M&A
Hightower
The wealth manager has bought Illinois-based TC Wealth Partners for an undisclosed sum.
TC Wealth currently oversees approximately $1.65bn (£1.22bn, €1.46bn) in assets across a client base of high net worth individuals, families, business owners and institutions.
As part of the transaction, Hightower has also acquired Trust Company of Illinois, a TC Wealth subsidiary, which delivers trust and estate planning, administration, guardianship, executor and co-executor services and retirement plan services.
Founded in 1993, TC Wealth provides wealth, trust and plan advisory services to more than 800 clients throughout the country.
The company has 30 employees, including a 5-person management team led by chief executive William Giffin, all of whom will continue in their leadership roles post-transaction.
Cerity Partners
The independent wealth management firm has merged with California-based Brouwer & Janachowski.
Cerity Partners now advises on more than $45bn in client assets.
The combined firm will operate under the Cerity Partners name.
The financial terms of the deal were not disclosed.
Parthenon Capital
The private equity firm has agreed to buy RSM US Wealth Management from tax consultancy firm RSM US.
After the deal, the business will be renamed Choreo. The completion of the acquisition is expected in the first quarter of 2022.
The financial terms of the transaction were not disclosed.
Larry Miles will become chief executive of Choreo. Dave Scudder, RSM US Wealth Management’s national leader, will transition to Choreo with the rest of the wealth management team and become Choreo’s executive vice president, strategic partnerships.
Alpha Cubed Investments
The registered investment adviser (RIA) firm has acquired Arizona-based Empowerment Financial Group (EFG) for an undisclosed sum.
EFG was founded in 2009 by chief executive Mark Langerman and offers financial planning and portfolio management to high net worth individuals, families, trusts, and retirement plans.
The entire EFG team will be joining Alpha Cubed Investments.
MAI Capital Management
The RIA firm has acquired New York-based Monarch Business & Wealth Management and its strategic partner Regal Wealth Management.
The acquisition expands MAI’s presence nationwide and adds a team of financial planning and investment professionals to the firm’s sports and entertainment division.
Monarch was founded in 2008 by chief executive Barry Klarberg. Launched in 2020, Regal offers a complementary array of wealth management services, including investment management, tax planning, legacy planning, and assisting with both business and personal financing.
Klarberg will assume the role of senior managing director at MAI.
The financial terms of the deal were not disclosed.
EP Wealth Advisors
The independent RIA firm has bought Berkeley-based Mindful Money for an undisclosed sum.
Founded by Jonathan DeYoe in 2001, Mindful Money offers independent financial advice.
DeYoe, who also serves as the firm’s president, will assume the role of senior vice president. Three additional advisers and four support staff will join the EP Wealth team.
Apella Capital
The financial advisory and wealth management company has bought Oregon-based RIA firm Metrist Wealth Advisors,
The Metrist team provides clients with financial planning, portfolio creation, asset management, and income management.
It was founded in 2004 by chief executive Taylor Drake.
The financial terms of the deal were not disclosed.
Total Wealth Planning
The independent RIA firm has acquired Howell Advisors for an undisclosed sum.
Howell Advisors was founded in 2004 and is led by Bill Howell.
The merger is part of a future retirement and business succession strategy for Howell.
Amelia West and Amy Woock, both of Howell Advisors, will continue their financial advisory and relationship management roles as members of the Total Wealth Planning family.
They will continue to serve clients from their primary office in Carmel, Indiana.
Creative Planning
The RIA firm has bought Berno Financial Management for an undisclosed sum.
Berno was founded by Bruce J Berno in 1993 and has helped families and individuals in the greater Cincinnati area.
Modera Wealth Management
The financial planning firm has expanded to New York through a transaction with Greystone Wealth Advisors.
Before the addition of Greystone, which brings a presence in New York City and Westchester County, the firm also had locations in Massachusetts, New Jersey, Pennsylvania, Georgia, North Carolina, and Florida and served clients throughout the country.
The financial terms of the deal were not disclosed.
Mariner Wealth Advisors
The wealth advisory firm has acquired Granite Investment Advisors for an undisclosed sum.
The Concord, New Hampshire-based firm is Mariner Wealth Advisors’ first office in the state and further expands its reach across the east coast.
This acquisition is part of the firm’s growth strategy and was the 13th transaction completed in 2021.
People moves
Blue Owl Capital
The alternative asset manager has hired Madeleine Sinclair as managing director and head of North American distribution.
In this newly created role, Sinclair will spearhead the expansion of the company’s private wealth management business across both US and Canadian markets.
Sinclair previously spent 19 years at BlackRock, most recently serving as head of iShares Canada.
Relative Value Partners Group (RVP)
The wealth management firm has hired Rebecca Deaton and her six-person team.
As a partner and financial adviser at RVP, Deaton will provide financial guidance to clients and help lead the strategic direction of the firm.
As part of the expansion, the following have joined the RVP team:
- Ruth Uress, director and financial adviser;
- Jennifer Davis, vice president and financial adviser;
- Whitney Spalding Spencer, vice president and financial adviser;
- Kate Glanz, vice president and financial adviser;
- Quinn Martin, associate and financial adviser; and
- Alexandrea Smith, client service administrator.
RBC Wealth Management
The wealth manager has appointed Richard Beckel to lead its practice management, teams and portfolio efficiency group.
Beckel was previously a senior consultant for the group and comes to the position with more than 30 years of experience.
Raymond James
The financial services firm has hired four financial advisers.
The Idaho-based advisors include Greg Fairfield, Christine Satterfield, Linda Stirling and Harry Tharp.
Satterfield and Tharp join Raymond James from Wells Fargo, where they previously managed approximately $341m in client assets. The team operates as Satterfield Financial Strategies Group of Raymond James and is expected to continue their work from Raymond James’ Boise office, which is managed by Todd Lovell.
Operating as Pacific Mountain Group of Raymond James, mother and son duo Stirling and Fairfield are joined by Suzanne Jenner, a senior registered client associate. Before joining Raymond James, the Ketchum-based team managed $307 million in client assets as part of UBS Financial.
In other news, Mike Bedsole, Michael Fenn and Ofer Levy have also joined the firm.
Operating as Bedsole Wealth Management Group of Raymond James, Bedsole and Fenn are joined by client service associate Serita Lindsey. Bedsole comes to Raymond James from Truist, with Fenn joining from Cetera Investment Advisors.
Levy joins Raymond James from Merrill Lynch. His team, operating as Ofer Levy | Raymond James, includes senior registered associates Helena Borges Fortes and Joseph G. Sacco, as well as Denise Martins, senior client service associate.
Crestwood Advisors
The boutique investment advisory and wealth management firm has named Leigh Hurd as partner.
It has also promoted Kayla Holland as director and wealth planner, Peter Malone as director and portfolio manager, and Brandon Lozier as client adviser.
