Deals & Recruiting Roundup: Perigon, NewEdge, SageView, Certuity And More

M&A By Perigon. Recruitments By Raymond James, Snowden Lane, NewEdge, Savvy And Commonwealth. SageView’s Partnership With Transamerica. And Strategic Appointments By Certuity, Annex And UBS.
Chris Latham, Managing Editor, Wealth Solutions Report
Chris Latham, Managing Editor, Wealth Solutions Report

This edition of the Deals & Recruiting Roundup covers Perigon acquiring Creative Financial Planning, Raymond James recruiting the Takahashi Retirement Group, Snowden Lane Partners bringing on The Yarza Group, Savvy onboarding four advisors, NewEdge Advisors recruiting Fortis Wealth Advisors and NewEdge Wealth hiring Brian Nick as Head of Portfolio Strategy, Commonwealth recruiting Terramar Wealth and Kin Wealth, SageView Advisory Group partnering with Transamerica, Certuity appointing Scott Welch As CIO, Annex Wealth Management appointing Jeff Pierce as President and COO, and UBS reportedly appointing Michael Camacho as its U.S. Wealth Head.

Larry’s Take

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

The RIA M&A space continues to buzz with significant activity across the board. Joe Duran’s Rise Growth Partners hired Jennifer Geoghegan as Chief Marketing Officer and Tony Ling as Managing Partner – Investments. Rush Benton, the former Head of Wealth Management M&A at CAPTRUST, launched the boutique RIA investment bank Gorman Jones.

It is likely that the growing supply of RIA M&A shops, led by longtime industry leaders who could work elsewhere if they wanted, reflects well-founded optimism about the ongoing demand for such services. In other words, the dealmaking pipeline appears to be quite strong for the foreseeable future, as shown by industry data from established RIA M&A shops such as DeVoe & Company, ECHELON Partners and Berkshire Global Advisors.

Competition breeds innovation. It also motivates M&A experts to maintain excellence of execution, and continue providing insightful guidance on how to generate optimal results from deal processes. That’s a net positive for RIA leaders, and their advisors.

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. Perigon Acquires $150 Million Creative Financial Planning In New York

Arthur Ambarik, CEO, Perigon
Arthur Ambarik, CEO, Perigon

Perigon Wealth Management, a San Francisco-based RIA with approximately $7.75 billion in client assets as of March 31, acquired Creative Financial Planning of New York. The team of Lisa Hayes and Daniel Gwizdak will become wealth managers and Partners at Perigon. They were formerly with Commonwealth Financial Network and have approximately $150 million in assets under management (AUM).

Hayes launched Creative Financial Planning in 1985 after a stint at an estate planning company. She became interested in financial planning when she operated a Hamptons-based cleaning service. Gwizdak served as an intern with the firm, joining full-time in 2007 and becoming the Chief Operating Officer in 2016.

“Together, Lisa and Daniel built an incredible relationship-driven practice that focuses on the needs of their community,” said Perigon CEO Arthur Ambarik. “Their incredible story, decades of service and passion, dedication and knowledge of the wealth management industry are the perfect complement to Perigon’s culture.”

Advisor Transactions

2. Raymond James Recruits $1.3 Billion Takahashi Retirement Group In Las Vegas

Nick Takahashi, Managing Director, Takahashi Retirement Group of Raymond James
Nick Takahashi, Managing Director, Takahashi Retirement Group of Raymond James

Raymond James recruited a seven-advisor team to the firm’s employee advisor channel in Las Vegas. The Takahashi Retirement Group will serve corporate executives, families and individuals, pre-retirees and retirees. The team came from Morgan Stanley, where it managed approximately $1.3 billion in client assets.

It consists of Managing Director Nick Takahashi, James Zapotocky, Joshua Yocam, Luka Vasiljevic, Michael Ortega, Stephen Ellingsen and Sean Tsaconas, along with Yalda Momeni, a senior client service associate. Takahashi has over 15 years of financial industry experience and Zapotocky has 14 years of experience.

“Joining Raymond James was a natural choice for my team and I. When we look to the future of Takahashi Retirement Group, the client and advisor centric ethos combined with vast resources and support at Raymond James offers us the best opportunity for growth and stability for our clients,” Takahashi said. “Additionally, the firm’s renowned leadership and history makes for a seamless cultural fit.”

3. Snowden Lane Brings On $1 Billion The Yarza Group In Florida

Greg Franks, Managing Partner, President & COO, Snowden Lane Partners
Greg Franks, Managing Partner, President & COO, Snowden Lane Partners

Snowden Lane Partners brought on Jaime Sanchez Yarza as a Senior Partner and Managing Director, with Jose Andres Ramirez as Portfolio Director and Senior Client Relationship Manager, and Paula Andrea Gonzales as Group Director and Senior Client Relationship Manager. The Yarza Group oversees $1 billion in client assets and joins from Morgan Stanley.

