Atria Recruits Two California-Based Teams From LPL, Hightower Facilitates Merger Between Two Chicago-Area Firms, Wealthcare Surpasses $5 Billion And Emigrant Partners Makes Minority Investment In SteelPeak Wealth
Our latest edition of the Weekly Recruitment Roundup covers Atria Wealth Solutions recruiting the California-based teams Marshall Wealth Management Group and Cypress Private Wealth from LPL Financial, Hightower facilitating a merger between the Illinois-based firms TC Wealth Partners and EFG Advisors, Wealthcare reporting the addition of 16 advisor groups and $941 million in AUM for full-year 2022, and Emigrant Partners making a minority investment in Los Angeles-based SteelPeak Wealth.
1. Atria Wealth Solutions Adds Two Teams With Over $220 Million In Client Assets
Atria Wealth Solutions recruited Marshall Wealth Management Group and Cypress Private Wealth from LPL Financial. The firms, which collectively bring over $220 million in client assets, will affiliate with Atria’s Cadaret Grant subsidiary and increase the company’s presence with offices in Los Gatos, Pasadena and San Jose, California.
Marshall Wealth Management Group consists of a four-person team led by Brad Marshall, who has almost 20 years of financial services experience. Dominick Ruiz, who has 20 years of experience, and Patrick Bennett, who has 25 years of experience, lead Cypress Private Wealth. Atria’s six broker-dealer subsidiaries collectively serve nearly 2,500 financial professionals overseeing more than $100 billion of assets under administration (AUA).
“We are pleased to welcome Brad, Dominick and their teams to Atria and Cadaret Grant,” Kevin Beard, Atria’s Chief Growth Officer and Founding Partner, said in the press release. “Our robust support tools, award-winning technology and deeply engrained service culture will also position them to grow organically by expanding their ability to offer highly-tailored and personalized client support.”
To learn more, view the press release here.
Hightower facilitated a merger between EFG Advisors, which oversees approximately $800 million from Schaumburg, Illinois, and TC Wealth Partners, which due to the deal now oversees more than $2 billion in client assets from Downers Grove, Illinois. Both firms are based in the greater Chicago area.
Thomas Olexa leads the four-person team at EFG Advisors. William Giffin leads the 29-person team at TC Wealth Partners, which Chicago-based Hightower acquired in January 2022. As of December 31, Hightower’s AUA were approximately $144.3 billion and its assets under management (AUM) were approximately $113.7 billion.
“From the beginning, it was clear to us that TC Wealth was a firm that had the ability to grow and scale,” Hightower Chairman and CEO Bob Oros said in the press release. “This strategic merger is step one. We look forward to welcoming EFG Advisors into the Hightower community and continuing to help TC Wealth grow its footprint and clientele and further expand its services.”
Wealthcare reported adding 16 advisor groups and $941 million in AUM for full-year 2022. The recruiting and M&A deals pushed Wealthcare’s regulatory AUM above $5 billion for the first time. Its 2022 acquisitions brought in $330 million through Eagle Financial, Fellows Financial Group and Sommers Financial Management.
Wealthcare was a 2022 WSR Wealth Exemplar Award winner for Practice Management Platform of the Year. It also partnered on integrations with Wealthbox, Pontera, Tifin Clout, Healthpilot, RetireOne and OneTrust. In addition, Wealthcare launched its NextGen Advisor Group in 2022 to connect the younger generation of advisors while combining technology with personalized services.
“2022 was certainly a challenging year in the broader markets. However, through hard work and a focus on elevating our unique offering for advisors and their clients, Wealthcare bucked downward industry trends and continued to thrive,” Matt Regan, President of Wealthcare, said in the press release. “In addition to the increase in AUM through our recruiting and M&A efforts, our advisors continue to grow their practices at 3-4 times the industry average.”
Emigrant Partners, which makes minority nonvoting investments in wealth management and alternative asset management firms, conducted a deal with Los Angeles-based SteelPeak Wealth, which oversees $2 billion in assets for more than 1,700 clients. DeVoe & Company advised SteekPeak on the investment.
Reza Zamani, Maziar Esmailbeigi and Ali Zamani founded SteelPeak in 2012. The firm provides comprehensive tax aware financial planning, investment management and insurance solutions to high net worth individuals and families. Emigrant Partners is invested in 20 firms collectively overseeing $88 billion in client assets, according to its website.
“At this stage of our growth, we are looking to continue to enhance our capabilities for our clients and expand our footprint,” SteelPeak CIO Maziar Esmailbeigi said in the press release. “EP has a proven track record of helping their partner firms differentiate and deliver client outcomes to a broader, national client base.”