Deals & Recruiting Roundup: Concurrent, Caprock, Focus, Integrated And More

Caprock Buys Grey Street. Journey, Osaic Recruit Father-Daughter Teams. Integrated Helps Launch WFY Wealth Management. BBVA Launches Miami Office. Flourish Expands Focus Relationship. M&A Shop Hue Partners Launches. Raymond James, The Colony Group Appoint Presidents. And Nate Lenz Of Concurrent Is Our Recruiter Of The Month.
Our newest Recruiter Of The Month Nate Lenz, CEO and Co-Founder of Concurrent Investment Advisors.
Our newest Recruiter Of The Month Nate Lenz, CEO and Co-Founder of Concurrent Investment Advisors.
Chris Latham, Managing Editor, Wealth Solutions Report
Chris Latham, Managing Editor, Wealth Solutions Report

This edition of the Deals & Recruiting Roundup features our newest Recruiter Of The Month. We speak with Nate Lenz, CEO and Co-Founder of Concurrent Investment Advisors, on its steady pace of onboarding advisors and adding office locations.

This week’s deals also include Caprock acquiring $2.2 billion Grey Street Capital, The BBVA Group establishing BBVA Global Wealth Advisors in Miami, Osaic recruiting $280 million father-daughter team Kings Mill Wealth Advisors, Journey Strategic Wealth bringing on $160 million father-daughter team Meath Wealth Advisors, Integrated Partners helping to launch WFY Wealth Management, Focus Financial Partners formalizing its relationship with Flourish, the launch of sell-side M&A advisory venture Hue Partners, Raymond James appointing CFO Paul Shoukry as President and its next CEO, and The Colony Group appointing Sheila Ryan as President of Colony Wealth Management.

Larry’s Take

Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

This week’s M&A coverage reminds me that, with the era of easy money for wealth management M&A at an end, sellers must focus on fundamentals to attract ideal buyers. Meaning buyers that will pay high valuations while treating the target firm, its staff and clients in a manner that honors the seller’s legacy.

Demonstrating consistent growth in clients, assets, profit margins and advisor headcount are all good signs. Disciplined buyers also may require sellers to possess a strong client mix of Gen Z, high earners, retirees, business owners and inheritors. Depending on the buyer, the quality of a seller’s investment and planning capabilities, relationships with CPAs and attorneys, as well as tech stack will all be relevant.

Then there may be contingencies – the need for the target firm to hit certain hurdles over the next couple years (with either cumulative earnouts or each time period standing on its own) for the seller to achieve the maximum deal multiple, or even to avoid buyer clawbacks. All of which is very doable for firm owners who work on their business instead of just in their business.

If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.

Mergers & Acquisitions

1. Caprock Acquires $2.2 Billion Grey Street Capital

Gregory Brown, Co-CEO, Caprock
Gregory Brown, Co-CEO, Caprock

Caprock, a privately held, multi-family office RIA serving ultra-high net worth (UHNW) clients, announced the acquisition of Grey Street Capital, a Chicago-based boutique advisory firm with $2.2 billion in client assets. Founded in 2005, Caprock acts as an outsourced CIO and CFO for 300 wealthy families.

The deal marks Caprock’s first acquisition as it seeks to drive growth and enhance its bespoke services to clients. Caprock will have more than $11 billion in assets under advisement when the transaction closes. It has locations in Boise, Idaho; Seattle; San Jose, California; Newport Beach, California; Park City, Utah; New York; and Austin, Texas.

“Caprock and Grey Street fit very well with each other as both firms are focused on providing sophisticated solutions to a select number of ultra-affluent families,” said Gregory Brown, Co-CEO of Caprock. “We both have very talented teams with similar business models, expertise and investment philosophies.”

Advisor Transactions

2. BBVA Launches Wealth Advisory Hub In Miami For Latin American Clients

Murat Kalkan, Head, BBVA Global Wealth Advisors
Murat Kalkan, Head, BBVA Global Wealth Advisors

The BBVA Group established a new entity, BBVA Global Wealth Advisors, in Miami to serve high net worth Latin American clients – mainly non-U.S. resident clients with assets under management (AUM) of at least $500,000.

BBVA Global Wealth Advisors clients will have access to non-discretionary portfolio management services, advisory and wrap fee accounts as well as other services. BBVA already offers international wealth management service in Switzerland and Spain.

“Launching this service in the biggest wealth management market in the world will allow us to strongly complement the Group’s overall offering in this space, and address a highly demanded need of our clients across various geographies of our footprint,” said Murat Kalkan, Head of BBVA Global Wealth Advisors.

3. Osaic Recruits $280 Million Father-Daughter Team, Kings Mill Wealth Advisors

Kristen Kimmell, Executive Vice President Business Development, Osaic
Kristen Kimmell, Executive Vice President, Business Development, Osaic

Osaic recruited Kings Mill Wealth Advisors. The father-daughter team of Marvin Rauchbach of Chapel Hill, North Carolina, and Leigh Ritchey of Baltimore brings over $280 million. They have more than 50 years of combined experience and provide retirement and estate planning, asset allocation and portfolio management, tax planning, cashflow analysis and charitable giving.

