Recruitment Roundup: Oppenheimer, Hightower, CAPTRUST, Perigon And More

Chris Latham, Managing Editor, Wealth Solutions Report

Oppenheimer Recruits Merrill Lynch Advisor In Florida, CAPTRUST Acquires Southern Wealth Management, Cerity Partners Merges With Lumina Financial Consultants, Hightower Invests In GMS Surgent, Perigon Appoints Former Wipfli Executive As CIO And Lido Advisors Hires Former Fidelity Executive As Chief Growth Officer

This edition of the Weekly Recruitment Roundup features Oppenheimer & Co. recruiting advisor Tatiana Zurek from Merrill Lynch, CAPTRUST Financial Advisors acquiring Southern Wealth Management, Cerity Partners merging with woman-owned Lumina Financial Consultants, Hightower Advisors launching a tax subsidiary through an investment in GMS Surgent, Perigon Wealth Management appointing Rafia Hasan as CIO and Lido Advisors hiring Jordan Greenhouse as Chief Growth Officer.

Advisor Transactions

1. Oppenheimer Onboards Merrill Lynch Advisor Tatiana Zurek In South Florida

Tatiana Zurek, Senior Director-Investments, Oppenheimer & Co.

Wealth manager and investment bank Oppenheimer & Co., a subsidiary of Oppenheimer Holdings, announced the addition of Tatiana Zurek to its office in Coral Gables, Florida, as Senior Director-Investments. Zurek will report to Guillermo Vega, Branch Manager, Managing Director-Investments.

Before joining Oppenheimer, she worked at Merrill Lynch for 23 years. The firm’s Coral Gables office provides corporate and executive services, financial planning, trust and estates, investment solutions, tactical allocations and retirement planning. More than 30 advisors are based in the Coral Gables office, a multi-use facility that recently opened to allow for accelerated team growth.

“I am thrilled to join Oppenheimer, an institution that I have long admired for its entrepreneurialism, open architecture, focus on the offshore markets, and strong support for financial advisors,” Zurek said. “The Coral Gables office in particular stood out to me for its large concentration of international financial professionals, high percentage of women on the advisory team and reputation for attracting the best talent in the area.”

Mergers & Acquisitions

2. CAPTRUST Acquires $2.3 Billion Southern Wealth Management In Texas

Dick Jones, Managing Partner, Southern Wealth Management

Raleigh, North Carolina-based CAPTRUST Financial Advisors acquired San Antonio-based Southern Wealth Management (SWM), which oversees approximately $2.3 billion in assets for ultra-high net worth families and provides family-office-style services. SWM also has offices in Dallas and Midland, Texas, and New Orleans. CAPTRUST has more than 1,300 employees managing over $714 billion in assets across 75 locations.

The acquisition marks CAPTRUST’s fifth of 2023 and its 69th since 2006. It is expected to more than double CAPTRUST’s tax practice through tax consulting and compliance expertise on income, estate and gift taxes. In addition, SWM provides business succession planning that features business valuations. Its other services include life insurance portfolio design and management, as well as philanthropic planning and plan management.

“At SWM, we have enjoyed longstanding multigenerational relationships with families. In the same vein, we saw longevity and growth for our firm by joining CAPTRUST,” said SWM Managing Partner Dick Jones. “Our team looks forward to expanding our network and resources for the benefit of our clients and for our people.”

3. Cerity Partners Merges With Woman-Owned Lumina Financial Consultants

Jeanie Schwarz, Co-Principal, Lumina Financial Consultants

New York City-based Cerity Partners merged with Lumina Financial Consultants, a woman-owned firm that serves the family- and business-related financial needs of women. Led by Co-Principals Jeanie Schwarz and Laurie Fried, Lumina manages over $134 million, according to its April SEC ADV filing, and operates in the San Francisco Bay and Richmond, Virginia, metro areas.

