Advisor Group, Cetera And Kestra Report Full-Year 2022 Asset Gains; LPL, Wealth Enhancement Group And Choreo Complete Acquisitions; And Atria Subsidiary CFS Forms Partnership With Kemba Credit Union
Our latest edition of the Weekly Recruitment Roundup covers the reported full-year 2022 asset gains for Advisor Group, Cetera Financial Group and Kestra Financial. We also recap the completion of acquisitions by LPL Financial, Wealth Enhancement Group and Choreo. In addition, we explore Atria Wealth Solutions subsidiary CUSO Financial Services partnering with Kemba Credit Union.
1. Advisor Group, Cetera And Kestra Report Full-Year 2022 Asset Gains
Advisor Group, Cetera Financial Group and Kestra Financial reported their 2022 client asset gains. Through recruitments, Advisor Group added nearly $21 billion, Cetera added over $13 billion and Kestra added approximately $8.5 billion in client assets last year.
Advisor Group announced several large acquisitions in 2022, including American Portfolios Financial Services and Infinex Financial Holdings, which respectively added $33 billion and $30 billion in assets. The company reported total gains last year of $84.2 billion in client assets and more than 1,800 financial advisors.
Cetera’s recruitment gains were a record for the firm, up from approximately $10 billion in 2021. Its December recruitment of The Patriot Financial Group brought in $2.5 billion in assets. Kestra’s 2022 recruitments brought on 80 new people to its team of approximately 1,700 independent financial professionals.
To learn more, view the press releases here, here and here.
2. Atria Subsidiary CFS Forms Partnership With $1.6 Billion Kemba Credit Union
Atria Wealth Solutions subsidiary CUSO Financial Services (CFS) is partnering with Kemba Credit Union, which operates 12 branches in the greater Cincinnati area and serves more than 125,000 members overseeing nearly $1.6 billion in assets.
The multiyear agreement enables Kemba to make non-deposit investment products and services available to credit union members and bank customers. CFS and its sister broker-dealer, Sorrento Pacific Financial, which are based in San Diego, provide investment and insurance solutions to more than 200 banks and credit unions nationwide with over $40 billion in assets under administration (AUA).
“When it came time to search for a new broker-dealer, we focused on finding a firm that specializes in our commitment to deliver service excellence to every member,” Kemba CEO Dan Sutton said in the press release. “CFS delivers high-touch, personalized support, making it easier for us to engage in more meaningful interactions with our members.”
To learn more, view the press release here.
3. LPL Closes Acquisition Of Boenning & Scattergood’s $4 Billion Private Client Group
LPL Financial closed its acquisition of the Private Client Group business of Boenning & Scattergood, a 108-year-old broker-dealer and RIA. The West Conshohocken, Pennsylvania-based team, which has approximately $4 billion of client assets, will operate within the Linsco by LPL employee channel.
The acquisition was structured as an asset purchase. Boenning & Scattergood also serves institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations and small businesses. Its financial advisors include Philip Baldassari, Joel Feldman, Alexander Boyer and Jeffrey Tong.
“Providing exceptional service is the core of who we are as a firm, and we have had great success doing that,” Harold Scattergood Jr., Chairman and CEO of Boenning & Scattergood, said in the press release. “However, to continue building our firm in a relevant and sustainable way, we needed a partner that would reinforce our commitment to service with industry-leading technology.”
To learn more, view the press release here.
4. Choreo Closes Acquisition Of $275 Million GreerWalker Wealth
Chicago-based Choreo closed its acquisition of Charlotte, North Carolina-based GreerWalker Wealth, LLC, which oversees approximately $275 million in assets. Choreo also is partnering with GreerWalker LLP, the tax, accounting and advisory services firm that previously was the parent company of GreerWalker Wealth.
Due to the acquisition, Choreo’s assets under management and advisement are now approximately $14.8 billion. Other recent acquisitions include Petaluma, California-based Enso Wealth Management and Raleigh, North Carolina-based Cherry Bekaert Wealth Management, which collectively oversee $2.8 billion in assets.
“Completing this acquisition builds on our strong momentum of success over the past year as we continue developing this firm into a destination of choice for advisors nationwide,” Michael Radford, CPA, Managing Director at Choreo, said in the press release. “Our partnership with GreerWalker LLP also aligns with our mission of helping to solve the complex tax, wealth, financial and estate planning needs of clients.”
To learn more, view the press releases here.
5. Wealth Enhancement Group Adds $371 Million Hybrid RIA Legacy Financial Planning
Wealth Enhancement Group (WEG) acquired Legacy Financial Planning, which oversees approximately $371 million including $87 million of brokerage assets. The hybrid RIA has offices in Rochester and Oswego, New York, as well as Naples, Florida, and consists of three advisors and four support staff.
This deal brings WEG’s total client, advisory, trust and brokerage assets to approximately $60.6 billion. It now serves over 50,000 households across more than 85 offices nationwide. Advisor Growth Strategies advised Legacy Financial Planning on the transaction.
“After many months of careful consideration in our search for the right strategic partner with a similar culture and proven history of growth and success, we are excited to partner with Wealth Enhancement Group,” Brian Bedford, President and Co-founder of Legacy Financial Planning, said in the press release. “Their firm provides the resources we are looking for to take our services to the next level.”
To learn more, view the press releases here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
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