Earlier this month, Osaic recruited Cornerstone Advisors, which oversees nearly $360 million in total client assets. The six-person team is based in the Brainerd Lakes region of Baxter, Minnesota, and has additional offices in Bismarck, North Dakota, and Perham, Minnesota. It provides comprehensive financial planning and portfolio management for individuals and families, with a focus on mass-affluent retirees and pre-retirees.

“Marvin and Leigh’s approach to wealth management is rooted in service and respect, making them a perfect addition to our advisor community,” said Kristen Kimmell, Executive Vice President Business Development at Osaic. “We are thrilled they chose Osaic as their partner so we can help them build their business in the Mid-Atlantic and Southeast.”

4. Journey Brings On $160 Million Father-Daughter Team, Meath Wealth Advisors

Kerry Meath-Sinkin, Partner and Wealth Advisor, Meath Wealth Advisors
Kerry Meath-Sinkin, Partner and Wealth Advisor, Meath Wealth Advisors

Journey Strategic Wealth established a Minneapolis office by bringing on Meath Wealth Advisors, which oversees $160 million in assets. The father-daughter practice of Kerry Meath-Sinkin and Robert Meath is the seventh team to join the RIA. Meath-Sinkin has a background in public health and financial and philanthropic planning.

Journey, which oversees $3.1 billion in assets, also has advisor locations in the Bay Area; Seattle; Richmond, Virginia; Park City, Utah; New York City; and northern New Jersey. It provides middle-and-back-office support, practice management and marketing resources to help advisors with their organic growth strategies.

“We are laser focused on building the financial planning firm of the future. Clarity, ease, impact: that is what we deliver to clients,” Meath-Sinkin said. “Our partnership with Journey is going to enable us to take our practice to the next level and serve more people here in the Twin Cities and beyond.”

Strategic Partnerships

5. Integrated Collaborates With California CPA Firm To Launch WFY Wealth Management

Paul Saganey, Founder and President, Integrated Partners
Paul Saganey, Founder and President, Integrated Partners

Integrated Partners, which oversees more than $12.7 billion in assets, partnered with Wright, Ford, Young & Co. (WFY) – Orange County, California’s largest single-office accounting firm – to launch WFY Wealth Management, where Brad Tedrick will serve as wealth manager. WFY has over 50 years of experience providing audit, tax, trust and estate, as well as business consulting services.

Tedrick has nearly three decades of industry experience and is the owner of Vantedge Wealth Management. He is joined by Luke Schork, also of Vantedge. They will have access to Integrated’s back-office services, including business owner solutions, family office services and retirement plan administration capabilities. Integrated Partners has more than 200 advisors, 170 CPAs and 116 regional offices nationwide.

“As the demand for comprehensive wealth and tax services continues to rise, WFY Wealth Management is poised to be the preferred destination for addressing these needs,” Saganey said. “With this collaboration, Wright, Ford & Young clients can now connect with seasoned wealth advisors who are ready to collaborate and offer expert guidance, addressing the intricacies of their financial lives and goals.”

6. Flourish Formalizes And Expands Partnership With Focus Financial

Max Lane, CEO, Flourish
Max Lane, CEO, Flourish

Focus Financial Partners formalized its relationship with Flourish, making Flourish a preferred cash solution. Flourish already works with more than a dozen Focus firms, including Buckingham Strategic Wealth and The Colony Group.

Flourish products aim to help RIAs and their financial advisors gain access to clients’ held-away assets. Its platform supports over $4.5 billion in assets under custody, and more than 750 wealth management firms representing over $1.5 trillion in AUM use Flourish.

“Throughout the years, we have been fortunate to work with a number of Focus firms, helping their clients generate higher earnings on their reserve savings,” said Max Lane, CEO of Flourish. “Formalizing our relationship recognizes the mutual benefits that Focus firms, their end clients, Focus and Flourish have already enjoyed so far.”

7. Former Caprock, Focus Financial Executives Launch Hue Partners For Sell-Side M&A

Veteran buy-side dealmakers Emily Blue and Ryan Halls joined forces to launch Hue Partners, an M&A sell-side advisory venture serving wealth management founders. Hue plans to focus on humanizing the seller process, as well as on M&A consulting and facilitating breakaway advisor transitions.

Blue is the former Head of Corporate Development at Caprock. Earlier, she was Director of Mergers and Acquisitions at Mariner Wealth Advisors. Halls previously was Principal, M&A and Relationship Management, at Focus Financial Partners. Earlier, he was Lead Advisor at Venturi Private Wealth.

Emily Blue and Ryan Halls, Co-Founders, Hue Partners
Emily Blue and Ryan Halls, Co-Founders, Hue Partners

“At Hue Partners, we believe that mergers and acquisitions should be grounded in relationships,” Blue said. “Having experienced transactions as both an advisor within an RIA and as a strategic acquirer, I believe that every founder deserves a fierce advocate when contemplating a transaction that permanently impacts their life’s work,” Halls said.