It will serve international and domestic clients, specializing in ultra-high net worth individuals, families and foundations. As a result of the recruitment, Snowden Lane has $13 billion in total client assets and employs 152 professionals, 87 of whom are advisors, across 16 offices nationwide. The firm is an open-architecture hybrid RIA and broker-dealer.

“We’re thrilled to officially welcome Jaime, Jose and Paula to our Coral Gables team,” said Greg Franks, Managing Partner, President & COO of Snowden Lane. “Jaime has had a truly illustrious career, and we’re humbled that The Yarza Group selected Snowden Lane as its next destination.”

4. Savvy Onboards 4 Advisors With Offices Across The Country

Ritik Malhotra, Co-Founder and CEO, Savvy Wealth
Ritik Malhotra, Co-Founder and CEO, Savvy Wealth

Savvy Advisors, an RIA affiliated with the digital-first, multi-custodial technology platform Savvy Wealth, recruited four wealth managers. Sioux City, Iowa-based Adam Dean; Cincinnati-area-based Nate Kunkel; Los Angeles-based Brian Mills; and Albert Pinedo, based near Tampa Bay, Florida. Founded in 2021, Savvy employs 24 financial advisors who collectively manage more than $600 million in AUM.

Savvy has an artificial intelligence (AI)-powered platform that aims to automate and streamline new account onboarding, ongoing financial planning and personalized communications across multiple marketing channels. Its technology stack also includes an in-house investment management program, Savvy Wealth Investment Management, and a proprietary direct indexing solution.

“We are constantly looking for talented wealth managers who are committed to their craft and dedicated to doing right for their clients,” said Ritik Malhotra, Co-Founder and CEO of Savvy Wealth. “Adam, Nate, Brian and Albert will fit seamlessly into the team that we have been intentionally building over the last few years.”

5. NewEdge Adds $580 Million Fortis Wealth, Brian Nick As Head Of Portfolio Strategy

Rob Sechan, CEO and Co-Founder, NewEdge Wealth
Rob Sechan, CEO and Co-Founder, NewEdge Wealth

NewEdge Advisors, a New Orleans-based RIA supporting independent advisors nationwide, recruited Erik Linstrom, Ben Roth, Shawn Stanley and Kris Cawthon from J.P. Morgan Securities, where they managed approximately $580 million in assets. The team launched Dallas-based Fortis Wealth Advisors with Goldman Sachs Custody Solutions as its custodian.

The Stamford, Connecticut-based ultra-high net worth RIA, NewEdge Wealth, named Brian Nick as Managing Director and Head of Portfolio Strategy. He previously was Chief Investment Strategist at TIAA/Nuveen, Head of Tactical Asset Allocation at UBS Wealth Management Americas, an Investment Strategist at Barclays Wealth and a Markets Analyst at the Federal Reserve Bank of New York. NewEdge Advisors and NewEdge Wealth are part of NewEdge Capital Group.

“Erik, Ben, Shawn and Kris have positively impacted many people and families across their esteemed careers, and we are thrilled to have them on board,” said Neil Turner, Co-CEO and Co-Founder of NewEdge Advisors. “Investors are becoming more sophisticated and knowledgeable about asset classes, and Brian will help our ultra-high net worth, family office and institutional clients understand the best choices to meet their financial goals,” said Rob Sechan, CEO and Co-Founder of NewEdge Wealth.

6. Commonwealth Recruits Terramar Wealth And Kin Wealth, Adding $550 Million

Becca Hajjar, Managing Principal and Chief Business Development Officer, Commonwealth Financial Network
Becca Hajjar, Managing Principal and Chief Business Development Officer, Commonwealth Financial Network

Commonwealth Financial Network added Carlsbad, California-based Terramar Wealth, which joined from Osaic, where the team oversaw more than $300 million in client assets. The team consists of advisors Mike Gallop, Danny McMahon, Steve Statzer, Steve Rubinstein, Greg Fox, Jeffrey Gardner and Todd Oberlin, along with Director of Compliance Pat Posada.

In early June, Commonwealth also recruited San Antonio-based Kin Wealth from Frost Bank, where CEO and Founder Rebecca Boyd, her partner, Collin Fabac, and their support staff managed over $250 million in client assets. Commonwealth supports approximately 2,200 advisors overseeing more than $296 billion in assets as of Dec. 31.

“We’re honored that Terramar Wealth chose Commonwealth for its only affiliation change in 22 years as it charts a growth trajectory that includes deepening services to high net worth clients,” said Becca Hajjar, Managing Principal and Chief Business Development Officer. “Kin Wealth’s commitment to educating and engaging clients in the planning process is a wonderful model and very much at the heart of the service commitment Commonwealth strives to provide to our clients – our advisors.”

