Recruitment Roundup: Dynasty, Osaic, CAPTRUST, Choreo And More

Chris Latham, Managing Editor, Wealth Solutions Report

Next Capital, Osaic And Kestra Recruit Teams. Creative Planning, CAPTRUST And Choreo Acquire Firms. LPL Launches Lower-Cost CFO Resource. And Fidato Wealth Onboards New CCO Along With 2 Advisors.

This edition of the Weekly Recruitment Roundup features Dynasty-backed Next Capital Management recruiting two advisors from Rockefeller, Osaic recruiting a team from Raymond James, Kestra Private Wealth Services recruiting a team from Morgan Stanley, Creative Planning acquiring Mesirow’s corporate retirement advisory services team, CAPTRUST acquiring Column Capital Advisors, Choreo acquiring the affiliated wealth management business of BDO USA, LPL Business Solutions launching a lower-cost dedicated CFO resource and Fidato Wealth onboarding a new Chief Compliance Officer along with two advisors.

Advisor Transactions

1. Dynasty-Backed Next Capital Recruits 2 Advisors From Rockefeller

Andrew Hart, CEO, Next Capital Management

New York-based Next Capital Management recruited advisors Christopher Fineburg and Teresa Armel from Rockefeller Global Family Office. Fineburg, joining as Senior Wealth Advisor, has over 25 years of financial services experience. Armel, joining as Wealth Advisor, has over 15 years of industry experience.

Fineburg’s background includes serving structurally complex, ultra-high net worth families. Armel has similar expertise with ultra-high net worth families and a focus on investment manager research and selection. Next Capital, which has $1.3 billion in assets under management (AUM), is a member of the Dynasty Network of independent advisors.

“We are delighted to welcome Christopher Fineburg and Teresa Armel to Next Capital Management,” said CEO Andrew Hart. “Their experience with ultra-high net worth clients and ‘client first’ philosophy aligns perfectly with our mission to provide objective, personalized, family-office services to our clients.”

2. Osaic Recruits $215 Million Chicago Team From Raymond James

Kristen Kimmell, Executive Vice President Business Development, Osaic

Osaic announced the recruitment of Chicago-based McDermott Gall Wealth Management from Raymond James through its independent partner GCG Advisory Partners. Founded by James McDermott and Matthew Gall, the firm serves businesses, families and individuals, emphasizing a collaborative approach and customized strategies. It has $215 million in client assets.

Before joining Raymond James in 2015, McDermott served at Prudential Securities, Smith Barney, Wells Fargo Advisors and Oppenheimer & Co. Gall, who also joined Raymond James in 2015, previously worked at Smith Barney, A.G. Edwards and Wells Fargo Advisors. Osaic recruited Illinois-based Greg Diamond in October, a $600 million team from Wells Fargo in September and Vitucci Integrated Planning from Cetera in July.

“We look forward to partnering with them and helping them thrive,” said Kristen Kimmell, Executive Vice President Business Development at Osaic. “Having the GCG Supported Independence platform along with their ability to offer a hybrid employment model gives Osaic a great partner to attract other such high caliber teams from the wire house world to the independent channel.”

3. Kestra Private Wealth Services Takes $650 Million Team From Morgan Stanley

The Kindred Wealth Partners team

Austin, Texas-based Kestra Private Wealth Services added Pittsburgh, Pennsylvania-based Kindred Wealth Partners, with $650 million in client assets. Senior Managing Partners Charles Palmer, Sean O’Riordan and Randall Klaiber lead the firm, supported by team members Gail Woodward and Nick Riotto. Kindred serves families with financial, tax and estate planning, and also has an office in Columbus, Ohio.

Moving from Morgan Stanley, the Kindred Senior Managing Partners plan expansion over the next several years utilizing Kestra PWS’ resources. Kestra PWS is a hybrid RIA subsidiary of Kestra Financial that supports independent advisory and professional teams with an independent RIA and affiliated broker-dealer.

The Kindred team said, “With the support of Kestra PWS, we can expand our team with top-tier talent, deepen new and existing relationships, and serve clients in ways we were not able to previously. Premier resources paired with direct access to a highly engaged, dedicated executive team and a vibrant, family-like culture made the transition feel like the natural, next step for our business and clients.”

Mergers & Acquisitions

4. Creative Planning Acquires Mesirow’s Corporate Retirement Advisory Services Team

Peter Mallouk, CEO, Creative Planning

Overland Park, Kansas-based Creative Planning acquired Mesirow’s corporate retirement advisory services team, which as of July 1 served more than 350 retirement plans representing approximately $13 billion in total client assets. The team works with plan sponsors to manage fiduciary risk, attract and retain employees, and guide them toward achieving retirement goals.

