Deputy Managing Editor, Wealth Solutions Report
Mariner Wealth Advisors Acquires $256 Million Firm, Stratos Wealth Advisors Recruits $400 Million Advisor, UBS Recruits 10 Merrill Lynch Advisors With $2.85 Billion And Concurrent Advisors Exits Raymond James To Form $12.7 Billion Hybrid RIA
This edition of the Weekly Recruitment Roundup covers deals across almost every size of firm in the wealth management industry. We look at Mariner Wealth Advisors acquiring $256 million Executive Wealth Counselors, Stratos Wealth Advisors recruiting the $400 million advisor Kenneth J. Gimbel, UBS recruiting ten Merrill Lynch advisors who together oversee $2.85 billion and Concurrent Advisors exiting its independent affiliation with Raymond James to form a $12.7 billion hybrid RIA.
1. Mariner Wealth Advisors Acquires $256 Million AUA Executive Wealth Counselors
Overland Park, Kansas-based Mariner Wealth Advisors acquired the Pittsburgh-based firm Executive Wealth Counselors, which has approximately $256 million in assets under advisement (AUA) and gives Mariner a seventh office in Pennsylvania.
Founded in 2007, Executive Wealth Counselors consists of four associates, including three advisors, who serve high-net-worth clients. The deal expands its capabilities into tax planning and tax preparation, estate planning and trust services while enhancing its advisory technology. Mariner now has 77 locations nationwide and advises on over $60 billion in assets.
“Partnering with Mariner Wealth Advisors lends us the broad and extensive capabilities of a top- tier wealth advisory firm while still allowing us to maintain our personalized client-centric philosophy and approach, which is something we take great pride in,” Executive Wealth Counselors owner Louis “Lou” Valli said in the press release.
To learn more, view the press release here.
2. Stratos Wealth Advisors Recruits Kenneth J. Gimbel, With $400 Million in AUM
Beachwood, Ohio-based Stratos Wealth Advisors recruited Kenneth J. Gimbel, a Chicago-based advisor most recently at CIBC Private Wealth Management who oversees more than $400 million in assets under management (AUM) and has over 50 years of industry experience. He specializes in customizing asset management programs for large and complex trusts and investment relationships.
Gimbel previously was a partner at Geneva Investment Management before CIBC acquired it in 2017 and served ultra-high-net-worth clients at Harris Bank’s Wealth Group for 15 years. Stratos Wealth Advisors, part of Stratos Wealth Holdings, oversees more than $2.2 billion in advisory assets. The Stratos family of companies – which also includes Stratos Wealth Partners, Stratos Wealth Enterprises and Fundamentum – collectively oversees $21 billion in assets.
“After spending decades in this industry, I knew exactly what I needed to better serve my clients and after considering my options, Stratos proved to be the obvious choice,” Gimbel said in the press release.
To learn more, view the press release here.
3. UBS Recruits 10 Merrill Lynch Advisors Managing $2.85 Billion In Client Assets
In a wirehouse-to-wirehouse move, ten Washington, D.C.-based advisors who together manage approximately $2.85 billion in client assets left Merrill Lynch to join UBS in its Northeast Private Wealth and Mid-Atlantic Wealth Management teams.
William Slater, James “J.J.” King, Scott Fitzenreiter and Ryan Shuler joined the Northeast team. Kevin Murphy, Michael Brennan, George Seals, Daniel Shannahan, John Green and Elliott Warren joined the Mid-Atlantic team.
“UBS has a strong footprint in Washington, D.C. and is committed to growing its wealth management business in the region,” Julie Fox, Northeast Market Head at UBS Private Wealth Management, said in the press release.
To learn more, view the press release here.
4. Concurrent Advisors Exits Raymond James To Form $12.7 Billion Hybrid RIA
Tampa, Florida-based Concurrent Advisors is restructuring as a multi-custodial hybrid RIA after ending its independent affiliation with Raymond James. Serving 145 advisors in 66 offices with $12.7 billion in AUM, Concurrent aims to reach $15 billion in AUM by the end of 2023.
The firm, which was founded in 2016, has a partnership with Merchant Investment Management for capital and strategic resources. This enables Concurrent to maintain its platform of 38 operations staff assigned to planning, technology, virtual administration and transition support for advisors. Concurrent Co-founder Mike Hlavek spent nearly nine years at Raymond James and before that spent nearly 15 years at Morgan Stanley.
“Our advisors will have greater freedom to choose technology and service platforms tailored to their unique brand identities and client needs,” Hlavek said in the press release. “We’re excited to support our advisors with an even wider variety of integrations with market-leading planning tools, trading solutions, TAMPs, alternative platforms, and CRMs.”
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
