Recruitment Roundup: Carson, Savant, Mariner, Edelman And More

Chris Latham, Managing Editor, Wealth Solutions Report

Carson, Helium And Savvy Recruit Advisors. Savant, Mariner And Edelman Conduct Acquisitions. LPL Launches HNW Affiliation Model. tru Independence Partners With Opto Investments On Private Markets Access. EP Wealth Hires New Head Of M&A.

This edition of the Weekly Recruitment Roundup features Carson Wealth recruiting practices in Georgia and Montana, Helium Advisors bringing on three seasoned wealth experts, Savvy Advisors recruiting Maya Joelson as Global Investment Strategist, Savant Wealth Management acquiring Bridgeworth Wealth Management, Mariner Wealth Advisors acquiring Baystate Wealth Management, Edelman Financial Engines acquiring PRW Wealth Management, LPL launching its Private Wealth Management affiliation model, tru Independence partnering with Opto Investments and EP Wealth Advisors hiring Kyle Miller as Head of M&A.

Advisor Transactions

1. Carson Wealth Recruits Advisors In Georgia And Montana

Burt White, Managing Partner and Chief Strategy Officer, Carson Group

Omaha, Nebraska-based Carson Wealth recruited advisors G.C. Lewis of Milton, Georgia-based Main Street Financial Group, which oversees $150 million in client assets, and Paul Reinker of Billings, Montana-based Arbor Point Advisors, which oversees $85 million in assets.

Lewis has over 21 years of financial services experience and Reinker has approximately 25 years of industry experience. Carson manages approximately $30 billion in assets and serves more than 48,000 households through its advisory network of more than 140 partner offices, including more than 50 Carson Wealth locations.

“We are pleased to welcome both Paul and G.C. to our expanding advisor community and include them in our mission of helping clients nationwide find their freedom,” said Burt White, Managing Partner and Chief Strategy Officer at Carson Group. “Through our network, our advisor partners can tap into Carson’s expertise and resources enabling them to provide their clients with an even more comprehensive suite of services.”

2. Helium Advisors Brings On RISE Family Office, 3 Seasoned Experts

Howard Morin, Co-Founder, Helium Advisors

Everett, Washington-based Helium Advisors, which had over $200 million in assets under management (AUM) as of its June SEC ADV filing, announced that it brought on Berkeley, California-based RISE Family Office and three seasoned wealth experts. Helium utilizes a family office style service model that includes wealth planning, investment management, insurance, tax optimization, estate planning, income tax planning and business management.

Helium also announced the recruitment of J.J. Feldman as Co-Head of Wealth Management, Roshan Weeramantry as Partner & Co-Head of Wealth Management and Cyrus Amini as Chief Investment Officer. Feldman has over 15 years of financial services experience, Weeramantry has over 24 years of experience and Amini has over 17 years of experience.

“With the successful incorporation of RISE Family Office into our operations, we’re taking a significant stride forward in our dedication to delivering extraordinary service and advice,” said Howard Morin, Co-Founder of Helium. “With the addition of J.J., Roshan and Cyrus, we’re not just expanding our team—we’re expanding our ability to provide tailored solutions that help our clients achieve their financial goals.”

3. Savvy Advisors Hires Maya Joelson As Global Investment Strategist

Maya Joelson, Founding Principal Wealth Manager and Global Investment Strategist, Savvy Advisors

Savvy Advisors, an RIA affiliated with the digital-first platform Savvy Wealth hired Marisa (Maya) Joelson as a Founding Principal Wealth Manager and Global Investment Strategist. Founded in 2021, Savvy has onboarded more than 10 advisors and oversees several hundred million dollars in AUM, according to a press release.

Joelson, who has two decades of financial services experience, previously was an advisor at Perigon Wealth Management and Merrill Lynch. She earned a Master of Public Administration from Harvard Kennedy School, a Master of Business Administration from Kellogg at Northwestern University and a Bachelor’s degree from Wesleyan University.

“With Savvy, I can leverage my deep experience in international markets to navigate headwinds that may impact client portfolios,” Joelson said. “The firm’s cutting-edge technology and all-in-one platform will allow me to enhance my practice, allowing me to create tailored strategies that align with each of my clients’ unique financial circumstances, objectives and risk tolerance.”

Mergers & Acquisitions

4. Savant Acquires $2.2 Billion Bridgeworth Wealth Management

DeLynn Zell, Founder and CEO, Bridgeworth Wealth Management

Rockford, Illinois-based Savant Wealth Management – a fee-only, independent RIA – acquired Birmingham, Alabama-based Bridgeworth Wealth Management, which oversees $2.2 billion in assets. CEO DeLynn Zell founded Bridgeworth in 2008. The team has 19 advisors and 11 associates, according to its website.

DeVoe & Company supported Bridgeworth in the transaction. Prior to the deal, Savant had more than 450 employees across offices in 13 states, managing approximately $20.9 billion in client assets. In February, Savant acquired the Atlanta-based RIA Capital Directions, which had approximately $3.3 billion in AUM and 25 employees.

“Partnering with Savant fits ideally into the trajectory of our strategic plan,” Zell said. “Our desire is to offer clients industry-leading, client-facing technology and expanded services such as family office resources, including tax preparation services. Savant delivers in all these areas and more.”

