Deals & Recruiting Roundup: Modern Wealth, AlTi, Kestra, RBC And More

M&A By Modern Wealth, AlTi, Avantax, Edelman, Bluespring And Robertson Stephens. Recruitments By RBC, J.P. Morgan, Concurrent And Summit. Strategic Appointments By Perigon And DeVoe.
Tony Parkin, President, DeVoe & Company; Stuart Silverman, Chairman, Bluespring; Suzanne van Staveren, EVP, CFO and COO, Edelman Financial Engines
Tony Parkin, President, DeVoe & Company; Stuart Silverman, Chairman, Bluespring; Suzanne van Staveren, EVP, CFO and COO, Edelman Financial Engines
Chris Latham, Managing Editor, Wealth Solutions Report
Chris Latham, Managing Editor, Wealth Solutions Report

This edition of the Deals & Recruiting Roundup covers Modern Wealth acquiring Wealth Management Solutions and Autumn Wind Asset Management, AlTi agreeing to acquire Envoi, Avantax acquiring GA Investment Management, Edelman acquiring Soundmark Wealth Management, Kestra’s Bluespring acquiring KDI Wealth Management, Robertson Stephens acquiring Three Points Financial, Concurrent recruiting The Wealth Stewards, Summit helping launch Kyros Private Wealth, Perigon appointing Maria Daley as Head of Advisor Success and Integration, DeVoe & Company appointing Tony Parkin as President, RBC recruiting the Barnes Group and the Pollard Team and J.P. Morgan recruiting The Gray-Polverini Group.

Larry’s Take

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

The six M&A deals in this roundup range in size from $118 million to $3 billion, and exceed $5 billion in total client assets. The acquirers include rollup RIA shops, broker-dealer owned entities and private equity-backed advisory firms.

Yet, in a rare twist, a single team recruitment to a big bank accounted for more than five times as much in client assets. J.P. Morgan came back swinging hard in the perennial recruitment wars, with a $28 billion win that makes up for a good chunk of the First Republic advisor exits it endured following the acquisition of the collapsed regional bank.

Although that kind of recruitment might not repeat itself any time soon, it does stand as a stark reminder to the independent channel that many very successful advisors still see value in working for wirehouses and big banks. All the more reason for RIAs and independent broker-dealers to continue striving to constantly improve their platforms.

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. Modern Wealth Acquires 2 Firms In Philadelphia And Virginia, Adding $570 Million

Jason Gordo, Co-Founder and President of Modern Wealth
Jason Gordo, Co-Founder and President of Modern Wealth

Modern Wealth Management acquired Philadelphia-based Wealth Management Solutions and Reston, Virginia-based Autumn Wind Asset Management. The deals are Modern Wealth’s seventh and eighth transactions since launching in April 2023. They take its assets under management (AUM) to over $3.7 billion and headcount to 110 employees.

Tanu Happonen founded Wealth Management Solutions in 2015. It serves more than 350 clients and has over $400 million in AUM. Neal Falkenberry founded Autumn Wind in 2000. The wealth management and multi-family office has over $170 million in assets. Modern Wealth is backed by $200 million in equity financing from Crestview Partners.

“Our collective growth and success over the past year has depended upon a careful evaluation of each new member to ensure they are the right fit and share our values as a firm,” said Jason Gordo, Co-Founder and President of Modern Wealth. “Wealth Management Solutions and Autumn Wind both stood out as being completely aligned with our culture, business model and dedication to exceptional client care.”

2. AlTi To Acquire $3 Billion Family Office Envoi In Minneapolis

Michael Tiedemann, CEO, AITi Tiedemann Global
Michael Tiedemann, CEO, AITi Tiedemann Global

AlTi Tiedemann Global, a wealth manager with over $70 billion in combined assets and approximately 480 professionals across three continents, agreed to acquire Minneapolis-based Envoi, a family office focused on multi-generational wealth with assets under management (AUM) of approximately $3 billion.

