Recruitment Roundup: Snowden Lane, Edelman, Creative, Sanctuary And More

Chris Latham, Managing Editor, Wealth Solutions Report

Snowden Lane Recruits From UBS, NewEdge Recruits From Wells Fargo, Clover Capital Launches, Waverly Acquires SoundPath, Edelman Acquires Align, Creative Planning Acquires Kistler-Tiffany, CUSO Renews With Coastal Credit Union, Choreo Poaches Exec From Mercer And Sanctuary Wealth Poaches From Morgan Stanley

This edition of the Weekly Recruitment Roundup features Snowden Lane Partners recruiting the Torres Group, NewEdge Wealth expanding its San Francisco office, Clover Capital Partners launching through Arkadios Capital, Waverly Advisors acquiring SoundPath Investment Advisors, Edelman Financial Engines acquiring Align Wealth Management, Creative Planning acquiring Kistler-Tiffany Advisors, CUSO Financial Services renewing its agreement with Coastal Credit Union, Choreo appointing Karen Lee as Chief Growth Officer and Sanctuary Wealth appointing Chris Shaw as East Coast Regional Managing Director.

Advisor Transactions

1. Snowden Lane Recruits $200 Million Duo From UBS

Rob Mooney, CEO, Snowden Lane Partners

New York-based Snowden Lane Partners recruited the Torres Group, which has $200 million in assets under advisement (AUA). Benny Torres Sanchez, Senior Partner and Managing Director, and Claudia Carmona, Vice President and Senior Registered Client Relationship Manager, came from UBS.

During the past two years Snowden Lane brought on over $4 billion in client assets, and had over $4.7 billion in assets under management (AUM) as of its June SEC ADV filing. Sanchez has 20 years of financial services experience and Carmona has 16 years of experience.

“We continue to pride ourselves on our advisors’ ability to provide boutique, personalized financial services to each of their clients,” said Snowden Lane CEO Rob Mooney. “Benny and Claudia fit that same mold, and given their track record working together, I’m confident they will have great success here. We’re thrilled to have them join our team.”

2. NewEdge Wealth Recruits Former Wells Fargo Advisor To San Francisco Office

Dale Schroeder, Managing Director, NewEdge Wealth

Stamford, Connecticut-based NewEdge Wealth recruited former Wells Fargo advisor Dale Schroeder to serve as a Managing Director in its San Francisco office, which opened in June. He will work alongside John Froley, the founding member of the office. Schroeder provided risk-reward analysis and retirement, legacy and philanthropic planning for his clients at Wells Fargo, where he worked for over a decade.

NewEdge Wealth recruited seven advisors and opened three offices in the first half of the year, growing to nine offices nationwide. It is part of Pittsburgh-based NewEdge Capital Group, which also includes the RIA NewEdge Advisors and the broker-dealer NewEdge Securities. NewEdge Capital Group, which is the wealth management business unit of EdgeCo Holdings, serves more than 300 financial advisors who collectively oversee more than 75,000 client accounts.

“NewEdge Wealth represents the future for high net worth family’s wealth management services, and I look forward to being part of the growing team on the West Coast,” Schroeder said.

3. $800 Million Clover Capital Partners Breaks Away Through Arkadios Capital

Tripps Moog, Managing Partner, Clover Capital Partners

Atlanta-based Clover Capital Partners is launching as a new wealth management firm with approximately $800 million in client assets, through the hybrid RIA and independent broker-dealer Arkadios Capital. Clover consists of Managing Partners Tripps Moog and Hays Evans, along with Co-Founder Kendall Southerland.

Moog and Southerland came from J.P. Morgan, while Evans came from Capital Group Private Client Services. They have more than 50 years of combined wealth management experience. Arkadios has over $9 billion in affiliated assets across nearly 200 advisors.

“We are thrilled to join forces with Arkadios Capital, a firm that shares our entrepreneurial drive and commitment to staying nimble so we can deliver tailored solutions to our ultra-high net worth clients across the country,” Moog said. “Their team has built an ideal platform for Clover to reach the next level of our growth.”

Mergers & Acquisitions

4. Waverly Advisors Acquires $747 Million SoundPath In Fourth Deal Of 2023

Josh Reidinger, CEO, Waverly Advisors

Birmingham, Alabama-based Waverly Advisors acquired Jackson, Mississippi-based SoundPath Investment Advisors, which had $747 million in AUM as of its March SEC ADV filing. As a result of the deal, Waverly oversees approximately $7.2 billion in AUM.

SoundPath, formerly known as Madley & Brown, was founded in 1988. Julius Ridgway, Doug Muenzenmay and Eddie Carlisle purchased it in 2020 and rebranded the firm. It is Waverly’s eighth acquisition since receiving an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December 2021. So far this year, Waverly has acquired four firms with approximately $1.3 billion in AUM.

“We were so impressed with the business Doug, Eddie and Julius have built, and we knew immediately that they would add so much more to Waverly,” said Waverly CEO Josh Reidinger. “Not only does this partnership add to Waverly’s expertise and experience, but it expands Waverly’s presence with our first location in Mississippi.”

5. Edelman Financial Engines Acquires $425 Million Align Wealth Management

Brian Puckett, Co-Founder, Align Wealth Management

Edelman Financial Engines (EFE) acquired Align Wealth Management, which oversees approximately $425 million for nearly 360 clients from its Oklahoma City headquarters and an additional office in St. Petersburg, Florida. Align was founded in 1994.

