Recruitment Roundup: Advisor Group, Commonwealth, Hightower And More

Chris Latham, Managing Editor, Wealth Solutions Report

Advisor Group (Now “Osaic”), Commonwealth And Rockefeller Recruit Teams, Hightower Acquires Meyer Capital Group, tru Independence Helps Launch Two RIAs And CoastalOne Appoints Kevin Keefe As CEO

This edition of the Weekly Recruitment Roundup features Advisor Group (now called “Osaic”) bringing on four advisors from Securian Financial Services, Commonwealth Financial Network adding Foundations Financial Partners from Securian, Rockefeller Capital Management onboarding Giorgetti Wealth Partners, Hightower acquiring Meyer Capital Group, tru Independence helping to launch the RIAs SYKON Capital and Gainline Financial Partners, and CoastalOne appointing Kevin M. Keefe as CEO.

Advisor Transactions

1. Advisor Group (Now ‘Osaic’) Poaches Four Advisors From Securian With $410 Million

Four advisors, who each have over 20 years of experience and collectively oversee $410 million in client assets, left Securian Financial Services to join Capitol Financial Solutions, one of the largest affiliates of Advisor Group’s subsidiary Royal Alliance. (Advisor Group recently rebranded as Osaic.) Advisors Eric S. Owen, Michael Pugh and Steve Tanner are based in Virginia. Advisor John Amendola is based in Raleigh, North Carolina.

Robert Turner, President & CEO, Capitol Financial Solutions

Tanner focuses on building wealth and enduring legacies for communities, families and businesses. Amendola specializes in financial planning, investment advice, tax reduction and business development. Owen specializes in risk management, employee benefits, wealth management and business succession strategies. Pugh works with individuals, businesses, business owners and executives.

“From the very beginning, it was clear this team focused on what would be best for their clients. We knew our unique service model would add efficiencies and allow them to spend more time building client relationships,” said Capitol’s President & CEO, Robert Turner. “Add in Advisor Group’s innovative technology and support, and we had the exact combination they were looking for to grow their business.”

2. Commonwealth Recruits $881 Million Foundations Financial Partners From Securian

Doylestown, Pennsylvania-based Foundations Financial Partners also left Securian Financial Services, after 32 years there, for the Commonwealth Financial Network. Foundations consists of President and Managing Partner Christopher Hackley, Partner and Senior Advisor Keith Tomer, Client Services Director Roark Gover, six advisors and five supporting team members.

Christopher Hackley, President and Managing Partner, Foundations Financial Partners

Foundations – which oversees $881 million in client assets – provides integrated financial planning, investment advisory and risk management services. The team uses an internal development program to hire and cultivate next-gen advisors. Hackley aims to use Commonwealth’s Entrepreneurial Capital financing options for an acquisition model to double the firm’s advisors and assets over the next five years.

“Commonwealth has the capital to back my growth goals, and they’ve had a stable ownership structure for more than 40 years,” he said. “That gives me tremendous confidence this will be a lasting partnership and that their guidance will help us serve our clients with advanced products and advisory resources.”

3. Rockefeller Brings On $1.5 Billion Giorgetti Wealth Partners From BBH

Boston-based Giorgetti Wealth Partners joined Rockefeller Capital Management from Brown Brothers Harriman, where the three-advisor team oversaw $1.5 billion. Matthew Giorgetti is now a Managing Director while Eric Vanderpool and Ryan Quinn are Vice Presidents in the Rockefeller Global Family Office.

Matthew Giorgetti, Managing Director and Private Advisor, Rockefeller

Giorgetti has almost 20 years of wealth management experience, having previously worked at Morgan Stanley and UBS. Quinn has more than 11 years of industry experience and Vanderpool has a decade of industry experience. The team had pursued a move to First Republic Bank before its collapse and sale to JPMorgan Chase earlier this year.

“We are delighted to welcome Giorgetti Wealth Partners to Rockefeller Global Family Office,” Rockefeller posted on its LinkedIn account. “Based in Boston, the three-person team – Matthew Giorgetti, Eric Vanderpool, and Ryan Quinn – will enhance our ability to provide the Rockefeller experience to discerning investors, families and institutions across the North Atlantic region.”

Mergers & Acquisitions

4. Hightower Acquires $1.6 Billion Meyer Capital Group In Eighth Buy Of 2023

Chicago-based Hightower Advisors acquired Meyer Capital Group, marking its eighth acquisition of 2023 and its third acquisition of at least $1 billion in the past month according to a spokesperson. Meyer Capital Group – which has offices in Marlton, New Jersey and Naples, Florida – is a fee-only fiduciary firm consisting of 17 employees including 10 advisors, serves more than 800 clients and oversees more than $1.6 billion in assets under management (AUM).

Thomas C. Meyer, CEO, Meyer Capital Group

CEO Thomas C. Meyer’s grandfather founded the firm in 1963. When the current CEO took over in 1982, the firm had $2 million in AUM. Gladstone Associates advised Meyer Capital Group on the Hightower transaction. As of March 31, Hightower had assets under administration (AUA) of approximately $148.2 billion and AUM of $119.9 billion.

“We were looking for a partner that would support our growth while also understanding our deep roots that stem back to when my grandfather founded the business nearly six decades ago,” Thomas C. Meyer said. “Hightower is the right fit for us. Having access to their value-added services, operational resources and large community of other like-minded firms will serve as a catalyst for our accelerated growth. And most importantly, this will give us more time to focus on our clients.”

Strategic Partnerships

5. tru Independence Partners With SYKON Capital And Gainline Financial Partners

Portland, Oregon-based tru Independence partnered to help launch the independent RIAs SYKON Capital, which oversees approximately $500 million from the New York City area, and Gainline Financial Partners, which oversees approximately $200 million from Boulder, Colorado. SYKON’s six-member team came from Merrill Lynch while Gainline’s six-member team came from Wells Fargo’s FiNet.

Craig Stuvland, Founder and CEO, tru Independence

As a result of the deals, tru Independence will have added more than $2 billion to its platform since the beginning of 2023 and doubled the $1 billion added in 2022, according to a spokesperson. The national independent advisory partnership firm has approximately $10 billion on its platform.

“We are seeing more and more wirehouse advisors who are motivated by the prospect of achieving independence,” said Craig Stuvland, Founder and CEO of tru Independence. “They express genuine excitement about our [Experience As a Service] platform, and we remain steadfast in our commitment to helping them serve their clients with the desired autonomy.”

Promotions & People Moves

6. CoastalOne’s New CEO Brings Experience From LPL, Cetera And Advisor Group

CoastalOne appointed Kevin M. Keefe as CEO. The firm, which serves high net worth clients through over 160 affiliated financial advisors, hired Keefe to develop and execute a growth strategy that includes enhancing its offerings, services and platform for advisors.

Kevin M. Keefe, CEO, CoastalOne

With over three decades of experience, Keefe formerly served as President and CEO of First Allied Securities, a Cetera subsidiary, EVP and CEO of Corporate RIA at Advisor Group, and SVP at LPL Financial, where he led the development, implementation and management of platforms and services.

“As the wealth management space continues to evolve, and big players just keep getting bigger, I think there’s a real appetite among a certain type of advisor for a firm that embraces a high-touch, boutique service model and culture,” said Keefe. “Focused on strong relationships and a robust community, our unique approach to the business will create a firm where existing advisors will thrive and like-minded advisors from across the industry will want to join.”

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

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