Strategic Partnerships

7. SageView Launches First PEP In Collaboration With Transamerica

Jon Upham, President & Head of Institutional Retirement, SageView Advisory Group
Jon Upham, President & Head of Institutional Retirement, SageView Advisory Group

SageView Advisory Group, an RIA providing wealth management and retirement plan services, collaborated with Transamerica to launch Integrity Pooled Solutions, which offers a 401(k) Retirement Plan Exchange and a Choice Pooled Employer Plan (PEP), on July 1.

The Retirement Plan Exchange will support retirement plans with fewer than 100 employees while the Choice PEP is an option for plans of any size seeking streamlined services offered by SageView, Transamerica and TAG Resources. SageView serves as the 3(38) investment manager and financial advisor, Transamerica Retirement Solutions is the recordkeeper, Transamerica Fiduciary Services is the Pooled Plan Provider (PPP) and TAG Resources is the 3(16) plan administrator.

“SageView is excited to expand our solutions for employers who may not have the expertise or time in-house to oversee a retirement program and still want a retirement plan that doesn’t compromise service or quality,” said Jon Upham, President and Head of Institutional Retirement at SageView. “Transamerica is a leading provider of retirement and investment solutions and shares our vision to help make workplace retirement programs more accessible and attractive to employers of all sizes.”

Promotions & People Moves

8. Certuity Appoints Scott Welch As Chief Investment Officer

Scott Welch, Chief Investment Officer, Certuity
Scott Welch, Chief Investment Officer, Certuity

Certuity – a multi-family office and RIA with over $4 billion in assets and locations in New York, Florida and California – hired Scott Welch as Chief Investment Officer. From 2019 to 2023, he served as a member of the WisdomTree Asset Allocation and Investment Committees and CIO of their model portfolios.

Welch has nearly 40 years of financial services experience. He previously served as CIO of Dynasty Financial Partners, and Co-Founder and CIO of Fortigent. In 2012, LPL Financial acquired Fortigent, a provider of outsourced investment research, technology and practice management solutions to RIAs and banks.

“I am honored to join a firm that is so dedicated to providing its clients with truly comprehensive investment solutions that are in their best interests,” Welch said. “The integrity, innovation and culture at Certuity is inspiring. I cannot wait to be more active with the firm.”

9. Annex Wealth Management Appoints Jeff Pierce As President And COO

Jeff Pierce, President and COO, Annex Wealth Management
Jeff Pierce, President and COO, Annex Wealth Management

Brookfield, Wisconsin-based Annex Wealth Management, which has approximately $5 billion in AUM as of its January SEC ADV filing, appointed Jeff Pierce as President and COO. Annex serves individuals and families, executives, businesses, as well as foundations and endowments.

Most recently, Pierce served as CEO of The Mather Group. Before that, he was Partner and Director of Strategic Relationships at Creative Planning; CEO and Principal of Wipfli Financial Advisors until its 2022 acquisition by Creative Planning; and Head of Advisor Practice Management and Vice President at Dimensional Fund Advisors.

“I am thrilled to announce my appointment as the new President and Chief Operating Officer of Annex Wealth Management,” Pierce wrote in a LinkedIn post. “In this position, I look forward to working closely with our talented employees and leadership team to enhance our operational efficiencies, expand our market presence, and deliver unparalleled value to our clients.”

Wirehouse Activity

10. UBS Reportedly Hires J.P. Morgan’s Michael Camacho To Lead U.S. Wealth Business

Michael Camacho, incoming Head of U.S. Global Wealth Management, UBS
Michael Camacho, incoming Head of U.S. Global Wealth Management, UBS

UBS appointed Michael Camacho as Head of U.S. Global Wealth Management, effective Sept. 16, according to an internal memo cited by Reuters and The Wall Street Journal. Effective July 1, UBS also reportedly is launching GWM Solutions to combine investment management, lending, wealth management and alternative investments.

Camacho has been with J.P. Morgan for more than 30 years. According to LinkedIn, he most recently served as CEO, Wealth Management Solutions. Before that, he was Global Head of Investment Platform and Global Head of Beta (ETF & Index) at J.P. Morgan Asset Management. Earlier, Camacho served as Global Head of Commodities and held several other senior roles at J.P. Morgan.

In May, UBS announced the appointment of Rob Karofsky and Iqbal Khan as Co-Presidents of Global Wealth Management. Karofsky, who led UBS Investment Bank as Co-President since 2018 and as President since 2021, was announced as President UBS Americas. Khan, who already had been the wealth management head for the past two years, was announced as President UBS Asia-Pacific.

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

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