Kingswood US Adds Over $943 Million In 2022, Commonwealth Recruits $220 Million Strategic Planning Group, Kestra’s Bluespring Brings On $700 Million Goldstein Advisors and Wealth Enhancement Group Acquires $523 Million BFS Wealth Management
Our latest edition of the Weekly Recruitment Roundup covers some of the final deals of 2022. We explore Kingswood U.S. adding more than $943 million in 2022 in total client assets, Commonwealth Financial Network recruiting Indiana-based Strategic Planning Group, Kestra Holdings subsidiary Bluespring Wealth Partners bringing on Wisconsin-based Goldstein Advisors and Wealth Enhancement Group acquiring New Jersey-based BFS Wealth Management.
1. Kingswood US Adds Over $943 Million Of Client Assets In 2022
Kingswood U.S., whose network of wealth management firms oversees more than $3 billion in client assets, recruited a total 21 financial advisors throughout 2022 who supervise over $943 million in assets under management (AUM). The New York City-headquartered company supports more than 200 advisors under the Kingswood Wealth Advisors (KWA) brand.
In the fourth quarter alone, Kingswood U.S. recruited 15 advisors, including practices based in Washington, D.C., Atlanta and Hawaii. As previously reported, the company’s automated alternative investment platform for financial advisors surpassed 1,200 subscriptions representing $129 million in investments in three years, and Kingswood U.S. is launching a new Covered Security Submission Portal on the alts platform.
“Enabling financial advisors to provide exceptional service to their clients are at the heart of Kingswood, a company defined by a deeply held commitment to its network of financial professionals,” Michael Nessim, CEO, President and Managing Partner of Kingswood U.S., said in the press release. “Advisors seeking greater flexibility to deliver the best results for their clients will always be empowered to do more at Kingswood.”
To learn more, view the press release here.
2.Commonwealth Recruits $220 Million Indiana-Based Strategic Planning Group
Commonwealth Financial Network recruited Strategic Planning Group, a Fishers, Indiana-based firm overseeing more than $220 million in client assets. The four-person team, led by President John Wood, was previously affiliated with Cambridge Investment Research.
Strategic Planning Group provides tax-aware comprehensive financial planning to individuals, families and business owners across the range of life and career stages. This includes retirement counseling for employers and employees. Wood has nearly 40 years of experience in the wealth management industry.
“The partnership with Commonwealth will position us to work smarter and faster and, ultimately, deliver better outcomes for our clients,” Wood said in the press release. “And the level of support across all areas is, quite simply, unrivaled.”
To learn more, view the press release here.
3. Kestra’sBluespring Brings On $700 Million Goldstein Advisors In Wisconsin
Austin, Texas-based Bluespring Wealth Partners brought onto its platform Goldstein Advisors, a Middleton, Wisconsin-based firm overseeing approximately $700 million in assets. Principals Jon Goldstein and Andy Peters lead the 16-member team at Goldstein Advisors, which provides strategic investment, tax and financial planning services.
Bluespring supports 18 other firms throughout the U.S., according to its website. Bluespring is a subsidiary of Kestra Holdings, which consists of approximately 2,400 financial professionals overseeing more than $200 billion in assets under management and advisement. Kestra Holdings also is a recent winner of the WSR Wealth Exemplar Awards Private Equity-Backed Firm of the Year.
“Our decision came down to the strong cultural alignment we have with the Bluespring Wealth Partners team. We’re a client-first firm with a team-oriented, growth-minded approach,” Goldstein and Peters said in the press release. “Bluespring Wealth Partners checked all our boxes, allowing us to keep our brand, identity in the local community, and processes that work for our team and clients while providing support to achieve our long-term goals.”
To learn more, view the press release here.
4. Wealth Enhancement Group Adds $523 Million BFS Wealth Management In New Jersey
Wealth Enhancement Group (WEG) acquired Iselin, New Jersey-based BFS Wealth Management, a nine-person hybrid RIA overseeing more than $523 million in assets. Led by President John Burke, BFS previously was affiliated with Raymond James.
WEG oversees more than $57.9 billion in client assets for over 47,000 households across more than 85 offices nationwide, according to the press release. This deal marks its 12th office in the Tri-State region of New Jersey, New York and Connecticut.
“Our two firms have very similar wealth management philosophies and company values, all of which focus on delivering the best possible advice for each of our clients,” Burke said in the press release. “By integrating our team’s diversity of knowledge and experience, with the resources available at Wealth Enhancement Group, we believe our collective expertise will strengthen the advice we offer to our clients.”
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
