M&A
Mercer Global Advisors
The registered investment adviser (RIA) firm has bought Goldstein Munger + Associates.
Goldstein Munger is a wealth management firm focused on serving ultra-high net worth clients, is located in San Ramon, California with assets under management (AUM) of approximately $1bn (£890m, €1.02bn).
Elsewhere, Mercer Advisors has acquired Ohio-based The Asset Advisory Group.
TAAG serves approximately 160 clients with AuM of approximately $370m.
The financial terms of the deals were not disclosed.
Merit Financial Advisors
The Georgia-based financial advisory firm has merged with Triad Financial Strategies.
The deal adds two offices and establishes Merit’s presence in the greater-Seattle area. The merger increases Merit’s total assets by approximately $683m.
Founded by Tait Lane, Triad has offices in Issaquah and Tacoma, Washington, and specialises in financial planning and wealth management.
Lane will be regional director at Merit and will be joined by his team of advisers and service associates.
MAI Capital Management
The RIA firm has acquired West Point Business Group for an undisclosed sum.
The acquisition adds specialised retirement plan consultants and facilitates the launch of MAI Retirement, a dedicated retirement plan service line.
Based in Ponte Vedra Beach, Florida, West Point provides retirement plan consulting and financial wellness programmes for businesses, as well as wealth management for individuals and families.
West Point partners C Clayton Perry and Keola J Elobt will both assume roles as managing director and group head of MAI Retirement.
They will be joined by four other West Point team members at MAI Retirement. Additionally, MAI Retirement has appointed Jason Hamilton as director of retirement.
Apella Capital
The wealth manager has bought RIA firm Structured Asset Management for an undisclosed sum.
Structured AM was founded by Bill Suplee and provides fee-only investment management and financial planning services.
This is Apella’s third acquisition of 2022.
The Mather Group
The wealth management firm has acquired Oregon-based RIA company Cedar Financial Advisors for an undisclosed sum.
Cedar was founded in 2007 by Tim Kober and merged practices with Peggy Kessinger in 2011, retaining the Cedar name.
Kober, Kessinger, and their third team member Suzanne Bick have all joined TMG.
Wealth Enhancement Group
The wealth management firm has bought Scroggins Wealth Management for an undisclosed sum.
The independent RIA with offices in New Lenox, Illinois, Naples, Florida and Fort Myers, Florida. Scroggins Wealth Management’s team oversees more than $370m in client assets.
Established in 1998, Scroggins Wealth Management provides wealth management services to its clients. Led by Michael Scroggins, the team is comprised of four advisers and six support staff members.
The acquisition will mark Wealth Enhancement Group’s 11th deal in 2022.
Edelman Financial Engines
The wealth planning and investment advice firm has bought California-based Herrmann & Cooke Wealth Management.
Herrmann & Cooke manages over $490m for approximately 600 clients, providing financial planning, retirement planning, investment management, and estate planning services.
The financial terms of the deal were not disclosed.
Fairport Wealth
The Hightower advice subsidiary has merged with Optimal Portfolio.
Optimal Portfolio is led by Yu Oen and has $102m in AuM.
The deal will bring Fairport’s AuM to $3.4bn.
Bluespring Wealth Partners
The wealth manager has bought RIA firm Welty Capital Management.
Welty oversees $85m in client assets.
The firm will merge into Walnut Creek, California-based Bedell Frazier Investment Counselling, which was acquired by Bluespring Wealth in 2020.
The addition of Welty Capital Management marks Bluespring’s seventh acquisition this year.
People moves
Farmers Group
The Zurich subsidiary has named Raul Vargas as chief executive.
Vargas is currently president of distribution, life and financial services for Farmers Group.
He oversees the sales and distribution activities, in addition to Farmers New World Life and Farmers Financial Solutions.
Vargas succeeds Jeff Dailey, who joined Farmers Group in 2007 and became chief executive in 2012. Dailey will continue as chairman of the Farmers Group.
Calamos Investments
The global investment management firm has hired Joe Weidenbach as head of Calamos Wealth Management.
He was regional president of US Bank Private Wealth Management.
Seventy2 Capital Wealth Management
Christopher Hayburn has joined the wealth firm as senior vice president and financial adviser.
He was most recently served as a financial adviser at Wells Fargo Advisors.
Raymond James
The financial services firm has hired advisers Nicholas Conner, Kevin Latta, Michael Conti and Jamie Howells to its offices in Novi, Michigan.
The team, now operating as Stone Manor Wealth Advisors of Raymond James, includes client service associates Timothy Holly, Kimberly Reid and Kimberly Ybarra, as well as investment portfolio associate Adriana Soto and business coordinator George Kourtis. They join from Merrill Lynch.
In other news, Raymond James has hired adviser Dan Chick. Chick and his team join Raymond James as Park Hill Financial Services in Fort Worth, Texas from Edward Jones.
Alongside client service associates Jana Terry, Betty Chick and Jay Chick, he provides financial planning to clients which include business owners, corporate executives, retirees and women investors.
Also, Raymond James recently recruited Alphonse Weber and Erin Weber in Pennyslvania. Together, they operate as Weber Group of Raymond James and join from Hefren-Tillotson, a Baird company.
Lastly, financial advisers Sanjay Beach, Kalpana Beach and Makis Beach from Westlake, Ohio have joined Raymond James from Merrill Lynch. They along with senior registered client service associate Kathlene Crisp, make up Beach Wealth Planning Partners of Raymond James.
UBS Wealth Management USA
A four-person team managing over $215m in client assets has joined the firm in New York City.
The team is led by financial adviser David Powers, and includes senior wealth strategy associates Josh Steuerman and
Martin Schwartz, as well as registered client service associate Kirsten Gabbett.
The Powers Group joins from Wells Fargo Advisors.
