Commonwealth Recruits KMJ Financial, Advisor Group Recruits Silverberg, LPL Recruits CG Advisor Network, Carson Wealth Acquires Integrated Wealth, Modern Wealth Acquires Barber Financial And Tim Stewart Of Avantax Is Our 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 Tim Stewart, Vice President, Business Development at Avantax Wealth Management.
For this week’s deals, we look at Commonwealth Financial Network recruiting Whitehall, Pennsylvania-based KMJ Financial Group; Advisor Group recruiting Westlake Village, California-based Silverberg Wealth Management via Royal Alliance; LPL Financial becoming the primary custodian and exclusive broker-dealer for Haslett, Michigan-based CG Advisor Network; Carson Wealth acquiring Overland Park, Kansas-based Integrated Wealth; and Modern Wealth Management acquiring Kansas City, Missouri-based Barber Financial Group.
1. Commonwealth Recruits Pennsylvania-based $121 Million KMJ Financial Group
Whitehall, Pennsylvania-based KMJ Financial Group joined Commonwealth Financial Network from the Advisor Group affiliate American Portfolios. KMJ consists of a four-person team that oversees approximately $121 million in client assets. Managing Partners Kirk Brown and Jake Ruggles work alongside wealth advisor Dan Fratantoro and operations director Brenda Mishko.
KMJ provides clients with accumulation, retirement, estate and business planning services as well as tax services through a separate entity. Commonwealth has more than 2,100 independent advisors who oversaw more than $242.9 billion in assets as of Dec. 31. Last year, Commonwealth brought in $11.2 billion in new client assets from 270 new advisors.
“We have known and respected Commonwealth from a distance for many years,” Ruggles said in the press release. “Once we realized it was our time to make a move, our search focused on finding a partner with top-notch support, a boutique-like feel, and client-centric values – and we found that at Commonwealth.”
To learn more, view the press release here.
2. Advisor Group Poaches $212 Million Silverberg Wealth Management From Cetera
Three Westlake Village, California-based financial advisors joined Advisor Group from Cetera, bringing $212 million in client assets to NWF Advisory Group (NWF), which is among the largest teams affiliated with Royal Alliance. Silverberg Wealth Management consists of Marcus Silverberg, its President, along with advisors Gregg Turkin and Victor Mastrella, as well as Branch Operations Manager Dana Toth.
NWF is a Los Angeles-based firm that was founded in 1969 and has satellite offices throughout California. Royal Alliance, which also was founded in 1969, has more than 3,600 affiliated independent financial advisors nationwide. Advisor Group, a portfolio company of Reverence Capital Partners, serves approximately 10,000 financial professionals. For full-year 2022, Advisor Group reported total gains of $84.2 billion in client assets and bringing on more than 1,800 financial advisors.
“On behalf of Advisor Group, I’d like to welcome Marcus, Gregg and Victor to our team,” Greg Cornick, Advisor Group’s President, Advice & Wealth Management, said in the press release. “We are committed to ensuring these talented professionals have the ongoing service and support they need to ensure their future success. NWF’s continued growth in the marketplace is a testament to the value of providing the highest standards of advisor and client care in the industry.”
To learn more, view the press release here.
3. LPL Becomes Custodian And Broker-Dealer For $3.1 Billion CG Advisor Network
Haslett, Michigan-based CG Advisor Network, an entity of the RIA CG Advisory Services, chose LPL Financial to become its primary custodian and exclusive broker-dealer. Founded in 1998, CG Advisor Network’s 74 advisors have approximately $3.1 billion in assets under management (AUM) and serve clients nationwide.
CG Advisor Network provides independent advisors with transitions support, portfolio management and other investment management solutions, marketing, compliance, as well as next-generation consulting such as ongoing education and succession planning. CG Advisory Services serves individuals, families and businesses in its role as an RIA.
“We’re constantly striving to build the kind of future-proof platform that helps advisors eliminate back-office, technology and investment management burdens so they can spend more time where it really matters – growing their business,” CG Advisor Network CEO Anthony Mazzali said in the press release. “LPL has a very good understanding of the advisor as a client and will help make us only stronger in this endeavor.”
To learn more, view the press release here.
