This Week in Wealth Management Deals

#Lifestyle Wealth


The wealth management industry posted another record number of deals in the first quarter: 76 mergers or acquisitions, according to Echelon Partner’s Q1 2021 Echelon RIA M&A Deal Report. With April’s slow crawl compared to January, it’s looking like the second quarter may not be as active.

In the second week of April, Integrated Partners snatched Reserve Investments from a fellow LPL Financial affiliate, Level Four. Reserve’s founder, Mark Mitamura said he plans to use Integrated Partners business solutions to grow to $1 billion in assets under management through acquisitions.

Snowden Lane Partners recruited another Wells Fargo team in the wake of Wells’ terminating its international business. The new team, a practice that managed $100 million, is led by Alfredo Garcia and is based in New York City.

Below are more mergers, acquisitions and advisor moves you may have missed the week of April 5, 2021.

Atria Wealth Solutions Completes SCF Securities Acquisition

Atria Wealth Solutions, a New York City-based wealth management services holding company, announced its acquisition of SCF Securities, an independent broker/dealer and registered investment advisory firm with some 150 financial advisors. SCF is the sixth broker/dealer acquired by Atria and joins Cadaret, Grant & Co. Inc., NEXT Financial Group, Inc., Western International Securities, Inc., CUSO Financial Services, L.P. and Sorrento Pacific Financial, LLC. Atria Wealth Solutions now has some 2,500 advisors and $95 billion in assets under administration.

Texas Firm Deepens Sanctuary Wealth’s South West Presence

Sanctuary Wealth has recruited John Frakes and his firm Clayboun Frakes Wealth Advisory Services. Frakes had been with UBS for 11 years. Claybourn Frakes joins Sanctuary's independent network of 46 partner firms across 18 states with over $15 billion in assets under advisement. 

Raymond James Attracts $686 Million in Assets

Raymond James affiliate Boston Harbor Wealth Advisors boosted its AUM to $2.7 billion after its recruitment of four advisor teams that collectively managed $686 million in assets. In Fairfield, Conn., advisors Bill Sherlach, Jim Mead, and Sal Trombetta of IST Group join from Morgan Stanley where they managed $336 million in assets. A Cleveland, Ohio firm, OnPoint Wealth Partners, composed of Brian Marino and Gene Craciun join from MML Investors where they managed $250 million in assets. Jeffrey Fitz in Manor, N.Y. joined from Merrill Lynch where he managed $50 million, and John Meakin in Beverly, Mass. joined from LPL Financial where he also managed $50 million.

LPL Financial Recruits 101-Year-Old Firm

CR Davis & Company, an independent broker/dealer that started in 1920 by C. Russel Davis, has joined LPL Financial. The Springfield, Ill. firm manages $110 million in AUM and is headed by the founder’s grandson, Jeffrey Gibbs, and financial advisor Brad Welker.

Woods Financial Group Joins LPL Financial 

Advisor Joel Woods joined LPL from Concorde Investment Services where he managed $130 million in advisory, brokerage and retirement plan assets. Wood Financial Group is based in Fort Worth, Texas. 

The Rixse Todd Group Joins Baird

Kellie Rixse and Jeff Todd of The Rixse Todd Group in Anchorage, Alaska have joined Baird’s private wealth management business, adding to its $215 billion in client assets. The duo manages $200 million in AUM.

Former First Republic Advisors Launch Audent Capital Partners

Advisors Michael Winn and Paul Feinstein, formerly with First Republic Securities, have launched their own Los Angeles wealth management firm with Brian Weiner who founded a multi-family office known as BW Consulting. Audent Capital Partners houses Audent Family Wealth Advisors and Audent Global Asset Management, two firms that represent over $2 billion in assets under advisement.

Wagner Wealth Management Affiliates with Arkadios Capital

Arkadios Capital, a hybrid registered investment advisor and broker/dealer, has added Wagner Wealth Management in Greenville, S.C. to its platform. Wagner, headed by Dan Wagner Sr., manages $470 million in AUA and comes from Triad Advisors.

Apella Capital Adds Atlanta Firm with $73 Million in AUM

Apella Capital, and RIA with $1.6 billion in AUM that’s based in Glastombury, Conn. added Phil Calandra of Calandra Financial to its platform. Calandra is based in Atlanta and manages $73 million in client assets.

Blucora’s Avantax Recruits Legacy Capital Advisors

Technology provider Blucora’s wealth management unit, Avantax, has recruited a former LPL Financial team. Legacy Capital Advisors, made up of managing partners Chris Kirkland and Kevin Kelly, is an Atlanta firm that manages $126 million in client assets.

Drive Wealth Advisors Acquires Magellan Capital

Drive Wealth, an $800 million in AUM Salt Lake City-based firm, announced it acquired Magellan Capital. The new firm includes advisors Daniel Reid and Jeff Ingersoll, and manages $18.5 million in AUM, according to its March 2020 ADV filing.

https://www.wealthmanagement.com/industry/week-wealth-management-deals

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