Recruitment Roundup: WEG, Cetera, Raymond James, Perigon And Rockefeller

Chris Latham, Deputy Managing Editor, Wealth Solutions Report

Wealth Enhancement Group Acquires Equius Partners, Cetera’s AdvisorNet Financial Recruits Rohlik Financial Group, Rockefeller Capital Management Recruits First Republic Team, Perigon Conducts Dual Deals, And Raymond James Recruits From UBS

Our latest edition of the Weekly Recruitment Roundup covers three billion-dollar moves, dual deals by an independent firm and a wirehouse exit.

We explore Wealth Enhancement Group acquiring the $1 billion Equius Partners; Cetera’s AdvisorNet Financial recruiting the $1 billion Rohlik Financial Group; Rockefeller Capital Management recruiting a $1 billion team from beleaguered First Republic Bank; Perigon Wealth Management acquiring $145 million Stakeholders Capital and the affiliation of Sheetal Bagde of Cognizant Wealth Advisors; and Raymond James recruiting the $315 million UBS advisor Steven Rozencwaig.

1. Wealth Enhancement Group Acquires $1 Billion Equius Partners

Wealth Enhancement Group (WEG) acquired the Novato, California-based Equius Partners, which manages over $1 billion in assets. Jeff Troutner and Phil Jonckheer founded the RIA in 1993. It has seven financial advisors and five support staff, who apply evidence-based asset class investing principles for the team’s clients.

This is WEG’s fourth acquisition of 2023, which together represent over $1.8 billion in new client assets. As a result of the Equius Partners deal, WEG has over $63.8 billion in total client assets, serves more than 49,000 households and operates 90 offices nationwide. DeVoe & Company advised Equius Partners on the transaction.

“It was important that we’d be able to maintain our investment process and client service approach, while also having access to more services for existing and future clients,” Equius Partners CEO Thomas “T.J.” Troutner said in the press release. “We are excited about bringing Wealth Enhancement Group’s broader capabilities such as extensive financial planning resources, tax services and estate planning experts to our clients.”


To learn more, view the press release here.

2. Cetera’s AdvisorNet Financial Recruits $1 Billion Rohlik Financial Group

Minneapolis and Rockford, Illinois-based Rohlik Financial Group joined the AdvisorNet Financial region of Cetera Advisor Networks. Brent Rohlik and Suzanne Holt lead the six-member team, which oversees approximately $1 billion in assets and previously was affiliated with Regulus Financial Group. 

AdvisorNet Financial – which operates like an Office of Supervisory Jurisdiction (OSJ) – consists of 231 advisors, 50 owners and 68 employees. Cetera announced at least nine recruitments, acquisitions and strategic partnerships in the first quarter of 2023. As of Dec. 31, Cetera oversaw approximately $322 billion in assets under administration (AUA) and $115 billion in assets under management (AUM).

“As we expand our wealth management offerings and deliver more advisory business, AdvisorNet and Cetera are the right home for our close-knit team of professionals and for our clients,” Rohlik and Holt said in the press release. “We look forward to hands-on collaboration with the AdvisorNet and Cetera teams as we continue to evolve our business and find new and innovative ways to serve our clients.”


To learn more, view the press release here.

3. Rockefeller Capital Management Recruits $1 Billion Team From First Republic

Brian Riley, Head of San Francisco Office, Managing Director of Pacific Northwest Division, Rockefeller

New York City-based Rockefeller Capital Management recruited San Francisco-based Marchetti Porter Wealth Partners from First Republic Bank, which has experienced massive deposit outflows from wealthy customers in the wake of the ongoing banking crisis. The six-person team, which manages over $1 billion, joins the Rockefeller Global Family Office. 

James B. Marchetti and Caleb Porter now serve as Managing Directors at Rockefeller, with James L. Marchetti serving as Senior Vice President. Alicia Powell and Stacey Swain support them as VP Client Relationship Directors, along with Client Associate Ellen Siebenlist. Mere days before the March banking crisis erupted and First Republic suffered an 82% drop in its stock price, the firm recruited a six-person team from Morgan Stanley.

“We are delighted to welcome Marchetti Porter Wealth Partners of San Francisco, Calif. to Rockefeller Global Family Office,” the firm posted on LinkedIn and Brian Riley, the head of its San Francisco office, shared. “With over 90 years of combined experience, the team brings deep expertise in providing highly customized solutions to meet the complex needs of successful investors, families, and businesses.”

4. Perigon Acquires Stakeholders Capital, Affiliation of Cognizant’s Sheetal Bagde

San Francisco-based Perigon Wealth Management announced dual deals: the acquisition of Amherst, Massachusetts-based Stakeholders Capital and the affiliation of Sheetal Bagde who is an advisor at Palo Alto, California-based Cognizant Wealth Advisors. Stakeholders Capital and Cognizant have $145 million and $100 million in AUM, respectively.

Arthur Ambarik, CEO, Perigon Wealth Management

Stakeholders Capital, which specializes in ESG and impact investing, consists of a six-member team led by Andrew Bellak while Gregory Wendt heads its office in Santa Monica, California. Bagde of Cognizant serves high net worth families and provides pro bono financial planning for single mothers. Perigon has approximately $4.8 billion in client assets. Last year, Perigon announced a merger with PM Wealth Management, formed an alliance with Prager Metis tax advisory, acquired Nauset Wealth Management and expanded its Atlanta office.

“We are thrilled to welcome Sheetal, Greg and Andrew and the Stakeholders team to the Perigon family,” Perigon CEO Art Ambarik said in the press release. “Perigon is proud that our flexible affiliation models attract such experienced individuals and teams. Advisors appreciate our seamless way to plug into technology and recruiting platforms and streamline operations.”


To learn more, view the press release here.

5. Raymond James Recruits $315 Million UBS Advisor Steven Rozencwaig

Steven Rozencwaig, Senior Vice President, Raymond James

New York City-based advisor Steven Rozencwaig exited UBS, where he managed approximately $315 million, to join the employee channel of Raymond James. Rozencwaig becomes a Senior Vice President, working under the supervision of Complex Manager Judson Potter who heads the Raymond James Manhattan Branch. 

Rozencwaig primarily serves high net worth individuals, families and businesses. He worked at UBS for 18 years. Before that, Rozencwaig worked at Smith Barney and at Kidder, Peabody & Company during its acquisition by Paine Webber. During the first quarter of 2023, Raymond James announced at least 15 deals representing approximately $4.6 billion in assets.

“What attracted me to Raymond James is the ability to service high net worth clients at a powerful institution and do so very efficiently within a highly regulated environment,” Rozencwaig said in the press release. “While Raymond James’ vast experience with domestic clients is quite evident, the infrastructure and technology in place to work with all clients regardless of location is impressive.”


To learn more, view the press release here.


Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com

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