Creative Planning provides retirement solutions to publicly traded companies and private businesses, as well as government entities. The Creative Planning Retirement Services Practice provides services to over $137 billion in assets under advisement. Creative Planning has over $245 billion in total client assets.

“We are excited to welcome Mesirow’s impressive corporate retirement advisory services team into the Creative Planning family,” said Creative Planning CEO Peter Mallouk. “Their commitment to tailoring financial solutions while championing social responsibility aligns perfectly with our values. They are well-equipped to address the retirement needs of plan sponsors, plan participants, investors, and non-qualified plans.”

5. CAPTRUST Acquires $1.4 Billion Column Capital In Seventh Deal Of 2023

Fielding Miller, CEO, CAPTRUST

Raleigh, North Carolina-based CAPTRUST Financial Advisors acquired Indianapolis-based Column Capital Advisors, which manages over $1.4 billion in assets. The acquisition marks CAPTRUST’s second location in Indiana, its seventh deal of 2023 and its 70th deal since 2006.

Column Capital serves high net worth individuals with investment management, financial planning, and tax services. Founded in 2005, it brings 22 team members to CAPTRUST. As of June 30, CAPTRUST had almost 1,500 employees across 85 locations nationwide, overseeing more than $832 billion in assets.

“Since 2006, we have been strategically adding firms in markets across the U.S., working toward our goal of a wealth management, retirement planning, and endowment and foundation presence in each city,” said CAPTRUST CEO Fielding Miller. “This growth continues to enhance the offerings and quality of service we can deliver to our clients.”

6. Choreo Acquires $8.1 Billion Wealth Management Business Of BDO USA

Larry Miles, CEO, Choreo

Chicago-based Choreo acquired the affiliated wealth management business of BDO USA and will become an independent member of the BDO Alliance USA Business Resource Network (BRN), which brings opportunities to serve BDO USA, its clients as well as BDO Alliance USA members and clients.

The deal – Choreo’s fourth footprint expansion and third acquisition from a CPA firm – adds $8.1 billion in client assets and boosts Choreo’s total assets to approximately $23.2 billion. In addition, the deal onboards seven new locations to Choreo’s national network of more than 40 markets. The firm now serves more than 6,000 families.

“One of our long-term goals is to be the preferred wealth provider to the tax professional community. The addition of BDO USA’s affiliated wealth management business is an important step in that direction,” said Choreo CEO Larry Miles. “Our membership in BRN combined with integrating the knowledge and experience of their business will help us with our mission of translating wealth into fulfillment for our clients and their communities.”

Strategic Partnerships

7. LPL Launches CFO Essentials As Lower-Cost Resource To Help Growing Practices

Joe Lanser, Executive Vice President, LPL Business Solutions

LPL Business Solutions launched CFO Essentials, which provides more than 3,500 advisors with access to a suite of outsourced services, strategic partners and resources. This includes a dedicated chief financial officer for growing firms and advisors, as well as individualized financial benchmarking, budgeting and forecasting strategies.

The new service differs from LPL’s CFO Premium solution, which is designed for complex, multi-layered practices. CFO Essentials is less expensive and less comprehensive, designed for businesses at all stages of the lifecycle. LPL Business Solutions also recently released the Build Your Extraordinary Business study, which explores common strategies top-performing advisors use to accelerate growth.

“The success of the CFO Premium solution led to the introduction of CFO Essentials as an alternative for those financial professionals who want access to an accountability partner to help them grow and scale their business, but don’t require the full scope of services CFO Premium provides,” said Joe Lanser, Executive Vice President, LPL Business Solutions. “By streamlining the services into the CFO Essentials package, we can offer greater accessibility to a wider range of businesses that affiliate with LPL.”

Promotions & People Moves

8. Fidato Wealth Onboards Eric Pucek As Chief Compliance Officer, Adds 2 Advisors

Tony D’Amico, Founder and CEO, Fidato Wealth

Middleburg Heights, Ohio-based Fidato Wealth appointed Eric Pucek as Managing Director and Chief Compliance Officer, as well as onboarded Dave Flegal as Lead Wealth Advisor and

Dan Yergan as Associate Wealth Advisor. Fidato Wealth had over $270 million in AUM as of its July SEC ADV filing.

Pucek previously was a partner at Chicago-based Ativo Capital Management, where he also served as COO and CCO. Before that, he was a Director and Senior Compliance Officer at UBS Global Asset Management. Flegal has over six years of wealth management experience and Yergan has over four years of industry experience.

“We’re very excited to have these three professionals join our growing team at Fidato Wealth,” said Tony D’Amico, Founder and CEO of Fidato Wealth. “They’re already proving to be great additions to our firm and are making significant contributions in how we serve our clients comprehensively.”

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

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