Cerity Partners manages approximately $65 billion. Earlier this month, it merged with AJ Wealth, a family office with $2.4 billion in assets under management (AUM). In May, it acquired Jurika, Mills & Keifer, which manages approximately $300 million. This year Cerity Partners also announced M&A deals with Gamble Jones Investment Counsel, Ashfield Capital Partners, ARGI and Maryland Capital Management, and recruited eight advisors from the now-collapsed Silicon Valley Bank.

“Our clients work with us because our approach is grounded in proven investment principles and academic research, balanced with a highly personal, face-to-face way of doing business,” Schwarz said. “We share a principle-based philosophy with Cerity Partners and that combined with the firm’s nationwide presence and wide range of services make this partnership powerfully differentiating for our industry.”

Strategic Partnerships

4. Hightower Launches Tax Subsidiary Through Investment In GMS Surgent

Bob Oros, Chairman and CEO, Hightower Advisors

Chicago-based Hightower Advisors launched a tax subsidiary by making a strategic investment in Philadelphia-area-based GMS Surgent, a tax and advisory firm serving high net worth and business clients with accounting, tax preparation and other wealth planning needs. The partnership gives Hightower’s advisors direct access to tax management services for clients.

The deal is the latest investment in Hightower’s Wealth Solutions platform and complements other Hightower offerings such as trust services, estate planning, insurance placement and business owner services. Hightower has 135 advisory businesses in 34 states and the District of Columbia, with $148.2 billion in assets under administration (AUA) and $119.9 billion in AUM.

“We are thrilled to welcome GMS Surgent into the Hightower community, enabling us to provide advisors with a vetted resource to deliver comprehensive tax services to clients via a seamless experience,” said Hightower Chairman and CEO Bob Oros. “At Hightower, we actively foster a collaborative environment where holistic wealth is our foremost mission, and this alliance empowers advisors to focus on their core services and strengthen relationships with clients.”

Promotions & People Moves

5. Perigon Names Former Wipfli Executive Rafia Hasan As CIO

Rafia Hasan, CIO, Perigon Wealth Management

San Francisco-based Perigon Wealth Management appointed Rafia Hasan as CIO to support its growth strategy, enhance its investment strategy, strengthen the investment team and support its advisors across affiliation models. Prior to Perigon, she spent eight years at Wipfli Financial Advisors, which held over $5 billion in AUM when it was acquired by Creative Planning in 2022.

There she oversaw the firm’s investment program, led the investment and trading team and collaborated on the firm’s strategic vision. At Wipfli, Hasan held various roles, rising through the ranks to spend over four years as CIO. Perigon, with approximately $5.6 billion in client assets as of May 31, is partially owned by private equity firm Merchant Investment Management.

“The current investment landscape presents unique challenges and opportunities for a firm like Perigon,” Hasan said. “We see a turbulent market, proactive central banks and slowing-but-still-rising inflation – a situation in which high net worth and ultra-high net worth clients increasingly demand a more personalized investment approach.”

6. Lido Appoints Former Fidelity Exec Jordan Greenhouse As Chief Growth Officer

Jordan Greenhouse, Chief Growth Officer, Lido Advisors

Los Angeles-based Lido Advisors hired former Fidelity executive Jordan Greenhouse as the firm’s Chief Growth Officer. Greenhouse most recently served as Senior Managing Director of the institutional and retail divisions at the investment advisory firm Kayne Anderson Rudnick (KAR).

Prior to working at KAR, Greenhouse spent a total of nearly a decade during two tenures at Fidelity Investments, including as Regional Vice President of Wealth Advisor Solutions and then the Private Client Group. At Lido Advisors, Greenhouse will oversee strategic business development and comprehensive growth initiatives to enhance the brand. Lido has over $13 billion in AUM, according to its May SEC ADV filing.

“Lido’s approach to investments using traditional and alternative solutions combined with their comprehensive network of in-house and affiliated wealth, tax and estate planning professionals were key factors leading to my desire to join,” Greenhouse said.

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

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