Last year, EFE acquired Erman Retirement Advisory, Herrmann & Cooke and Smart Investor. In 2021, EFE acquired Viridian Advisors. Those deals represented approximately $2.2 billion in assets, expanded EFE’s presence in the Pacific Northwest, and enhanced its small business retirement plan and tax capabilities. As of June, EFE served more than 1.3 million clients across over $250 billion in assets.

“Joining Edelman Financial Engines will allow our planners to spend more time delivering high-touch services to clients while getting greater support with administrative and time-consuming back-office tasks,” said Brian Puckett, Co-Founder of Align Wealth Management. “It also provides growth opportunities for our team to be part of an industry leading firm that has a nationwide footprint yet is much nimbler than the largest shops – a perfect fit for the clients who need our help.”

6. Creative Planning Acquires $992 Million Kistler-Tiffany Advisors

Peter Mallouk, CEO, Creative Planning

Overland Park, Kansas-based Creative Planning acquired Berwyn, Pennsylvania-based Kistler-Tiffany Advisors, which had $992 million in AUM as of its April SEC ADV filing. The deal was Creative Planning’s first announced acquisition since its purchase of Goldman Sachs Personal Financial Management in August.

Kistler-Tiffany Advisors, which employs 13 advisors and four office staffers, was founded in 1974. Its KTA Funding Hope Foundation provides financial assistance for individuals and animals through a direct grant application program. As of July, Creative Planning exceeded $245 billion in AUM.

“We are excited to welcome the Kistler-Tiffany Advisors team joining our firm,” said Creative Planning CEO Peter Mallouk. “Their … unparalleled expertise in wealth management, estate planning, and business succession, combined with their dedication to personalization, perfectly complements our mission of delivering holistic financial solutions.”

Strategic Partnerships

7. CUSO Financial Services Renews Agreement With Coastal Credit Union

Kevin Mummau, Co-Head of Financial Institution channel, Atria Wealth Solutions

CUSO Financial Services (CFS), a subsidiary of Atria Wealth Solutions, renewed its agreement with North Carolina-based Coastal Credit Union, which was established in 1967 and serves more than 331,000 members with over $4.8 billion in total assets.

Recent CFS credit union deals include Capital Credit Union, with more than 120,000 members and $2.3 billion in total credit union deposits; Allegent Community Federal Credit Union, with more than 20,000 members and over $278 million in assets; Clearview Federal Credit Union, with more than 117,000 members and over $1.8 billion; Harvard University Employees Credit Union, with more than 52,000 members and over $1 billion; and Mobiloil Credit Union, with almost 75,000 members and over $1 billion.

“It’s been an honor working alongside Coastal and their successful growth the past 12 years and we’re excited to continue our partnership,” said Kevin Mummau, Co-Head of Atria’s Financial Institution channel. “We are a leader in the wealth management industry because we understand the value credit unions and financial professionals bring to the communities in which they are located.”

Promotions & People Moves

8. Choreo Poaches Karen Lee From Mercer As Chief Growth Officer

Karen Lee, Chief Growth Officer, Choreo

Chicago-based Choreo announced that Karen Lee has joined as Chief Growth Officer reporting to CEO Larry Miles. Lee has over 25 years’ experience in wealth management. Most recently she served at Mercer Advisors for almost six years as Chief Business Solutions Officer and before that, Chief Marketing and Strategy Officer.

At Mercer, Lee helped launch its institutional, ultra-high net worth and mass affluent business. Prior to Mercer, she worked at Wells Fargo and Accenture Strategy Group. Lee is the latest addition to the executive bench for Choreo, which hired Craig Bartlett as SVP of Advisors in July and Chief Marketing Officer Marissa Fox-Foley last year. As of February, Choreo operates in 40 locations, serves over 6,000 families and has $14.8 billion in client assets.

“Over a very short period, Choreo has established itself as a compelling destination for successful and entrepreneurial advisors who specialize in delivering customized advice to clients at the intersection of taxes and wealth planning,” Lee said. “I’m excited to help expand the firm’s footprint and to help increase its growth and profitability.”

9. Sanctuary Wealth Recruits Morgan Stanley Exec To Oversee East Coast

Chris Shaw, East Coast Regional Managing Director, Sanctuary Wealth

Sanctuary Wealth appointed former Morgan Stanley Managing Director Chris Shaw as its East Coast Regional Managing Director. Shaw, who started with Morgan Stanley as an advisor, has three decades of experience. He will report directly to Sanctuary President Vince Fertitta.

In May, Jersey City, New Jersey-based Crescent Harbor Private Wealth become the 32nd Merrill Lynch breakaway team to become independent by joining Sanctuary. In April, the firm announced the appointment of Kevin Miller as Chief Legal Officer and the reappointment of Kevin Chase as Chief Compliance Officer. Sanctuary has approximately $25 billion in AUA.

“As I was considering my next role, I knew I wanted to mesh my experience with what I loved most about our industry, empowering advisors to service their clients, and put it all to work at a firm that shared my values,” Shaw said. “All arrows kept pointing toward Sanctuary. The firm is enjoying explosive growth for all the right reasons: its great culture, focus on client care and commitment to ensuring its Partner Firms succeed.”

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

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