Kestra Brings On $500 Million Team, First Republic Recruits From Wells Fargo Advisors, Nordwand Capital Launches $5 Billion Multi-Family Office, Wealth Enhancement Group Adds $1 Billion Team And Daniel Schwamb Of Kestra Is Our New Recruiter Of The Month
For this edition of the Weekly Recruitment Roundup, in addition to covering four recent deals, we spotlight our new Recruiter Of The Month as part of a recurring Q&A with a different executive responsible for bringing on top strategic and advisory talent at leading firms.
For our Recruiter Of The Month entry, we speak with Daniel Schwamb, Executive Vice President of Business Development at Kestra Financial. For this week’s deals, we look at the Kestra subsidiary Bluespring Wealth Partners acquiring the Mississippi firm WealthPartners, First Republic Investment Management recruiting an eight-person team from Wells Fargo Advisors, former Morgan Stanley advisors launching the Nordwand Capital multi-family office and Wealth Enhancement Group acquiring BTR Capital Management in California.
Bluespring Wealth Partners, a subsidiary of Kestra Holdings, acquired the Ridgeland, Mississippi-based firm WealthPartners, which oversees approximately $500 million in assets and serves approximately 450 clients.
WealthPartners Chief Executive Officer John Hill founded the firm in 2005 and leads its seven-person team. It has been on the Kestra platform since 2010 and has preexisting relationships with the leadership of Austin, Texas-based Bluespring, according to the press release.
“Our firm has reached an inflection point in growth, and a relationship with Bluespring Wealth Partners was the logical next step to continue our upward trajectory, serve our clients and secure our legacy,” Hill said in the press release. “We’re confident this partnership will provide the necessary tools and insight to amplify our capabilities, ensuring clients and employees continue to receive the high-quality support they’re accustomed to, and taking our business to new heights.”
Eight financial professionals based in Palo Alto, California, left Wells Fargo Advisors for First Republic Investment Management, part of First Republic Bank. They reportedly oversaw $972 million in assets at Wells Fargo and the five leading advisors have approximately 75 years of combined industry experience.
The team’s services include retirement planning for households, portfolio management and investment consulting for entrepreneurs, corporate executives, nonprofits and family foundations, according to the press release. In addition to traditional financial advice, First Republic provides brokerage, insurance, trust and foreign exchange services to its private wealth management clients.
“Jeremy McChesney, Marci Rosenfeld, Jim Morehouse, Todd Duncan, Jessica Huang and their team share First Republic’s commitment to exceptional client service,” Bob Thornton, President of First Republic Private Wealth Management, said in the press release. “They are a very strong addition to First Republic and will help us meet the growing needs of our clients on the Peninsula and in Silicon Valley.”
To learn more, view the press release here.
A team of five financial professionals, three of whom previously worked in the wealth management business of Morgan Stanley, launched the multi-family office and investment firm Nordwand Capital in Radnor, Pennsylvania. The team has approximately $5 billion in client assets and a presence in New York and Boston, according to the press release.
Nordwand operates as an RIA on the Dynasty Financial Partners platform and uses Fidelity Brokerage Services as its custodian. The firm also launched the independent entity Nordwand Investments, to operate as a general partner of listed and private funds as well as special purpose vehicles, according to the press release.
“We needed to meet the needs of 21st-century ultra-wealthy clients, which requires creativity and flexibility,” Nordwand Capital CEO and CIO Jim Martin said in the press release. “In response, we launched Nordwand Capital as a fully independent firm that is nimble and responsive enough to seize investment opportunities as they arise. Our new firm offers flexibility, speed and creative structuring, giving our clients more attractive investment options.”
Wealth Enhancement Group (WEG) acquired BTR Capital Management, an Oakland, California-based RIA with nine advisors and five support staff that oversees more than $1 billion in client assets. BTR Capital Management was founded in 1989 as an independent, employee-owned firm.
It provides wealth and investment management services to high-net-worth households, foundations and retirement plans with a strong emphasis on investment research and portfolio management. WEG oversees more than $55.2 billion in total client assets, serving over 45,500 households with more than 75 offices nationwide. The company now has nine offices in Northern California, according to the press release.
“BTR Capital Management provides its clients with unbiased planning and investment management, coupled with outstanding client service,” President and CEO John Stratton said in the press release. “As we considered the right partner to help us continue to serve our clients in the very best manner, Wealth Enhancement Group was clearly the right firm for our clients and team.”
To learn more, view the press release here.
Kestra Financial has over $100 billion in assets under administration (AUA) and supports more than 1,800 independent financial professionals across the country. So far this year, Kestra Financial and its independent channel Kestra Private Wealth Services have partnered with 76 new financial professionals overseeing $8.4 billion in new assets.
In addition to the WealthPartners acquisition reported above, WSR has covered Kestra’s deals with Canton Wealth Partners and The Society for Lifetime Planning. Other recent deals include advisor recruitments to Coastline Wealth Management and Eagle Harbor Advisors.
WSR: Why has Kestra had such strong success recruiting advisors this year?
Schwamb: It comes down to the value financial professionals get when they associate with Kestra Financial and Kestra Private Wealth Services. We provide an ecosystem of very successful financial professionals that other professionals want to be a part of, with a robust offering in technology, wealth management solutions and business consulting. They feel these can strengthen their practices with additional value and scalability.
At Kestra Financial, our goal is to bring the right offering to the right financial professional, so we do our best to be a strategic partner and provide the necessary resources to shift and scale financial practices. Moving forward with our support, financial professionals feel better positioned to meet the best interest of their clients.
Looking ahead, we are looking to build up Kestra Financial’s presence in various marketplaces and continue to connect with financial professionals who might be great partners to join our platform.
WSR: What has your role been in helping Kestra to win these recruits?
Schwamb: I’m responsible for Kestra Financial’s go-to-market strategy and recruiting initiatives. We have a team of business development professionals who consults with prospective financial professionals and their teams before they join.
As a member of the Kestra Financial Executive Committee, I help shape the Kestra Financial offering and influence the decisions we make internally in how we build out our platform and better support the financial professionals we attract. In addition to connecting with professionals directly, we often get referred business through a network of contacts.
Because our brand is strong and the value proposition resonates with the marketplace, we continue to attract new financial professionals through referrals. Through Kestra Financial and Kestra Private Wealth Services, we empower sophisticated, independent financial professionals, as well as those looking to go independent, to prosper and grow.
Based at Kestra Financial’s headquarters in Austin, Texas, I’ve been leading the recruitment team for nearly 10 years, so I personally have a lot of history with the firm.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at email@example.com