AlTi has funding of up to $450 million from Allianz X and Constellation Wealth Capital for M&A and organic growth activities. Houlihan Lokey is AlTi’s financial and tax diligence advisor. Piper Sandler & Co. is the financial advisor to Envoi. The deal is expected to close in the third quarter of 2024. In April, Alti announced the acquisition of East End Advisors, a New York-based independent advisory firm with about $5.6 billion in AUM.

“I am delighted to announce that Envoi is joining AlTi as we continue to execute our strategy to become the destination of choice for families, family offices and foundations looking for best-in-class wealth management solutions and services,” said Michael Tiedemann, CEO of AlTi Tiedemann Global. “Envoi’s principals have worked together for decades and have built a firm with similar values to AlTi, catering to entrepreneurial and multi-generational families looking to preserve, safeguard and grow their wealth.”

3. Avantax Acquires GA Investment Management In Pennsylvania

Todd Mackay, President, Avantax Wealth Management
Todd Mackay, President, Avantax Wealth Management

Avantax, a subsidiary of Cetera Holdings, acquired GA Investment Management (GA), which has offices in Pittsburgh and Seven Fields, Pennsylvania. Since closing the deal, Avantax has onboarded $400 million in GA client assets and 10 GA employees. Stephen Gierl, Gary Augustine and Tim Augustine led GA as partners. They join Avantax Planning Partners.

Avantax recently acquired the wealth management business of Integrated Tax & Wealth Strategies, which already was affiliated with Avantax and had $760 million in client assets as of Dec. 31. Collectively, Avantax and its subsidiaries had $92.8 billion in assets as of that date. Avantax Planning Partners, Avantax’s employee-based investment adviser that partners with CPA firms, hosted its annual Elevate Conference from April 30 to May 2 in St. Louis.

“The cultural connection GA and Avantax have is extraordinary, as is the incredibly tight alignment in our approach to client service, financial planning, investment management and putting tax at the center of everything we do,” said Todd Mackay, President of Avantax. “GA is a group of great people committed to doing what’s in their clients’ best interest, and I can’t wait to see what’s ahead for the GA team as they focus on growth backed by the full resources of Avantax.”

4. Edelman Financial Engines Acquires $453 Million Soundmark In Washington

Suzanne van Staveren, EVP, CFO and COO, Edelman Financial Engines
Suzanne van Staveren, EVP, CFO and COO, Edelman Financial Engines

Edelman Financial Engines (EFE), acquired Kirkland, Washington-based Soundmark Wealth Management, which had over $453 million in assets for more than 250 households as of March 31. Bill Schultheis founded the firm, which focuses on serving medical and technology professionals, as well as small business owners.

The deal is EFE’s first acquisition of 2024. Last year, EFE acquired New England Pension Plan Systems, PRW Wealth Management and Align Wealth Management. As of its April SEC ADV filing, EFE had over $270 billion in assets across approximately 1.3 million clients.

“Our continued expansion across the United States, and in this case, the Pacific Northwest, enables us to partner with impressive firms who share our client-first focus and core values,” said Suzanne van Staveren, Executive Vice President, CFO and COO at Edelman. “Bill and his team help us to broaden our capabilities and areas of expertise even further, which we know is increasingly important in creating a personalized financial planning experience. We look forward to the role they will play in our exciting evolution and growth.”

5. Kestra’s Bluespring Acquires $750 Million KDI In Arizona

Stuart Silverman, Chairman, Bluespring
Stuart Silverman, Chairman, Bluespring

Bluespring Wealth Partners, a subsidiary of Kestra Financial, acquired Scottsdale, Arizona-based KDI Wealth Management, which oversees more than $750 million in client assets. KDI’s services include wealth and retirement planning, estate planning, cash flow management and tax planning.

KDI will join Kestra’s wealth management platform, gaining access to all the tools in the Kestra ecosystem. In March, Bluespring merged two of its partner firms, Retirement Wealth Specialists and Security Financial Management, whose advisors oversee approximately $1.4 billion. The firm will retain the Security Financial Management brand and has five locations across Florida.

“We are thrilled to welcome KDI Wealth Management to the Bluespring community,” said Stuart Silverman, Chairman of Bluespring. “Their first-class track record, commitment to excellence, and dedication to client success perfectly complement our values and objectives.”

