RBC Recruits From First Republic, WEG Acquires New Era Financial Advisors, Seven Mile Advisory Partners With tru Independence, Precedent Wealth Partners Launches On Dynasty’s Network And CI Financial To Sell Stake In Congress Wealth Management
This edition of the Weekly Recruitment Roundup covers RBC Wealth Management recruiting two California-based solo advisors from First Republic Bank, Wealth Enhancement Group acquiring Minnesota-based New Era Financial Advisors, New York area-based Seven Mile Advisory partnering with tru Independence, a Texas team launching Precedent Wealth Partners on Dynasty’s Network and CI Financial agreeing to sell its minority stake in Boston-based Congress Wealth Management to Audax Private Equity.
1. RBC Recruits Two More Solo Advisors And $555 Million From First Republic Bank
Two solo California-based financial advisors joined RBC Wealth Management from First Republic Bank, continuing the exodus from that firm. Brian Addington joined the San Francisco office and Theresa Allen joined the Newport Beach office. Addington oversees $300 million and has 25 years of experience. Allen oversees $255 million and has 30 years of experience.
As previously reported, other First Republic advisors also left for RBC, Rockefeller Capital Management and Morgan Stanley. The exits of Addington and Allen put the number of advisors and assets leaving First Republic since March at no fewer than 16 advisors and nearly $14 billion, respectively. The advisor flight began shortly after the March banking crisis erupted due to deposit outflows. Over the weekend, the government seized First Republic and sold it to JPMorgan Chase.
The Newport Beach, California-based Todd Halbrook and Adam MacDonald Wealth Management Group, which manages $1 billion in assets, joined RBC in early April. RBC Wealth Management has $510 billion in total client assets with more than 2,100 financial advisors operating in 187 locations in 42 states.
To learn more, view the press release here.
2. Wealth Enhancement Group Acquires $1.1 Billion New Era Financial Advisors
Wealth Enhancement Group (WEG) acquired New Era Financial Advisors, a hybrid RIA with offices in Wayzata and Hutchinson, Minnesota, which manages over $1.1 billion in assets. Donald Warner, Grant Lindaman and Shad Ketcher lead the team of six advisors and 11 support staff.
New Era Financial Advisors, founded in 1982, provides asset management, wealth management, qualified retirement plan support and financial planning to high net worth individuals. WEG manages over $66.5 billion in total client assets and serves more than 49,000 households across 90 offices nationwide.
“After four decades as a private, independent firm, the partners and advisors at New Era Financial are excited about joining forces with Wealth Enhancement Group, another well-respected Minnesota firm,” Warner said in the press release. “We feel our clients will greatly benefit from the additional services and resources Wealth Enhancement Group offers as a nationwide advisory firm.”
To learn more, view the press release here.
3. $1 Billion Family Office Seven Mile Advisory Partners With tru Independence
Seven Mile Advisory, a New York metro area-based RIA and multifamily office, left Mariner Platform Solutions to partner with Portland, Oregon-based tru Independence. Seven Mile advises on over $1 billion in assets for ultra-high net worth individuals including business owners, private equity and real estate investors and operators, professional athletes and entertainers.
Founded in 2019 by Chief Executive Officer Pamela Perskie, it operates as an outsourced family office for approximately 25 families. With approximately $9 billion in assets, tru Independence provides a multi-custodial platform for established RIAs and breakaway advisors. Founded in 2014, tru Independence offers business optimization support that encompasses technology, compliance, investments and marketing.
“At Seven Mile Advisory, we build our flexible planning strategies to accommodate each client’s specific needs. This can be difficult to navigate when working with a business platform partner,” Perskie said in the press release. “We believe that we found the ideal fit with tru. They aim to provide us with exactly the type of individualized client experience that we extend to our clients.”
To learn more, view the press release here.
4. Texas Team Launches $1 Billion Precedent Wealth Partners On Dynasty’s Network
San Antonio-based brothers Harold Williams and George Williams, along with Harold’s son Grant Williams, launched Precedent Wealth Partners by joining the Dynasty Financial Partners network. The Williams team previously managed over $1 billion at Houston-based Linscomb & Williams, a Barron’s Top 100 firm that managed approximately $4.3 billion.
Precedent Wealth Partners selected Schwab and Fidelity as custodians, will use eMoney for financial planning and Black Diamond for performance reporting. In a rare move for an RIA, Precedent’s new WillShare rebate program is designed to share 33% of the firm’s distributable after-tax net income with its clients through fee credits every year.
“We launched Precedent Wealth Partners largely because we want to partner with our clients by creating an advisory entity that cannot easily be sold,” Harold Williams said in the press release. “We want our clients to feel they can count on our permanence and alignment with them.”
To learn more, view the press release here.
5. CI Financial To Sell Stake In Congress Wealth Management To Audax Private Equity
Canada-based CI Financial agreed to sell its minority stake in Boston-based Congress Wealth Management to Audax Private Equity. Congress had $5.1 billion in assets under management as of Dec. 31. The transaction is expected to close in May. CI first invested in Congress in the third quarter of 2020, holds its stake through U.S. subsidiary CI Private Wealth and received a return of approximately three times its initial investment.
Congress has a 64-member team across offices in several U.S. cities. Audax Private Equity’s other current financial services portfolio investments include Vancouver, British Columbia-based Harbourfront Wealth Management and the Chicago-based investment bank Stout. CI, which is a publicly traded company on the Toronto Stock Exchange, manages and advises on approximately $289.4 billion in client assets.
“The investment from CI was extremely productive and we are exiting on the best of terms,” Paul Lonergan, President of Congress Wealth Management, said in the press release. “In addition to finding a solution that works for our ownership, we are also eager to pursue additional M&A opportunities thanks to the backing from Audax Group.”
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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