4. Carson Wealth Expands Into Kansas, Acquiring $400 Million Integrated Wealth
Omaha, Nebraska-based Carson Wealth acquired Overland Park, Kansas-based Integrated Wealth, which has approximately $400 million in AUM and serves more than 250 families across 30 states. Jack Lindsey founded Integrated Wealth in 1984. Today, its six team members are advisors Craig Splan, Tray Wiltse and Bill Day along with operational staffers Katie Hampton, Kim Roberts and Vincent Long.
ECHELON Partners advised Integrated Wealth on the M&A transaction. The acquisition marks Carson Wealth’s 46th U.S. location and its first office in Kansas. Ron Carson founded Carson Wealth in 1983. Today the firm oversees approximately $20 billion in AUM and has more than 1,000 employees, according to its April 4 SEC ADV filing.
“When we first started looking for a partner that could help take us to the next level of growth as a firm, we were looking in our own backyard,” Wiltse said in the press release. “Then we met with the Carson team and were blown away by what they had to offer. Not only were they growth focused, but they were way ahead of anyone else in their technology offerings. We saw that they had everything that was needed to take a firm like ours from $400 million to $1 billion.”
To learn more, view the press release here.
5. Modern Wealth Management Acquires $1.5 Billion Barber Financial Group
Monterey, California-based Modern Wealth Management acquired the assets of Barber Financial Group, which consists of three firms – Barber Financial Group, Osiwala Financial Group and Financial Security – that serve more than 2,300 clients and manage over $1.5 billion in collective AUM across offices in Kansas, Missouri and Michigan.
CEO Dean Barber founded Barber Financial Group in 1996. It now has 50 employees including advisors, CPAs, estate and insurance specialists. The firm’s existing radio show and podcast also will become part of Modern Wealth Management. As previously reported, Modern Wealth Management launched a few weeks ago with a $200 million investment from private equity firm Crestview Partners. Its founders are former executives of Goldman Sachs and United Capital.
“We’re thrilled to join forces with Jason Gordo, Mike Capelle and Gary Roth, and I am excited by the possibilities that lie ahead for Modern Wealth,” Barber said in the press release. “We look forward to augmenting our approach to provide our clients the best possible service while meeting the needs of growth-minded advisors.”
To learn more, view the press release here.
Recruiter Of The Month: Tim Stewart, Vice President, Business Development, Avantax Wealth Management
Avantax brought in a record $1.7 billion in newly recruited assets for full-year 2022, up approximately 79% from the previous year. During the fourth quarter of 2022, 66 financial professionals affiliated with the firm as it added $401 million in newly recruited assets. As of Dec. 31, the firm had $76.9 billion in total client assets. To learn more about Avantax’s success, we reached out to Tim Stewart, Vice President, Business Development.
WSR: Avantax had a very strong series of recruitments in 2022. Why was the firm so successful in bringing on all those advisors, and what is the firm looking to accomplish with recruitments this year?
Stewart: We’ve differentiated Avantax in the marketplace, so advisors are seeing us more and they’re attracted by our tax-focused approach to planning. When tax and financial professionals start talking with us, they quickly connect with our tax-focused value proposition because they want to help their clients benefit from our Tax Alpha approach, and they want to join our deep network of CPAs and tax professionals.
We’ve also made significant investments in service and operations and now Avantax is known as a firm that provides operational efficiencies and delivers great back-office support – both are key to helping our affiliates grow.
WSR: What attributes does Avantax look for in advisory teams when pursuing recruitments, and how does your recruitment process typically develop for such teams?
Stewart: Avantax is not a “come-one, come-all” wealth management firm. We are intentional about our partners. If they’re truly interested in offering tax-focused financial planning or strategic partnerships with CPAs and tax professionals, then that’s going to be a great fit.
We’re interested in people who are leading with planning and tax solutions to help increase clients’ returns based on the products and investments that are part of their unique financial plan. We want to partner with people committed to helping clients pursue long-term financial success by leveraging our tax-advantaged planning to capture more Tax Alpha for clients.
WSR: What is your personal role as an executive at Avantax in the recruitment process for advisory teams?
Stewart: I’m heavily involved in recruiting, as is our entire senior leadership team. I’m also a gatekeeper at Avantax, which includes being a steward of our growing Avantax Community, finding financial professionals who enhance our culture while growing with us.
Access to leadership is a huge differentiator for Avantax not only in the recruiting process, but after onboarding and throughout our relationship. From our first conversations, we begin identifying financial professionals who would be terrific on any of our numerous input groups and our Advisor Council. And it all starts in the very beginning of the recruitment process.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
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