6. Robertson Stephens Acquires $118 Million Three Points Financial In Colorado

Raj Bhattacharyya, CEO, Robertson Stephens
Raj Bhattacharyya, CEO, Robertson Stephens

San Francisco-based Robertson Stephens acquired Colorado Springs, Colorado-based Three Points Financial, an RIA managing approximately $118 million in assets. As a result, Robertson Stephens has approximately $5.4 billion in assets across 20 locations in 11 states.

Founder Mary Alpers joins Robertson Stephens as Managing Director and Principal, alongside her colleague of 17 years, Michelle Williamson. Alpers has over 20 years of financial services experience. In March, Robertson Stephens acquired Westport, Connecticut-based The Thrush Group, which oversees more than $180 million.

“Mary has built a great reputation for providing financial planning and tax guidance to her clients that integrates their financial goals, needs and aspirations,” said Raj Bhattacharyya, CEO of Robertson Stephens. “Mary and Michelle allow us to bolster our presence in Colorado as we add a new office in Colorado Springs.”

Advisor Transactions

7. Concurrent Brings On $500 Million The Wealth Stewards In Arizona

Nate Lenz, CEO, Concurrent
Nate Lenz, CEO, Concurrent

Concurrent Investment Advisors added Phoenix and Chandler, Arizona-based The Wealth Stewards to its network of independent advisory firms. Managing Partners Jeff Breese and Brent Mekosh merged their practices as part of the transition to Concurrent’s platform. They brought in Ryan Reming at launch, taking the firm’s combined AUM to over $500 million.

Concurrent is a multi-custodial hybrid RIA that in March reported having approximately $7.5 billion in AUM and over $17 billion in assets under advisement. That same month, the firm also recruited advisors Ramin Abrams, Glenn Holmes and Sean O’Neill, bringing a combined $365 million in AUM to Concurrent.

“Jeff and Brent are exactly the caliber of advisor we built Concurrent to support,” said Nate Lenz, CEO of Concurrent. “They have taken a major step forward in their professional journey together, and their clients will reap the benefits of their ambition for years to come.”

Strategic Partnerships

8. Summit Helps Launch $370 Million Kyros In Florida

Stan Gregor, CEO, Summit Financial Holdings
Stan Gregor, CEO, Summit Financial Holdings

Parsippany, New Jersey-based Summit Financial Holdings helped launch Naples, Florida-based Kyros Private Wealth, which has $370 million in AUM. The independent practice is led by Founding Partner and Private Wealth Advisor William Clegg IV, who came from UBS.

Kyros is the sixth firm of 2024 to join Summit Growth Partners, which combines cash monetization with equity participation and exclusive partnership privileges. As an affiliate partner of Summit, Kyros also will have access to diversified investment solutions, integrated technology, risk management capabilities and operational support.

“We are pleased to welcome the Kyros team as they join the Summit Financial family,” said Stan Gregor, CEO of Summit Financial Holdings. “By expanding our partnership model nationwide to teams that share our client-first ethos, Summit can empower advisors in every regional market with the necessary resources to establish and maintain their independence.”

Promotions & People Moves

9. Perigon Appoints Maria Daley As Head Of Advisor Success And Integration

Maria Daley, Head of Advisor Success and Integration, Perigon
Maria Daley, Head of Advisor Success and Integration, Perigon

San Francisco-based Perigon Wealth Management appointed Maria Daley to the newly created role of Head of Advisor Success and Integration. She will be responsible for making sure advisors have access to Perigon’s full resources and enhancing support offerings on its platform. Daley will report to Perigon CEO Arthur Ambarik.

She has over 30 years of experience leading business development and relationship management teams. Most recently, Daley was Chief Growth Officer and Practice Leader at Choreo. Before that, she was the Senior Director and National Head of Advisors with RSM US Wealth Management. Perigon oversaw approximately $7.75 billion in assets as of March 31.

“We created this position with Maria in mind,” Ambarik said. “Her range of experience provides our advisors with an incredible resource, enabling us to drive continued expansion and success. Her addition to the team clearly demonstrates that even as we continue to grow, our foundational commitment to providing our advisors with the best possible support and solutions with the greatest flexibility remains unchanged.”

