Socium Advisors, a St. Louis-based Northwestern Mutual private client group, is bringing a Milwaukee firm with $1.6 billion in client assets into the fold.
The addition of Amplify Wealth Partners will boost Socium’s total client assets to $4.3 billion, making it one of the largest wealth management firms in Northwestern Mutual’s network.
Amplify was founded by Jerod Spaeth, a 20-year industry veteran who first registered with Northwestern Mutual in 2003. Amplify works with high-net-worth individuals and families, as well as business owners. Socium founder and CEO Scott Underwood said the firm was “thrilled” to welcome Amplify to the team, which will help Socium expand into more states.
“Jerod has built an incredible team, with an array of sophisticated clients and an impressive group benefits and retirement plan business in the Milwaukee area,” he said in a statement. “I’m excited about what we will be able to accomplish together.”
Spaeth will join Socium as a partner, along with advisors Lauren (Peter) Lanigan, Andrew Hoy, Andrew Hunn and Christopher Young. The move will add 26 financial professionals (including the five partners) to Socium and boost its reach to nearly 45,000 plan participants nationwide.
In total, Socium now has 86 employees; in addition to the new Milwaukee office, Socium has locations in St. Louis, Los Angeles, McLean, Va., Calabasas, Calif., Tacoma, Wash. and Northwest Arkansas.
Socium has grown from $500 million total client assets in 2020 to more than $4.3 billion after the Amplify deal, and clients include executives, attorneys, real estate developers, business owners, entrepreneurs and athletes, among others. In addition to boosting Socium’s presence in the qualified plan space, the Amplify deal will allow clients more access to Socium’s wealth services, including financial, estate and philanthropic planning.
“Socium is run similar to more like a firm with family office services, with a team approach and the specialized services clients expect from their wealth advisors,” Spaeth said. “The firm also has the scale and resources to allow us to expand our offerings to both individual clients and group plan participants.”
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