Recruitment Roundup: Steward Partners, Osaic, LPL, Kingswood And More

Chris Latham, Managing Editor, Wealth Solutions Report

Steward Partners Recruits $450 Million Merrill Lynch Advisors, Osaic Recruits $254 Million Team From Cetera, LPL To Acquire $6.5 Billion Crown Capital, Goldman Strikes Custody Deal With Creative Planning, Kingswood Hires Investment Banking CEO And President, Dynasty Recruits Ex-CNBC Anchor Ron Insana As Chief Market Strategist

This edition of the Weekly Recruitment Roundup features Steward Partners recruiting Vantage Point Private Wealth, Osaic recruiting Vitucci Integrated Planning, LPL Financial agreeing to acquire Crown Capital Securities, Creative Planning and Goldman Sachs striking a strategic custody relationship, Kingswood U.S. hiring Edward Tsuker as CEO and Ariel Imas as President of Kingswood Investments, and Dynasty Financial Partners hiring former CNBC anchor Ron Insana as Chief Market Strategist.

Advisor Transactions

1. Steward Partners Recruits $450 Million Vantage Point Private Wealth

Washington, D.C.-based Steward Partners Global Advisory recruited former Merrill Lynch advisors managing approximately $450 million, joining as Vantage Point Private Wealth. Mark Morasky, Erik Clay, Chris Figaro and Patrick Norris operate out of offices in Walnut Creek, California, and Madison, Wisconsin.

Chris Barton, Managing Director, Senior Divisional President (Central), Steward Partners

Morasky has 27 years of wealth management experience, Clay has 20 years of financial services experience, Figaro has 15 years of financial services experience and Norris has seven years of wealth management experience. As of April, Steward Partners oversaw approximately $30 billion in client assets. The firm provides comprehensive wealth planning, private banking, institutional consulting, international advisory and business solutions.

“With clients spread across the country, Vantage Point Private Wealth makes an excellent addition to the Steward Partners network, and we warmly welcome them on board,” said Chris Barton, Managing Director, Senior Divisional President (Central) at Steward Partners. “Mark, Erik and Chris bring tremendous passion to their work and have shown time and again their devotion to always working in their client’s best interests.”

2. Osaic Recruits $254 Million Vitucci Integrated Planning

Walnut Creek, California-based Vitucci Integrated Planning joined Osaic from Cetera Advisors, where the eight-person team led by Jason Vitucci managed $254 million in client assets. The team of tax, financial planning and client support professionals provides comprehensive wealth management services for pre-retirees, business owners and executives.

jason vitucci
Jason Vitucci, Co-Founder and Managing Director, Vitucci Integrated Planning

Vitucci has more than 25 years of industry experience. He began his career at Securities America, which is now part of Osaic, before working at Sun America Securities, AIG Financial Advisors and other firms. Vitucci spent 15 years at Cetera and its predecessor firms.

“With Osaic, we’re able to leverage superior services, technology and resources to create efficiencies and allow our staff the time they need to create an exceptional client experience,” said Vitucci, Co-Founder and Managing Director at Vitucci Integrated Planning.

Mergers & Acquisitions

3. LPL To Acquire $6.5 Billion Crown Capital Securities In California

Darol K. Paulsen, CEO, Crown Capital

LPL Financial agreed to acquire the wealth management business of Orange County, California-based Crown Capital Securities, a broker-dealer and RIA supporting approximately 260 financial advisors who serve approximately $6.5 billion in client assets.

Founded in 1999, Crown Capital provides investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments. Crown Capital advisors are expected to continue operating independently after the deal closes in early 2024.

“Since our inception, we have been focused on supporting our advisors so they have more time to develop customized and integrated investment and planning strategies and more time to spend with their clients, providing a best-in-class customer experience,” said Darol K. Paulsen, CEO of Crown Capital. “LPL shares that philosophy, which is why we’re confident LPL will preserve our advisor-first legacy.”

Strategic Partnerships

4. Goldman Sachs Strikes Custody Platform Partnership With Creative Planning

Creative Planning announced a multi-billion-dollar strategic custody relationship with Goldman Sachs’ custodian services provider Goldman Sachs Advisor Solutions (GSAS), which will enable Creative to provide GSAS’ custody solutions to their clients.

Peter Mallouk, President & CEO, Creative Planning

The deal includes Goldman’s lending platform, product offerings, advanced analytics and digitized middle and back office for alternative investments. Creative represents the latest recruitment for GSAS, following a $1 billion recruitment of Prime Capital in May and the recruitment of United Advisor Group in February, estimated initially at $750 million.

“This important engagement with Goldman Sachs comes at a pivotal moment as we continue to elevate Creative’s offering to meet our clients’ complex financial needs,” said Peter Mallouk, President and CEO of Creative Planning. “By deepening our partnership with Goldman Sachs, our custody relationship allows us to benefit from an expanded set of capabilities and access to their unique products, services and intellectual capital.”

Promotions & People Moves

5. Kingswood Appoints CEO And President For Investment Banking Division

Kingswood U.S. announced the hiring of Edward Tsuker and Ariel Imas as CEO and President of Kingswood Investments, respectively, who will be responsible for building out full investment banking and capital market services. Operating out of New York, Florida and Texas, Kingswood Investments provides capital to midmarket businesses that are undergoing financial, operational or market-driven change, supporting the firms with a network of internal and external resources.

Michael Nessim, CEO, President & Managing Partner, Kingswood U.S.

Kingswood Investments is a division of Kingswood Capital Partners, part of Kingswood U.S. Kingswood U.S. is part of the Kingswood Group, a network of wealth management firms overseeing more than $13 billion in assets under management globally, with 400 registered professionals. Tsuker and Imas most recently served as Head of Capital Markets at WestPark Capital and Co-Head of Investment Banking at WestPark Capital, respectively.

“Having a capital markets division in-house gives our financial advisors a unique opportunity to access high-quality transactions to create value for their clients,” said Michael Nessim, CEO, President and Managing Partner of Kingswood U.S. “Banking creates products that retail advisors can offer their clients. These liquid offerings, sold by prospectus, may be more appropriate for certain clients than highly structured and often illiquid alternative investments.”

6. Dynasty Recruits Ex-CNBC Anchor Ron Insana As Chief Market Strategist

Wealthtech and advisory business services provider Dynasty Financial Partners recruited former CNBC anchor Ron Insana as its Chief Market Strategist. He will join the firm’s Investment Committee and the investment committees of advisory firms on the Dynasty Network. Insana also will work with Dynasty to develop and leverage investment content as well as advise Dynasty’s leadership on investment strategy, market intelligence and business development.

Ron Insana, Chief Market Strategist, Dynasty Financial Partners

Insana’s journalism includes covering the market crash of 1987; an eyewitness account of the collapse of the World Trade Center towers on 9/11; as well as interviews with Presidents Bill Clinton and George Bush, billionaire investors Warren Buffett and George Soros, as well as Fortune 500 business leaders Bill Gates and Jack Welch.

“We are thrilled to have Ron Insana, a legend in the financial services industry and a pioneer of financial journalism, representing Dynasty and sharing his deep and varied investment experience in hopes to catalyze growth for our partner firms,” said Shirl Penney, CEO and Co-Founder of Dynasty.

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

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