This edition of the Weekly Recruitment Roundup changes pace from the recent coverage of billion-dollar deals to recap three smaller and mid-sized transactions. We look at Prospera Financial Services recruiting the $180 million team Twin River Wealth Management in Pennsylvania, tru Independence adding the $250 million team Invenio Wealth Partners in Florida and Perigon Wealth Management acquiring the $330 million team Nauset Wealth Management in Connecticut.
Dallas-based Prospera Financial Services recruited Selinsgrove, Pennsylvania-based Twin River Wealth Management, which oversees approximately $180 million in client assets and has been in operation since 2017. The team consists of Managing Director Thayer “Terry” Potter, Vice President Jeremy Soper and Administrative Manager Justin Soper.
Prospera has approximately $15 billion in assets under management (AUM) and supports 164 advisors across 94 locations. As WSR reported in October, Prospera appointed its Chief Operating Officer Tarah Williams to the newly created position of President. She retains her COO position and reports to Co-Chief Executive Officers and Managing Partners Tim Edwards and David Stringer.
“I founded Twin River Wealth Management to help clients build, manage, protect and transition their wealth,” Potter said in the press release. “So, when I began looking for a new independent firm, my top priority was finding a highly responsive partner that operates with the utmost integrity and efficiency, and after conducting a thorough search, Prospera stood out as the clear destination of choice.”
To learn more, view the press release here.
Portland, Oregon-based tru Independence added Coral Gables, Florida-based Invenio Wealth Partners to its platform, gaining a team that oversees approximately $250 million in client assets. Invenio’s co-founders are CEO Joe Fernandez, Chief Investment Officer Christina Hudson and Managing Director Johanna Arbelaez-Pérez.
tru Independence has approximately $9 billion in assets on its platform and has seen the addition of over $1 billion in assets this year. In February, Amit Dogra joined the firm as President and COO. In November, tru Independence also added Channel Wealth, a firm managing approximately $650 million in assets from Santa Barbara, California.
“tru’s comprehensive tech stack, dedicated IT team and in-house compliance solution represented huge value-adds for our team,” Fernandez said in the press release. “Generations of families have relied on Invenio for our truly objective financial advice and we have always been committed to offering cutting-edge resources.”
To learn more, view the press releases here and here.
3. Perigon Acquires $330 Million Nauset Wealth Management In Connecticut
San Francisco-based Perigon Wealth Management acquired Westport, Connecticut-based Nauset Wealth Management, which has approximately $330 million in AUM. The five-person team was founded by President Michael Lombardo and includes Principal David Bauer.
Lombardo has over 20 years of financial services experience as an investment manager, consultant and marketing manager. Bauer has over 30 years of experience and was a founding partner of Casey Quirk, a global consultancy to investment companies that is now a subsidiary of Deloitte. “We are excited to join Perigon at such a dynamic time for the firm,” Lombardo said in the press release. “Perigon was the right partner to help grow our practice while maintaining our client-centric culture.”
Perigon also announced that veteran financial advisor Tom Tolleson joined the firm’s new Atlanta office, which has five other advisors. He previously served at Catalyst Wealth Management. “When I was exploring my options in the region, I felt an immediate connection with the Perigon team here in Atlanta,” Tolleson said in the press release.