People Moves
Clarfeld | Citizens Private Wealth
The Citizens Bank subsidiary has named Rick Suarez to succeed firm founder Rob Clarfeld as chief executive.
He is currently co-chief operating officer.
Rob Clarfeld will remain with the firm as executive chairman. In that role, he will focus on strategic initiatives, brand stewardship and client service.
Concurrent with these changes Robert Varriano, a 29-year veteran with the firm, assumes the role of sole chief operating officer.
Merchant Investment Management
Matt Brinker, formerly of United Capital Financial Advisers, has joined the firm as a managing partner.
As the chief business development officer and head of acquisitions at United Capital, he oversaw a period of significant expansion, before it was purchased by Goldman Sachs in 2019.
Spearhead
The wealth management solutions provider has appointed Christopher Mahes as managing director of operations.
Mahes will be working out of Spearhead’s offices in Wellington, Florida.
Prior to joining Spearhead, Mahes served as operations manager for The Colony Group.
Bordeaux Wealth Advisors
Jon Snare has joined the firm as a managing partner and will head the firm’s newly established office in Bellevue, Washington.
He previously spent 14 years with Wells Fargo Private Bank.
Strategic Wealth Partners Group
The independent wealth management firm, based in both the Chicago and Milwaukee areas, has promoted Tom Buhrmann to become a principal of the firm.
Buhrmann joined Strategic Wealth Partners in 2012 after earning his MBA with concentrations in investment management and finance from DePaul University’s Kellstadt Graduate School of Business.
TrueWealth
The Atlanta-based wealth manager has named Marjorie Edenfield as a senior wealth adviser.
She joins from Resource Planning Group, where she was an adviser.
Evercore Wealth Management
The firm has hired Michael Beck as a managing director and portfolio manager.
He joins from Goldman Sachs, where he advised and managed portfolios for high net worth clients; including partners in the firm and financial services executives, and for family offices, foundations and endowments.
Northern Trust Wealth Management
Linda Flewelling has been named as market executive of southwest Florida.
She is responsible for the leadership and overall growth of the firm’s offices in Naples, Bonita Springs and Fort Myers.
Flewelling has 33 years’ of experience at Northern Trust and was most recently managing director of the wealth advisory team for the west Florida region.
Boenning & Scattergood
The wealth management firm has named Andrew Maddaloni as head of equities at its headquarters in West Conshohocken, Pennsylvania.
Maddaloni will also lead the asset management operation in Boenning & Scattergood’s investment advisory division, 1914 Advisors.
He joins Boenning & Scattergood from Janney Montgomery Scott, where he served as head of equities and director of research for the last seven years.
First Republic Bank
The wealth management company has hired a six-member team of wealth managers to First Republic Investment Management in south Florida.
Salvatore Tiano, John Emery Smyth, Louis Ventura, and Daniel Tumba were each named managing director and wealth manager.
Jason O’Brien and Gregory Saville were named vice president and wealth manager.
Based in Jupiter, Florida, the team will provide investment management, retirement planning, investment consulting and other wealth management services to individuals, families, non-profits and private family foundations.
They all joined from JP Morgan Securities.
Burnham Gibson Wealth Advisors
The California-headquartered firm has named Eric Targoff as operations analyst based in its Irvine office.
He joins from MassMutual Pacific Coast, where he was an assistant agency supervisory officer.
Raymond James & Associates (RJA)
Financial advisers Daniel Kaschmitter and William Gelegotis have joined the firm in Salt Lake City, Utah.
Kaschmitter and Gelegotis come to Raymond James from Wells Fargo Advisors, where they previously managed $800m (£614m, €721m) in client assets.
They are accompanied by senior investment and portfolio analysts Alexander Kaschmitter and Steven Pagoaga, as well as senior client service associate Jennifer Zuspan.
The team operates as KPG of Raymond James.
Dowling & Yahnke Wealth Advisors (D&Y)
Larry Nakamura has joined the D&Y team as director of compliance.
He was an executive regulatory consultant with National Regulatory Services (NRS) for nine years.
M&A
Teladoc Health
The virtual care firm has agreed to acquire InTouch Health, which provides telehealth solutions for hospitals and health systems.
InTouch Health provides a suite of technology, software, purpose-built devices and a global network offering a managed experience for global health care providers.
It is a partner of more than 450 hospitals and health systems with more than 14,500 physician users globally, and supporting 40+ clinical use cases.
The deal is expected to close by the end of Q2, subject to customary closing conditions.
Under the terms of the agreement, the purchase price of $600m will consist of approximately $150m in cash and $450m of Teladoc Health stock.
Cerity Partners
The independent financial advisory firm has merged with New York-based wealth management firm EMM Wealth.
With this merger, Cerity Partners now manages approximately $26bn in assets.
EMM Wealth is led by co-chief executive Lloyd Abramowitz, co-chief executive and chief investment officer David Aaron, and chief financial officer Thomas O’Brien.
The firm consists of 36 employees, including investment, tax and planning professionals, who provide wealth management services —investment advisory, tax and financial planning, trust and estate planning, and philanthropic planning.
As of 1 January 2020, EMM Wealth has taken on Cerity Partners’ name and branding.
The financial terms of the deal were not disclosed.
Coastal Wealth
Three independent financial services firms operating as general agencies of Massachusetts Mutual Life Insurance Company have joined together to form an insurance and wealth management firm in southeastern US.
Coastal Wealth, MassMutual Southeast Coast and MassMutual South Florida will now operate under the name Coastal Wealth.
Newly appointed chairman Harris Fishman and founder and chief executive Jeremy Straub will lead the firm.
It has a team of over 450 advisers, managers, and support staff.
The firm will now service $10bn of assets from over 200,000 clients across 27 offices located throughout Florida and Georgia.
The financial terms of the merger were not disclosed.
Modena Wealth Management
The wealth firm has merged with North Carolina-based Keatley Wealth Management.
The entire Keatley Wealth Management team has joined Modera, and they continue to serve clients out of its offices.
Karen Keatley, KWM president and chief investment officer, and Jenny Martella, director of financial planning at KWM, are shareholders at Modera.
Also, Keatley has joined Modera’s board of directors, and sits on its investment committee, while Martella has joined the financial planning committee.
The financial terms of the deal were not disclosed.
