Mergers and acquisitions exercise appeared to sluggish a bit within the RIA house this week, however some offers acquired performed and development hires had been made. Hightower facilitated a merger, Wealth Enhancement Group added a brand new East Coast agency, Kornitzer Capital Administration named two new executives and Arkadios Capital has employed a director of company technique.
Hightower Facilitates Merger Between TC Wealth Companions and EFG Advisors
Hightower introduced this week that it has facilitated a merger between two Chicago-based RIAs, TC Wealth Companions and EFG Advisors.
EFG, which has roughly $800 million in property underneath administration, is led by Thomas Olexa and offers boutique monetary planning, wealth and property administration to enterprise homeowners. The merger brings TC’s whole property to greater than $2 billion.
TC Wealth Companions additionally serves enterprise homeowners and establishments, offering wealth, belief and advisory companies to greater than 800 purchasers. The merger is anticipated to additional strengthen its capabilities, in line with an announcement, notably in life insurance coverage and property planning, the place EFG has experience.
“We’re excited to supply our purchasers expanded entry to even higher capabilities via TC Wealth Companions and Hightower’s strong value-added companies,” Olexa mentioned in a press release. “By becoming a member of forces, we offer our purchasers with holistic choices throughout each facet of the monetary planning panorama.”
“With EFG Advisors we’ve a associate who’s aligned with us when it comes to service, specialization and tradition,” mentioned TC Wealth CEO William Giffin. “We now have all the time believed tradition is essential to success. It’s one of many causes we chosen Hightower.”
The transaction represents the primary sub-acquisition made by TC Wealth, which was acquired by Hightower in January 2022 with a mission to develop throughout the area and scale nationally. On the identical time, Hightower acquired the Belief Firm of Illinois, a TC Wealth subsidiary that gives belief and property planning and administration, executor and co-executor companies and retirement plan companies.
“From the start, it was clear to us that TC Wealth was a agency that had the power to develop and scale,” mentioned Hightower Chairman and CEO Bob Oros. “This strategic merger is the first step.”
Hightower has a devoted M&A staff to assist affiliated companies execute mergers and sub-acquisitions by offering sourcing, valuation, deal structuring, due diligence, authorized and regulatory and pre- and post-close integration companies, in addition to the capital assets wanted for transactions.
Presently, the rising platform of impartial advisors helps 131 companies in 34 states and the District of Columbia with a variety of companies designed to catalyze and speed up development. On the finish of 2022, the agency managed $113.7 billion in consumer property, up from $106.1 billion simply three months earlier, and $144.3 billion in property underneath administration.
Wealth Enhancement Group Provides $273M Washington Wealth Advisors
Minneapolis-based Wealth Enhancement Group has introduced the acquisition of Washington Wealth Advisors in Falls Church, Va., with greater than $273 million in managed property.
Led by managing companions Maura Schauss, who based the agency in 2011, and Todd Youngdahl, Washington presents monetary planning and training, funding administration, retirement planning and tax saving methods to rich households, excessive earners, girls and small enterprise homeowners. Schauss and Youngdahl are joined by a staff of three monetary advisors and 4 consumer service professionals.
The most recent acquisition brings WEG to greater than $60.8 billion in property and provides greater than 250 purchasers.
“Our two companies have remarkably related cultures, wealth administration philosophies and firm values, all of which deal with delivering monetary recommendation in the most effective curiosity of our purchasers,” WEG CEO Jeff Dekko mentioned, in a press release.
“By partnering with our agency, the advisors at Washington Wealth Advisors could have entry to extra assets and instruments permitting for an much more elevated monetary strategy constructed round their purchasers’ distinctive targets,” mentioned Jim Cahn, who heads up investments and enterprise growth for WEG.
Based in 1997, WEG serves greater than 50,000 households and has greater than 85 places nationwide. Advisory companies are provided via the agency’s RIA arm, with some advisors working as dually registered advisors.
“We see this partnership as an extension of our promise to every consumer to supply impartial, trusted monetary recommendation all through their lifetime and a chance to deepen our consumer relationships,” Schauss mentioned.
