Recruitment Roundup: Osaic, NewEdge, Carson Group, Merit And More

Chris Latham, Managing Editor, Wealth Solutions Report

Advisor Group Rebrands As Osaic, Stratos Recruits Chicago-Based Advisor, NewEdge Opens San Francisco Office With Ex-First Republic Advisor, Waverly Acquires Silicon Hills, SageView Acquires RBG, Carson Partners With NWCM And Merit Appoints Andy Kalbaugh To Board Of Directors

This edition of the Weekly Recruitment Roundup covers Advisor Group rebranding as Osaic, Stratos Wealth Advisors recruiting Chicago-based advisor Robert A. Hamer, NewEdge Wealth opening its San Francisco office with former First Republic advisor John Froley, Waverly Advisors acquiring Silicon Hills Wealth Management, SageView Advisory Group agreeing to acquire Retirement Benefits Group, Carson Group establishing an equity partnership with Northwest Capital Management and Merit Financial Advisors appointing former LPL Financial executive Andy Kalbaugh to its Board of Directors.

Advisor Transactions

1. Stratos Recruits Chicago-Based Veteran Advisor From AMG With Over $250 Million

Beachwood, Ohio-based Stratos Wealth Advisors announced the onboarding of Chicago-based Robert A. Hamer, with over $250 million in assets under management (AUM), from Asset Management Group, where he served as a Managing Director since 2016. Stratos, a subsidiary of Stratos Wealth Holdings, manages over $3 billion in advisory assets as of March 31.

Robert A. Hamer, Wealth Advisor, Stratos Wealth Advisors

With over 40 years of wealth management experience, Hamer was a founding partner and Managing Director at Sunset Partners Capital Management, where he also was Chief Investment Officer, providing oversight of the firm’s portfolio management. He also served as a VP at Merrill Lynch and SVP at Morgan Stanley. The Stratos family of companies collectively oversees $22.8 billion as of March 31.

“We’re excited that Bob chose to join our firm as he continues to provide expert guidance to his clients,” said Stratos Founder and CEO Jeff Concepcion. “We look forward to supporting his continued success and growth.”

2. NewEdge Opens San Francisco Office, Recruits John Froley From First Republic

The Stamford, Connecticut-based RIA NewEdge Wealth announced the opening of its San Francisco office and the recruitment of former First Republic Investment Management wealth manager John Froley as its first advisor. NewEdge Wealth is part of NewEdge Capital Group, which supports more than 300 financial advisors and approximately $32 billion in client assets.

John Froley, Financial Advisor, NewEdge Wealth

Froley, who holds a Certified Financial Planner (CFP) designation, has nearly three decades of financial services experience. He began his career in 1995 as an analyst at Gabelli Funds before becoming a wealth manager. Prior to joining First Republic in 2008, Froley worked at Bank of America and AXA Advisors.

“The changing San Francisco market presents an incredible opportunity for NewEdge Wealth to serve a dynamic client base in need of bespoke wealth management services, and John’s experience in the region makes him the perfect person to lead our expansion in the Bay Area,” said Rob Sechan, CEO and Co-Founder of NewEdge Wealth. “We are thrilled John chose to continue his career with us, and we look forward to growing our West Coast presence together.”

Mergers & Acquisitions

3. Waverly Advisors Acquires $255 Million Silicon Hills Wealth Management In Austin

The Birmingham, Alabama-based RIA Waverly Advisors acquired Austin, Texas-based Silicon Hills Wealth Management, which has $255 million in AUM, in Waverly’s first deal in the Southwest region. Tom Brown and James Werner founded Silicon Hills in 2013. Brown will assume the title of Waverly Regional Director, Austin.

Josh Reidinger, CEO, Waverly Advisors

Waverly provides investment management, financial planning and wealth management solutions for high net worth individuals, corporate retirement plans and institutional clients. As a result of the Silicon Hills deal – Waverly’s sixth acquisition since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings – Waverly’s total AUM is approximately $6.1 billion.

“As we continue to expand into new markets beyond the Southeast, we believe Tom and his team are the perfect fit to establish Waverly’s presence in Texas,” said Josh Reidinger, CEO of Waverly. “Silicon Hills brings a fresh perspective to innovation and technology, which will further strengthen Waverly’s existing infrastructure and enhance our client services.”

4. SageView Agrees To Acquire $5.2 Billion Retirement Benefits Group In San Diego

Newport Beach, California-based SageView Advisory Group agreed to acquire the team of San Diego-based Retirement Benefits Group, an institutional retirement plan consulting group with $5.2 billion in assets under advisement (AUA) and a wealth management business with $63 million in AUM. SageView has over $156 billion in AUM, as of its May 18 SEC ADV filing.

