People moves
Fairport Wealth
The Ohio-based Hightower subsidiary has named president Matt Logar as chief executive.
Logar succeeds Ken Coleman, who has retired after nearly 25 years of leading Fairport.
He joined Fairport in 2021 as director of client strategy and in 2022 was elevated to the role of president.
IQ-EQ
The financial services provider has appointed Matt Okolita as regional chief executive of the Americas, effective 12 April 2023.
He previously held the role of global head of outsourced business services.
Okolita will succeed Mark Fordyce, who will remain as non-executive chairman of IQ-EQ Americas.
Bernstein Private Wealth Management
The AllianceBernstein subsidiary has named Alex Chaloff as chief investment officer and head of investment and wealth strategies.
Chaloff joined Bernstein Private Wealth Management in 2005.
Beata Kirr, previously the co-head of investment and wealth strategies, is departing the firm to pursue her passion for direct impact investing
Sanctuary Wealth
The advice firm has appointed Kevin Miller to the role of chief legal officer.
Miller joins Sanctuary from Carson Group.
Fiduciary Trust Company
The Boston-headquartered private wealth management firm has hired Sidney Queler as head of wealth management.
He brings more than 30 years of wealth management experience to Fiduciary, previously serving as the chief growth officer for CIBC Private Wealth Management.
Rockefeller Global Family Office
The wealth management division of Rockefeller Capital Management has hired Liberty Wealth Partners to its New York metro division.
The team includes managing directors and private advisers Larry Rothenberg, Shaun Van Vliet, David Farber, Schuyler Perry, and senior vice president and private adviser Timothy Deygoo.
The 17-person group joins from First Republic Wealth Management.
Raymond James
Financial adviser Greg Herrling has joined the firm in Bellingham, Washington.
As owner of Chuckanut Financial Services, Herrling provides financial planning services to his clients which include families, women investors, individuals with sudden wealth and those in or nearing retirement. He is joined at the practice by registered client associate Toni Swanson.
They were previously affiliated with US Bancorp Investments.
Also, Raymond James has hired financial adviser Willard Causey.
Based in Durham, North Carolina, Causey Financial Group serves a variety of clients including business owners, healthcare professionals, families and those in or nearing retirement.
Causey is joined by client service associates Margo Goehring and Amy Latta. Previously, they were at Edward Jones.
Lastly, Fort Lauderdale, Florida-based Rui Forcada arrives from Deutsche Bank with over 35 years of experience in the financial services industry.
As senior vice president – investments, he offers personalised financial guidance and operational support to clients including business owners, family offices, money managers and individuals planning for retirement.
RBC Wealth Management
Two veteran solo financial advisers from First Republic in California have joined the wealth manager.
Brian Addington, managing director and financial adviser, joined RBC Wealth Management’s San Francisco office, and
Theresa Allen, managing director and financial adviser, joined the firm’s Newport Beach office.
M&A
MAI Capital Management
The registered investment advice (RIA) firm has acquired Maryland-based Wiener Financial Management for an undisclosed sum.
Founded in 1995 by Bruce Wiener, WFM provides financial and retirement planning and investment management services for high net worth individuals and families.
In his role at MAI, Wiener will assume the title of senior wealth adviser and managing director.
Captrust Financial Advisors
The advice firm has bought Minnesota-based QA Wealth Management (QA).
QA provides financial advice, planning and investment management for individuals, with a specialisation in working with Big Four professionals.
It was founded by John Wing in 2000, and is led by chief executive Dan Westin.
This is Captrust’s second deal of 2023 and the 65th since 2006.
Beacon Pointe Advisors
The advice firm has completed the acquisition of New York and Bridgehampton-based YorkBridge Wealth Partners for an undisclosed sum.
Carrie Gallaway and Andrew Stern will join Beacon Pointe as partners and managing directors, bringing three advisers and three professional staff.
Atria Wealth Solutions
The wealth management holding company has agreed to buy independent wealth firm Grove Point Financial for an undisclosed sum.
Grove Point was founded in 1984 as H Beck Inc, and was acquired by Kestra Holdings (Kestra) in 2017.
Based in Rockville, Maryland, Grove Point serves approximately 400 independent financial professionals with $15bn in client assets.
Atria will acquire 100% of Grove Point and its subsidiaries Grove Point Investments and Grove Point Advisors.
The transaction is expected to close in the second half of 2023 and is subject to customary closing conditions.
Modern Wealth Management
The RIA firm has acquired the assets of Barber Financial Group, Osiwala Financial Group, and Financial Security.
The firms are collectively Barber Financial and have offices across Kansas, Missouri and Michigan.
This acquisition is Modern Wealth’s first transaction after its recent founding, which was backed by $200m in equity financing from Crestview Partners.
Barber Financial Group was established in 1996 by chief executive Dean Barber. The firm has since evolved into a team of 50 employees, all of whom will join Modern Wealth as a result of the acquisition. Barber Financial serves more than 2,300 clients with more than $1.5bn of collective assets under management.
Barber Financial, Osiwala Financial Group and Financial Security will now be fully integrated into the Modern Wealth brand. Meanwhile, Modern Wealth is in continued discussions with RIAs interested in joining as anchor offices to build out its national footprint.
Wealth Enhancement Group
The national independent wealth management firm has acquired New Era Financial Advisors for an undisclosed sum.
The hybrid RIA has offices in Wayzata and Hutchinson. New Era Financial Advisors’ team of six advisers and 11 support staff, led by Donald Warner, Grant Lindaman and Shad Ketcher.
CI Financial
The Canada-headquartered financial group has reached an agreement to sell its minority stake in Congress Wealth Management to Audax Private Equity for an undisclosed sum.
Congress, led by president Paul Lonergan, serves clients across the US from its Boston headquarters and offices in six other cities.
CI, which first invested in Congress in the third quarter of 2020, holds its stake in the firm through CI Private Wealth, its US wealth management subsidiary.
The transaction is expected to close in May 2023.