Arkadios Capital Hires Nathan Stibbs to Lead Company Technique After File 2022
Arkadios Capital, a fast-growing hybrid RIA and dealer/seller primarily based in Atlanta, has introduced the appointment of Nathan Stibbs as director of company technique. Most lately, Stibbs was president and chief technique officer for Continuum Advisory in Atlanta.
The announcement comes on the heels of a file 12 months by which Arkadios added $3.2 billion in property via the affiliation of 42 advisors throughout 15 places of work, accounting for $16 million in new income. Stibbs is anticipated to play a essential position in serving to Arkadios execute a nationwide development and growth technique, in line with an announcement, by working so as to add gifted advisors, “whereas offering a powerful tradition firmly targeted on the advisor expertise.”
“The Arkadios government staff has labored intently with Nathan Stibbs for a few years,” mentioned CEO David Millican. “He’s captivated with aiding profitable wealth administration companies attain their full potential. He is aware of our capabilities and shares our entrepreneurial tradition. He’ll assist us broaden our present relationships and add profitable advisory teams.”
For greater than 20 years, Stibbs has served as a strategic marketing consultant to impartial monetary advisors. Previous to his time at Continuum, he spent greater than twenty years on the manager staff at Triad Advisors, the place he helped place the agency as a vacation spot for hybrid funding advisors.
“It was essential to me that I aligned with a company with which I share an identical imaginative and prescient, philosophy and core values,” he mentioned. “Arkadios has established itself as one of many quickest rising IBDs within the business and their advisor-centric tradition make them a prime vacation spot for profitable funding professionals.”
Based by Millican in 2016, Arkadios helps growth-oriented wealth administration companies and oversees greater than $8 billion in consumer property, together with practically $2 billion underneath its RIA. The agency has grown to 160 advisors and 42 workplace throughout the U.S. and in Puerto Rico.
Kornitzer Capital Administration Names Joe Neuberger and Laura Symon Browne to Lead Agency, Funds
Kornitzer Capital Administration, a Kansas Metropolis-based registered funding advisor with greater than $7.3 billion in consumer property, has named Joe Neuberger as president, changing founder John Kornitzer. On the identical time, Laura Symon Browne has been named to switch Kent Gasaway as president of Buffalo Funds, a gaggle of no-load mutual funds managed by KCM.
The strikes are a part of a deliberate succession technique; Kornitzer and Gasaway will stay with the agency as portfolio managers.
Neuberger has greater than 38 years of senior administration expertise, together with 28 years with U.S. Financial institution World Fund Providers, serving as president from 2017 to 2022. As president of KCM, he’s accountable for the day-to-day administration and long run development technique of the agency.
Symon Browne has greater than 30 years of expertise in monetary companies, most lately as a principal at The Vanguard Group, the place she led dealer/seller dwelling workplace gross sales, enterprise growth group gross sales and Arizona retail operations.
“Joe and Laura are the best leaders for KCM and Buffalo Funds,” mentioned Kornitzer, who launched the agency in 1989. “Their intensive monetary companies and management expertise will assist KCM stick with it its long-term mission of serving to non-public purchasers and establishments obtain their long-term monetary targets.”
Created to handle custom-made portfolios for personal purchasers and establishments, KCM offers personalised monetary administration via Kornitzer Non-public Consumer Providers group whereas pension, company and basis separate account administration is obtainable via the agency’s institutional companies group. Buffalo Funds was created in 1994 and consists of 10 publicly registered inventory and bond funds representing a variety of capitalization, development and revenue choices.
The agency serves near 2,000 purchasers, together with 660 ultra-high-net-worth people, 101 pension funds, 37 charities and 10 funding firms throughout 40 states, in line with its newest SEC submitting in October of final 12 months.
In different RIA information…
Cetera takes a minority stake in $1.7 billion Kansas Metropolis OSJ Prosperity Companions, Steward Companions transitions fourth staff of 12 months and Joe Duran is leaving Goldman Sachs.