10. DeVoe & Company Appoints Schwab Veteran Tony Parkin As President

Tony Parkin, President, DeVoe & Company
Tony Parkin, President, DeVoe & Company

The wealth management M&A consultancy DeVoe & Company appointed Tony Parkin as President. He takes on the day-to-day operations of the firm as CEO David DeVoe will focus on its vision and overall strategic direction.

Parkin spent more than 20 years at Schwab Advisor Services in senior leadership roles. Most recently, he served as Managing Director, Advisor Services Product Offer Development and Strategy. DeVoe & Company, which specializes in RIA deals, has completed more than 900 engagements.

“It’s an honor to join a team of people who share my commitment to and passion for the RIA community,” Parkin said. “I am thrilled to take on this role and help lead the company’s growth and expansion, as we support more advisors in achieving their aspirations.”

Wirehouse / Big Bank Activity

11. RBC Recruits 2 Advisor Teams From Merrill Lynch In Maryland

RBC Wealth Management added two veteran financial advisor teams to its Bel Air, Maryland, office from Merrill Lynch, bringing approximately $900 million in combined client assets.

The Barnes Group, with $600 million, includes David Barnes, Managing Director – Financial Advisor, and Paula Gay, Assistant Vice President – Client Associate. The Pollard Team, with $300 million, includes Patrick Pollard, Senior Vice President – Financial Advisor; Paul Sierocinski, Associate Vice President – Senior Business Associate; and Victoria Webster, Associate Vice President – Client Associate.

The two teams recruited by RBC from Merrill Lynch are (left to right): David Barnes, Managing Director and Financial Advisor, and Paula Gay, Assistant Vice President and Client Associate, the Barnes Group; and Paul Sierocinski, Associate Vice President and Senior Business Associate, Victoria Webster, Associate Vice President and Client Associate, and Patrick Pollard, Senior Vice President and Financial Advisor, the Pollard Team
The two teams recruited by RBC from Merrill Lynch are (left to right): David Barnes, Managing Director and Financial Advisor, and Paula Gay, Assistant Vice President and Client Associate, the Barnes Group; and Paul Sierocinski, Associate Vice President and Senior Business Associate, Victoria Webster, Associate Vice President and Client Associate, and Patrick Pollard, Senior Vice President and Financial Advisor, the Pollard Team

“We made the decision to join RBC Wealth Management because of its unique culture, as well as the management team who truly believe that clients come first,” Barnes said. “We’re excited, both for our team and for our clients, about the capabilities and opportunities our move to RBC will provide,” Pollard said.

12. J.P. Morgan Recruits $28 Billion Team From Merrill Lynch In Los Angeles

Eric Gray, Managing Director, J.P. Morgan Wealth Management
Eric Gray, Managing Director, J.P. Morgan Wealth Management

J.P. Morgan Wealth Management recruited a $28 billion team from Merrill Lynch, Barron’s reported. Los Angeles-based The Gray-Polverini Group is led by Eric Gray, Managing Director, and Lance Polverini, Executive Director. It also includes Investment Associate Drew Sapede along with Client Associates Irma Deluna and Michelle Blackmer.

Eric Gray, Managing Director, (left) and Lance Polverini, Executive Director, J.P. Morgan Wealth Management
Lance Polverini, Executive Director, J.P. Morgan Wealth Management

Gray has 32 years of industry experience. He worked at Merrill from 2000 to 2024, and at Goldman Sachs from 1992 to 2000. Polverini has over 16 years of industry experience, all of which he spent at Merrill. The team’s expertise includes trust and estates, lending, personal banking and commercial banking, cash and liquidity management, philanthropic giving and next-gen education.

“My team and I serve as a ‘thinking partner’ to ultra-high net worth families, helping them service their wealth in a way that makes sense for them and the people they value,” Gray said on his LinkedIn profile. “I’ve focused on the needs of accomplished families for more than three decades, so I’m intimately familiar with the issues they face.”

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

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