 20 monetary advisors and three places in Indiana—its Indianapolis headquarters and satellite tv for pc workplaces in Fort Wayne and Crown Level. The agency provides funding administration, retirement planning, property planning and entry to different investments, in addition to retirement earnings and tax planning providers.

“Collaboratively, we unlock a realm of versatile and complicated funding alternatives, enhanced by a broad spectrum of cutting-edge applied sciences, catering to a various clientele,” stated Freeman. “This permits seasoned and new advisors to affix our ranks, shaping custom-made funding methods that genuinely prioritize shoppers’ finest pursuits.”

Feldmeyer Monetary Group Jumps to OneSeven from Ameriprise

OneSeven, a Cleveland-based RIA that just lately handed $4 billion in managed belongings, has partnered with a 10-person staff from Ameriprise Monetary Companies to launch Feldmeyer Monetary Group as an impartial apply in Dayton, Ohio.

Created by Ben Feldmeyer in 1994, Feldmeyer Monetary is becoming a member of OneSeven with $250 million in shopper belongings after nearly three a long time with Ameriprise to “enrich its service choices, operations, expertise, advertising and marketing, and communications capabilities,” in accordance with an announcement.

OneSeven supported Feldmeyer by the transition course of, serving to to launch the agency’s new web site and set up further service capabilities, together with increasing their small enterprise and exit planning providers with OneSeven’s 401(okay) platform.

“The partnership with OneSeven is a big milestone in our progress journey,” Feldmeyer stated in an announcement. “This transfer and its enhancements reinforce our dedication to wonderful shopper service for generations.”

Backed by Service provider Funding Administration, OneSeven was created final summer time by the merger of MGO Funding Advisors and One Seven, with a collective $2.4 billion in belongings. The agency now helps greater than a dozen advisory groups representing 45 monetary advisors throughout six Ohio workplaces, three every in Florida and Park Metropolis, Utah, and places in Georgia and Michigan.

“This partnership with Feldmeyer Monetary Group is a testomony to our shared values of shopper dedication, innovation, and progress,” stated OneSeven President Todd Resnick. “We look ahead to supporting their continued success.”

NewEdge Wealth Provides Former Wells Fargo Advisor to Bay Space Workplace

NewEdge Wealth, a boutique, Stamford, Conn.-based RIA owned by NewEdge Capital Group, introduced Friday that Dale Schroeder has joined its new San Francisco workplace from Wells Fargo.

As a managing director, Schroeder will serve shoppers within the Bay Space together with John Froley, a former First Republic advisor who established the workplace location in June.

“We’ve got seen vital curiosity in our service providing within the San Francisco Bay Space since opening our workplace early this summer time, and we’re thrilled to help this demand with the addition of Dale to our staff,” NewEdge Wealth CEO Rob Sechan stated in an announcement. “We’re thrilled to leverage Dale’s depth of expertise within the trade and area as we improve our native capabilities in Northern California.” 

Schroeder spent greater than a decade with Wells Fargo, the place he supplied danger evaluation and planning round retirement, legacy and philanthropy for ultra-wealthy households, household workplaces and establishments as a senior monetary advisor and managing director of investments. Previous to that he was an fairness choices specialist on the Pacific Inventory Alternate.

“NewEdge Wealth represents the longer term for top web value household wealth administration providers, and I look ahead to being a part of the rising staff on the West Coast,” Schroeder stated.

Three years outdated on the finish of the 12 months, NewEdge Wealth has seen vital enlargement in 2023, including workplaces in San Francisco, Nashville and Northwest Arkansas, and recruiting Josh Gully from Morgan Stanley. The agency now has greater than 30 advisors serving a choose group of ultra-high-net value households, household workplaces and establishments.

Backed by personal fairness corporations Parthenon Capital Companions and Waterfall Asset Administration, NewEdge Capital Group includes two RIAs—NewEdge Wealth and NewEdge Advisors, its platform partnership mannequin—and dealer/vendor NewEdge Securities. Collectively, they signify greater than 300 advisors overseeing roughly $40 billion in belongings for greater than 75,000 shoppers. Sechan advised WealthManagement.com in June that NewEdge Wealth accounts for a few third of the agency’s collective belongings.

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