5. Mariner To Acquire $1.8 Billion Baystate Wealth Management In Boston

Marty Bicknell, CEO and President, Mariner Wealth Advisors

Overland Park, Kansas-based Mariner Wealth Advisors is acquiring Boston-based Baystate Wealth Management, which has $1.8 billion in AUM and also acts as an outsourced investment manager for advisors. The deal is expected to close on Jan. 1.

Thomas O’Connor and Dave Porter founded Baystate in 2009. The team of 13 employees evaluates investment strategies by assessing risk assets, diversification assets and protection assets. This deal marks Mariner’s third office in Massachusetts and its 98th office nationwide. As of June 30, Mariner advised on over $114 billion in assets.

“Not only does Baystate’s advanced approach to investment portfolios fold perfectly into Mariner’s catalog of strategies, bolstered by their team of talented professionals, but their values also align with ours,” said Marty Bicknell, CEO and President of Mariner Wealth Advisors. “They do what’s right for and by the client, which remains the number one goal at Mariner when serving our clients.”

6. Edelman Financial Engines Acquires $500 Million PRW Wealth Management

Suzanne van Staveren, Executive Vice President, CFO and COO, Edelman Financial Engines

Edelman Financial Engines (EFE) acquired Quincy, Massachusetts-based PRW Wealth Management, which has over $500 million in AUM across approximately 200 clients that include individuals, families, endowments and foundations, and business owners. This is EFE’s fifth acquisition during the past 13 months.

ECHELON Partners advised PRW in the transaction. Bill Payne co-founded PRW in 1989. Five former PRW team members were listed on EFE’s website about the Quincy location. Last month, 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.

“We are thrilled to officially welcome the PRW team and their clients to our firm,” said Suzanne van Staveren, Executive Vice President, CFO and COO of Edelman Financial Engines. “With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide, who may have more complex wealth management needs that require the right expertise to address their challenges and opportunities while also providing them with a well-defined roadmap to achieve their goals.”

Strategic Partnerships

7. LPL Launches Private Wealth Affiliation For High Net Worth Advisors

Anna Howard, Senior Vice President, LPL Private Wealth Management

LPL Financial launched the LPL Private Wealth Management affiliation model for advisors focused on high net worth clients. The model aims to offer payouts that surpass wirehouses, client ownership, business autonomy, access to wirehouse-level services and capabilities, as well as a high net worth advisor community.

Private Wealth also strives to avoid the downsides of wirehouse grid changes, growth targets, household minimums and proprietary products. LPL serves approximately $130 billion in high net worth AUM with resources such as estate and philanthropy planning, income tax strategy, trustee services, an alternative investment platform, banking and lending solutions, and life insurance planning.

“Private Wealth provides advisors with a tremendous opportunity to own their business and effectively serve their clients’ needs at a large organization that provides safety and stability while also creating a boutique and personalized experience,” said Anna Howard, Senior Vice President, LPL Private Wealth Management. “With higher payouts, cutting-edge technology and specialized resources, Private Wealth represents a unique and attractive offering in the industry.”

8. tru Independence Partners With Opto On Private Markets Access

Craig Stuvland, Founder and CEO, tru Independence

Portland, Oregon-based tru Independence, which services approximately $12 billion in assets, formed a strategic partnership with Opto Investments to provide its community of RIAs with access to a technology-driven private markets investment solution. The platform offers investments across private credit, private equity, real estate and venture capital, catering to high net worth and ultra-high net worth clients.

In September, two Burlington, Vermont-based advisors broke away from Merrill Lynch to launch 44 North Capital, with $165 million in client assets, on the tru Independence platform. In April, Seven Mile Advisory, a New York metro area-based RIA and multifamily office that advises on over $1 billion in assets, also partnered with tru Independence.

“We pride ourselves on providing fiduciary advisors with the best combination of client service, human talent and fintech,” said Craig Stuvland, Founder and CEO of tru Independence. “With Opto, we have found a partner that allows us to offer our advisors access to a suite of unique and customized private market investments with leading-edge technology.”

Promotions & People Moves

9. EP Wealth Advisors Recruits Kyle Miller As Head Of M&A

Kyle Miller, Managing Director, Mergers and Acquisitions, EP Wealth Advisors

Torrance, California-based EP Wealth Advisors hired Kyle Miller as Managing Director, Mergers and Acquisitions. The firm also hired Shelly Wright as Director of the Project Management Office and expanded the role of Alan Berkshire, who joined EP Wealth as General Counsel in 2022, to Chief Administrative Officer.

Chicago-based Miller, who previously was VP Mergers and Acquisitions at the insurance firm Acrisure, also has wealth management and private banking experience. This year, EP Wealth’s acquisitions include Phoenix-based Foothills Financial Planning & Wealth Management, San Francisco Bay Area-based Marble Capital, and Media, Pennsylvania-based Lehman & DeRafelo Financial Resources. The firm has more than 30 offices in 12 states, and managed over $19.5 billion as of Sept. 29.

“The foundation and leadership of the firm is tremendous and most partners that have joined over the last several years have experienced significant growth,” Miller said. “When you have that kind of story, it’s easy to be completely confident when talking to a potential acquisition about the opportunity and benefits being a part of EP provides.”

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

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