Cetera Recruits $250 Million Wooster Square Advisors, Allworth Financial Acquires Two Teams With $577 Million In Combined Assets, Creative Planning Acquires $1 Billion Telarray Advisors And CAPTRUST Acquires $5.8 Billion Monroe Vos
Our latest edition of the Weekly Recruitment Roundup covers Cetera recruiting New Haven, Connecticut-based Wooster Square Advisors; Allworth Financial acquiring Las Vegas-based Redrock Wealth Management and a three-person team from Indianapolis-based One To One Financial Advisors; Creative Planning acquiring Memphis, Tennessee-based Telarray Advisors; and CAPTRUST acquiring Houston-based Monroe Vos Consulting.
1. Cetera Recruits $250 Million Wooster Square Advisors From Park Avenue Securities
New Haven, Connecticut-based Wooster Square Advisors joined Cetera Financial Group from Park Avenue Securities. The six-person team oversees approximately $250 million in assets under administration (AUA). Wooster Square affiliated with Cetera Advisor Networks through Cetera Wealth Partners.
Wooster Square’s services for families include comprehensive fee-based planning encompassing retirement, tax strategies, estates and charitable giving, insurance and protection, college and divorce. Its services for businesses include consulting on company 401(k) plans and providing group-plan participant education.
“With Cetera’s industry-leading technology, a broad product and platform suite, and a clear vision for our practice, Cetera is the right partner for our business and our clients,” Wooster Square Managing Partner Brett Amendola said in the press release. “In addition, Cetera embraces the importance of independence in an advice-based relationship, and we look forward to accelerating our growth and better serving clients together for years to come.”
To learn more, view the press release here.
2. Allworth Gains Redrock Wealth Management, Three Advisors From One To One
Allworth Financial acquired Las Vegas-based Redrock Wealth Management, which oversees approximately $160 million, and a three-person team from Indianapolis-based One To One Financial Advisors, who oversee approximately $417 million, for a combined $577 million in new assets. Redrock is led by CEO Greg Phelps. The One To One advisors going to Allworth are Michael Schankerman, Benjamin Abraham and David Klaus.
As a result of the deals, California-based Allworth has 30 locations in 17 states nationwide, and approximately $15 billion in assets under advisement. Allworth, founded in 1993, has made 27 acquisitions in the last five years and three deals in 2023 as of March 8. In January, it acquired Chico, California-based RedRock Financial & Insurance Services, which oversees approximately $283 million. Prior to 2019, Allworth was known as Hanson McClain Advisors.
“Experienced RIA and BD affiliated firms and advisory teams that have built thriving practices, and which are good cultural fits, are what we look for,” Allworth Co-CEO and Co-Founder Scott Hanson said in a press release.
To learn more, view the press releases here and here.
3. Creative Planning Acquires $1 Billion Telarray Advisors In Memphis, Tennessee
Overland Park, Kansas-based Creative Planning acquired Memphis, Tennessee-based Telarray Advisors, which has approximately $1 billion in assets under management (AUM). Founded in 2005, Telarray has 18 employees and grew out of an accounting firm that Cliff Paessler and Andy Shaul launched in 1993.
It provides retirement planning, estate planning, investing, tax management strategies, risk management and executive compensation services. Telarray has historically operated as a fee-only fiduciary. Due to the acquisition, Creative Planning manages or advises on over $225 billion in assets across all 50 states and 65 countries.
“Partnering with Creative Planning is a perfect match for Telarray,” Richard Paessler, President and Chief Compliance Officer of Telarray, said in the press release. “We were looking for a firm that aligned with us in planning philosophy, culture, employee opportunities, and that provides an immediate expansion in our service offering for both our existing and future clients.”
To learn more, view the press release here.
4. CAPTRUST Financial Advisors Acquires $5.8 Billion Monroe Vos Consulting
Raleigh, North Carolina-based CAPTRUST Financial Advisors acquired Houston-based Monroe Vos Consulting, whose 17-member team has over $5.8 billion in assets. Jim Monroe and Tim Vos founded the firm in 1994. In addition to high net worth individuals and family offices, Monroe Vos advises retirement plan sponsors, endowments and foundations.
CAPTRUST, which has more than 1,300 employees across 75 locations nationwide, manages over $125 billion in AUM and over $775 billion in assets under advisement. Monroe Vos is CAPTRUST’s 64th deal since 2006. Its previous deals in Texas include the additions of Covenant Multifamily Offices in 2021 and South Texas Money Management in 2019.
“Monroe Vos has been a leader in our industry for decades, and we are thrilled to welcome them to CAPTRUST,” Rick Shoff, Managing Director of CAPTRUST’s Advisor Group, said in the press release. “We look forward to joining forces in Texas—especially as we continue to expand in this market.”
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