Promotions & People Moves

8. Raymond James Appoints CFO Paul Shoukry As President, Next CEO

Paul Shoukry, President, Raymond James Financial
Paul Shoukry, President, Raymond James Financial

Raymond James appointed CFO Paul Shoukry as President, effectively immediately, with the expectation that he will become CEO in fiscal 2025. At that time, current Chair and CEO Paul Reilly would stay on the board as Executive Chair. Shoukry will retain his current responsibilities until he becomes CEO.

The firm also announced that Raymond James Financial Private Client Group President Scott Curtis will become COO of Raymond James Financial, current Raymond James & Associates CEO Tash Elwyn will become President of the Private Client Group, and Global Equities & Investment Banking President Jim Bunn will become President of the Capital Markets segment.

“Raymond James has always been defined by our unique values and our focus on the wealth management business,” Shoukry said. “I am confident the transition will benefit greatly from the strong leadership team Paul developed across all our businesses and functions.”

9. The Colony Group Appoints Sheila Ryan As President Of Colony Wealth Management

Sheila Ryan, President, Colony Wealth Management, and Principal, The Colony Group
Sheila Ryan, President, Colony Wealth Management, and Principal, The Colony Group

The Colony Group appointed Sheila Ryan as President of Colony Wealth Management. She previously worked with Colony from 2001 to 2009, then worked at Charles Schwab and Loring Ward before returning to Colony – first as a consultant in 2016 and then full-time in 2018. Her most recent title there was Managing Director of Wealth Management Strategy. Ryan also is a Principal of The Colony Group.

Focus Financial Partners recently agreed for Wellesley, Massachusetts-based GW & Wade to formally join The Colony Group. The transaction merges GW & Wade’s $10.4 billion in AUM with Colony’s $21.1 billion in AUM. After the merger, GW & Wade will operate as GW & Wade at The Colony Group.

“Congratulations, Sheila, as you continue your extraordinary career journey at The Colony Group,” the firm posted on LinkedIn.

Recruiter Of The Month

Nate Lenz, CEO And Co-Founder, Concurrent

Nate Lenz, CEO And Co-Founder, Concurrent
Nate Lenz, CEO And Co-Founder, Concurrent

Concurrent Investment Advisors departed from Raymond James in 2022, restructured as a multi-custodial hybrid RIA, and onboarded several advisory teams in 2023. The firm recently recruited advisors Ramin Abrams, Glenn Holmes and Sean O’Neill, who bring a combined $365 million in AUM.

Holmes is opening the T7 Legacy office in Florida. Abrams will adopt the Concurrent brand while opening a New York office. O’Neill joins Legacy Wealth Partners, a Denver-based firm in the Concurrent network. Concurrent has approximately $7.5 billion in AUM and over $17 billion in assets under advisement.

And now for our Q&A with Nate Lenz, CEO and Co-Founder of Concurrent.

WSR: Why has Concurrent been able to achieve its recent advisor recruitment successes?

Lenz: Competitive economics, a robust technology stack, strong operations and transition support, and alignment through equity ownership have become table stakes for RIAs seeking to grow through experienced advisor recruiting and M&A. If you don’t have that, you’re not in contention. What has set Concurrent apart is our ability to add value from a business consulting standpoint.

Helping teams manage change, develop talent, orchestrate partnerships and create efficiencies position us as a strategic partner in addition to serving as their platform. We have been able to serve in this role due to the high caliber, experienced home office team we’ve assembled and the willingness of our partner firms to share and collaborate.

WSR: What types of advisors and teams are you looking to bring on? What makes for an ideal candidate?

Lenz: An ideal Concurrent partner firm has an entrepreneurial drive. It is growth-oriented, not just in terms of asset growth but in motivation to improve how they serve clients and operate their businesses. They’re humble and self-aware, recognizing the benefit of collaboration.

Concurrent is a platform for and investor in, independent wealth management firms. An independent mindset is key. Not a specific asset/revenue level or channel of origin fits best, as we believe we can accommodate advisor teams across the affiliation spectrum. Mindset and cultural fit always take precedence.

WSR: How is Concurrent seeking to differentiate itself and stand out to these types of advisors?

Lenz: From wirehouse breakaways to independent teams operating at a broker-dealer to RIAs looking to align for greater scale, resources and growth capital, Concurrent fits the bill. Our key differentiators are our culture of collaboration, the optionality afforded through our partnership structure, allowing firms to tap growth capital and align through shared equity ownership to the degree they desire, and our purpose-built platform.

We’re not everything to everyone, and we’ve been deliberate in the vendor choices we’ve made, how we’ve integrated the systems, and our training process to ensure each team gets the lift that our upgraded technology affords. In all aspects we seek to build credibility and trust through competency, which means that it all comes back to the fact that our people are the differentiator.

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

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