Randy Long, CEO, SageView Advisory Group

RBG Co-Founders Tony Franchimone and Larry Deatherage will become Managing Directors at SageView. RBG Retirement Plan Consultant Cory McCarthy, Wealth Advisor Winston Ventura and Client Services Associate Rachel Hall will join them. The RBG acquisition is SageView’s ninth announced since establishing a partnership with Aquiline Capital Partners in 2021.

“We have known Tony and Larry for many years and have great respect for the success they have achieved in working with institutional retirement plans and providing wealth management services,” said SageView CEO Randy Long. “Their team is a great cultural fit for SageView and contributes to our overall and institutional channel growth strategy.”

Strategic Partnerships

5. Advisor Group Rebrands As Osaic, Plans To Unite Firms And Streamline Operations

Phoenix-based Advisor Group rebranded as Osaic and plans to unite its eight wealth management firms under the new name while also seeking to reduce operational complexity among the firms during the next 18 to 24 months. The day before the rebrand, it announced the affiliation of Cheboygan, Michigan-based Encore Financial Group through Savage and Associates. Encore’s 14 advisors manage over $340 million across offices in Florida, Michigan, Pennsylvania and Tennessee.

Jamie Price, President & CEO, Osaic

Osaic, a portfolio company of Reverence Capital Partners, supports more than 11,000 financial professionals who collectively manage over $500 billion across its network of independent advisors. The combined company aims to improve its ability to serve its financial professionals – by providing direct access to all of Osaic’s capabilities and expertise, and simplifying its business structure through a unified platform and support model – while keeping relationships that financial professionals have developed.

“We are excited to announce our new brand and believe it truly pulls together our culture, community, experience, and diversity of thought into one inspiring story,” said Jamie Price, President & CEO of Osaic. “We developed the Osaic brand for the advisors we serve today and those we will serve tomorrow. It was also built with their end-clients in mind, because we know they are who matter most to our advisors, and when they thrive, we all thrive.”

6. Carson Group Establishes Partnership With $5 Billion Northwest Capital Management

Omaha, Nebraska-based Carson Group established an equity partnership with Lake Oswego, Oregon-based Northwest Capital Management (NWCM), which provides wealth management services for individuals and retirement plan services for sponsors and their participants. NWCM consists of 13 team members serving over $5 billion in assets with office locations in Seattle and Portland, Oregon.

Jamie Hopkins, Managing Partner of Wealth Solutions, Carson Group

Managing Director, Partner and Senior Investment Advisor Brent Petty, and Senior Investment Advisor Fred Payne, Jr., will continue leading the team. Carson Group agreed to provide NWCM with access to Carson’s investments platform, expanded capacity, and enhanced resources such as experienced insights on legislation and regulations for retirement plan participants. Carson Group’s advisory network of more than 140 partner offices manages $28.2 billion across more than 46,000 families.

“With more clients seeking holistic planning solutions, our partnership with NWCM is another part of the strategic puzzle that will allow us to better compete in the retirement planning space,” said Jamie Hopkins, Managing Partner of Wealth Solutions for Carson Group. “The team at NWCM has spent the last three decades building a tremendous business. We are excited to learn from them and continue to build on the value we can bring to the table.”

Promotions & People Moves

7. LPL Veteran Andy Kalbaugh Joins Board Of Directors At Merit Financial Advisors

Andy Kalbaugh, Board of Directors, Merit Financial Advisors

Atlanta-based Merit Financial Advisors appointed former LPL Financial Managing Director and Divisional President Andy Kalbaugh to join its Board of Directors, where he will work closely with Merit’s executive leadership. Kalbaugh also is Founder and Managing Partner of Cassique Strategies, which provides strategic planning, coaching and relationship facilitation to wealth management C-suite teams and boards.

In addition, Merit acquired Raleigh, North Carolina-based Financial Analysts, which oversees $100 million. Lee Clark and Kern Campbell become Wealth Managers while Corrie Blair becomes Branch Operations Manager at Merit’s Raleigh office. It is Merit’s 20th acquisition announcement since taking a minority investment in December 2020 from WPCG and strategic investors led by HGGC’s Aspire Holdings. Merit has 40 offices across the U.S. and managed $8.1 billion in assets as of March 31.

“Merit’s tremendous growth over recent years has created significant expansion potential, and I look forward to supporting the team navigate upcoming opportunities,” Kalbaugh said. “Looking ahead, Merit’s next stage of success will be reinforced by its distinctive service culture, which places financial advisors and their clients at the front and center of the firm’s strategy.”

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

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