Sanctuary Wealth Recruits Morgan Stanley Advisor, J.P. Morgan Recruits From UBS And Goldman Sachs, Mariner Acquires Goldfinch, Wealthspire To Acquire Heron Wealth And Mark Contey Of LaSalle St. Securities Is Our New Recruiter Of The Month
In addition to covering several recent deals, this edition of the Weekly Recruitment Roundup spotlights our new Recruiter Of The Month as part of a recurring Q&A with a different executive responsible for bringing on top strategic and advisory talent at leading firms. For our Recruiter Of The Month, we speak with Mark Contey, Senior Vice President and Head of Business Development, LaSalle St. Securities.
For this week’s deals, we look at Sanctuary Wealth recruiting former Morgan Stanley advisor Matt Terwilliger and his $170 million Iterhic Wealth Advisors practice in Ohio; Mariner Wealth Advisors acquiring $221 million Goldfinch Wealth Management in South Carolina; Wealthspire Advisors agreeing to acquire $300 million Heron Wealth in New York City; and J.P. Morgan Wealth Management recruiting two UBS advisors in Miami and a Goldman Sachs advisor in Boston, who collectively oversee $1.1 billion.
1. Sanctuary Wealth Recruits Ex-Morgan Stanley Advisor Matt Terwilliger
Indianapolis-based Sanctuary Wealth recruited Columbus, Ohio-based Iterhic Wealth Advisors, including its founder Matt Terwilliger, from Morgan Stanley’s The Edwards Group. Iterhic brings $170 million in assets under advisement and is the third wirehouse breakaway this year to join Sanctuary.
Terwilliger’s team focuses on professional athletes, first-generation business owners and executives with significant equity and deferred compensation, planning for the unique needs of these clients such as nonsequential compensation and tax strategy. Terwilliger has over a decade of wealth management experience, starting with Merrill Lynch in 2011, then moving to Morgan Stanley in 2014.
“Like many of the breakaway advisors we attract, Matt has a unique and sophisticated business,” Adam Malamed, CEO of Sanctuary, said in a press release. “He is looking to grow his practice by bringing on both younger advisors eager to build their careers in an independent model and older advisors looking for a succession plan that lets them transition out of the business on their own terms.”
To learn more, view the press release here.
2. Mariner Wealth Advisors Acquires $221 Million Goldfinch Wealth Management
Overland Park, Kansas-based Mariner Wealth Advisors acquired Greenville, South Carolina-based Goldfinch Wealth Management, which serves approximately 225 clients with $221 million in total AUA. The deal is Mariner’s first office in South Carolina and as a result the firm has locations in 34 states. As of Dec. 31, Mariner had over $105 billion in assets.
Goldfinch provides tax, estate, retirement and legacy planning, asset management, and trust services for individuals and families. For organizations, Goldfinch provides fiduciary management and oversight, investment advisory, plan design, vendor search and participant services. Goldfinch’s team of seven associates comprise Mariner’s fourth acquisition of 2023.
“As a former Olympian, I have a firm understanding of the focus and dedication it takes to channel passion and drive it into world class results,” Roy Janse, Managing Partner of Goldfinch, said in a press release. “This passion, ferocity and diligence are evident in the work Mariner Wealth Advisors does for its clients, which is why my team and I are incredibly excited by the opportunity to service our clients in such a strong and capable firm that is so well respected in the industry.”
To learn more, view the press release here.
3. Wealthspire Advisors To Acquire $300 Million Heron Wealth
NFP subsidiary Wealthspire Advisors agreed to acquire New York City-based Heron Financial Group, which does business as Heron Wealth and manages approximately $300 million in assets. David Edwards founded Heron in 1996 as Heron Capital Management. It provides financial planning, investment advice and estate planning services.
As of Dec. 31, Wealthspire had approximately $18.77 billion in assets under management (AUM) and more than 280 financial professionals. It has 19 offices in 10 states. NFP is a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor with more than 7,400 employees worldwide.
“We are delighted to welcome David Edwards and the Heron team to Wealthspire,” Mike LaMena, CEO of Wealthspire, said in a press release. “The addition of this experienced team deepens our New York City presence with talented professionals who are committed to delivering an amazing client experience built on a foundation of trust and fiduciary care.”
To learn more, view the press release here.
4. J.P. Morgan Recruits Three Advisors From UBS And Goldman Sachs With $1.1 Billion
J.P. Morgan Wealth Management recruited two UBS advisors based in Miami and a Goldman Sachs advisor based in Boston, who collectively oversee more than $1.1 billion in assets.
In Miami, advisors J.C. Cabrera and Pedro Fernandez founded the Fernandez Cabrera Group along with business management specialist Charlene Meizoso. The team managed over $700 million at UBS and will report to Regional Director Rick Penafiel. Cabrera has nearly 40 years of financial services experience. Fernandez has nearly 20 years of financial services experience.
In Boston, Brent Herbert managed approximately $445 million in assets at Goldman Sachs. He has approximately 16 years of financial services experience, previously working at Mizuho and Nomura Securities. Herbert also will report to Penafiel, according to news reports.
Last month, the company also hired Jason Rogers as the new head of investments and advice for JPMorgan Advisors. He previously served as Americas head of product platforms and sustainable solutions at Deutsche Bank.
To learn more, view the Barron’s article here and the Financial Advisor IQ article here.
Recruiter Of The Month
Mark Contey, Senior Vice President and Head of Business Development, LaSalle St. Securities
As we previously covered, LaSalle St. Securities recently launched an equity-ownership program for its affiliated and qualified representatives and financial advisors. The firm also was a winner of a WSR Wealth Exemplar Award for Practice Management Platform of the Year. In order to better understand the strategy that led to the firm’s successes, we reached out to Mark Contey, Senior Vice President and Head of Business Development, LaSalle St. Securities.
WSR: How does LaSalle St.’s recent launch of the Equity-Based Advisor-Owned Business Model factor into the firm’s strategy to recruit advisors and/or acquire teams through M&A deals?
Contey: Our new ownership structure is key to the long-term continued success of our firm. Bringing many of our most engaged advisors to the table as owners positions us to remain truly independent, foster a culture conducive to growth and ensure a clear path of succession when individuals choose to retire. This approach and the security it provides for all our stakeholders drive our ability to successfully continue to recruit the best in the industry.
WSR: What have been some of LaSalle St.’s recruitment successes? Why did these practices decide to join LaSalle St.?
Contey: We have added several new advisors and teams over the last year including Cari Schulz who recently joined LaSalle St. from UBS and manages $100 million in client assets out of her offices in Buckeye, Arizona. In addition, our recruiting pipeline is very strong. Advisors tend to gravitate toward our transparent approach and to how we operate LaSalle St. We are fiduciaries, entrepreneurial and offer a high-service, low-cost and conflict-free affiliation, which are all very important priorities for the truly independent financial advisor.
WSR: What is your role in helping LaSalle St. to bring on such advisors and teams? How do you interact with them before, during and after the deal?
Contey: LaSalle St. works to ensure our firm is the right fit for the advisor, and the advisor is the right fit for our firm. This approach takes more time. However, because of this commitment, our retention rate is far above the industry average. I work closely with prospective advisors and their teams throughout the process, helping them get a feel for our strategy, solutions set and the way we conduct our business. Of course, there are other technical details and support we provide throughout, but this cultural-fit check is arguably the most important role I play in this process.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at firstname.lastname@example.org