Cerity Recruits From SVB, Moneta Adds $450 Million Denver Team, Mercer Acquires $330 Million Andesa Financial Management, LPL Gains $1 Billion With Three Recruitments And EP Wealth Acquires $1 Billion Lehman & DeRafelo Financial Resources
Our latest edition of the Weekly Recruitment Roundup covers Cerity Partners recruiting eight advisors from Silicon Valley Bank, Moneta Group Investment Advisors adding a $450 million Denver team, Mercer acquiring $330 Million Andesa Financial Management in Pennsylvania, LPL gaining over $1 billion through three recruitments in same week and EP Wealth Advisors acquiring the $1 billion Lehman & DeRafelo Financial Resources.
1. Cerity Partners Recruits Eight Advisors From Silicon Valley Bank
New York City-based Cerity Partners recruited eight advisors from Silicon Valley Bank, the troubled regional lender that collapsed in early March before First Citizens Bank agreed to acquire it. Tara Damarida Vagnone, Amanda Dekki, Andrew Ringwood Hoercher, Caroline Elizabeth Hirt, Alexandera Minna Rudish, Michael McCarville, Tara Elizabeth Carley and Susan Kim Matlow moved from SVB to Cerity.
So far this year, Cerity Partners has announced M&A deals with four firms – Gamble Jones Investment Counsel, Ashfield Capital Partners, ARGI and Maryland Capital Management – representing over $1 billion in client assets per transaction. Cerity Partners has backing from the private equity firms Genstar Capital and Lightyear Capital.
According to its latest SEC ADV filing dated March 31, Cerity Partners oversees more than $53.3 billion in assets under management (AUM). According to the Cerity Partners website, the RIA has more than 800 financial professionals across 26 offices nationwide.
To learn more, view a Financial Advisor IQ article here and a Citywire RIA article here.
2. Moneta Group Investment Advisors Adds $450 Million Denver Team
St. Louis-based Moneta Group Investment Advisors brought on two advisors, Jaye Everland and Jason Sandry, as Partners in its Denver office. The team oversees approximately $450 million. Everland and Sandry both hold the Certified Financial Planner (CFP) designations and both most recently served as advisors at IWP Wealth.
Moneta is a 100% partner-owned RIA with more than 400 employees, including more than 100 partners and advisors, across 25 teams whose other offices are located in Mission Woods, Kansas; Worcester, Massachusetts; and Chicago. As of Dec. 31, its AUM was approximately $30.6 billion. Moneta’s predecessor firms date back to 1933.
“As part of Moneta, they can remain owners of their business and, at the same time, Moneta’s partnership structure means they have ownership and a voice in the strategic decisions of the firm coupled with access to a team of colleagues with highly valuable institutional knowledge,” Moneta President Keith Bowles said in a press release.
To learn more, view the press release here.
3. Mercer Acquires $330 Million Andesa Financial Management
Mercer Global Advisors acquired Allentown, Pennsylvania-based Andesa Financial Management. Paul Barbehenn and Michael Baittinger lead the five-person team overseeing approximately $330 million in AUM across 260 clients. Founded in 2004, Andesa serves households as well as nonprofits and charitable foundations.
As of Jan. 31, Mercer managed over $48 billion in client assets. It has more than 900 employees with 90 offices nationwide. Mercer provides fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, insurance solutions, and corporate trustee and trust administration services. The PE firms Oak Hill Capital and Genstar Capital are majority owners.
“The business combination between Mercer Advisors and Andesa is a perfect cultural fit with both firms anchoring on financial planning,” Dave Welling, Chief Executive Officer of Mercer Advisors, said in a press release. “We are thrilled they are joining the Mercer Advisors team and bolstering our significant presence in Pennsylvania and the Eastern region.”
To learn more, view the press release here.
4. LPL Gains Over $1 Billion Through Three Recruitments In Same Week
LPL announced three recruitment deals in the same week, representing over $1 billion in new client assets and a total of 25 new financial professionals.
Kemp Cunningham, who launched Emerald River Wealth Management in Granger, Indiana, previously oversaw approximately $125 million in assets at Edward Jones. Mike Clements and Jason Strasser brought their Toledo, Ohio-based OSJ, Financial Design Group, from Securian Financial Services, where its 14 advisors and six support staff served $850 million in assets. Stephen Walker and Wes Alston brought their San Antonio-based Walker Alston Financial Group from Advisor Group, where its four-person team oversaw $200 million.
“We strive to be a long-term partner to advisors, providing them with robust business support, resources and integrated capabilities designed to help them build their perfect practice, operate on their own terms and add more value to clients,” Scott Posner, LPL Executive Vice President, Business Development, said in a press release.
To learn more, view the press releases here, here and here.
5. EP Wealth Advisors Acquires $1 Billion Lehman & DeRafelo Financial Resources
Torrance, California-based EP Wealth Advisors acquired Media, Pennsylvania-based Lehman & DeRafelo Financial Resources. This is EP Wealth’s second Philadelphia-area acquisition and its eighth East Coast office. The deal is expected to add over $1 billion in assets to EP Wealth, which as of Dec. 31 oversaw $16.1 billion.
Lehman & DeRafelo consists of four advisors and two support staffers. Rich DeRafelo and Ron Lehman, its principals, become Regional Directors at EP Wealth, while Jeff Lehman becomes a Senior Wealth Advisor. The team provides financial planning and investment management, including alternatives strategy, for high net worth clients.
“As EP Wealth grows to a nationwide firm, we continue to enhance our financial, tax, estate and specialized planning capabilities, paired with diverse investment solutions that help clients advance toward their goals,” EP Wealth CEO Patrick Goshtigian said in a press release. “The Lehman & DeRafelo team has additional expertise in alternative investment strategies which enhances our client offering and sharpens our competitive edge in the marketplace.”
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
2 comments
Comments are closed.