In this week’s roundup, Accelerated Wealth Partners made a minority investment in Brooklyn Fi, Raymond James added three advisors, LPL recruited three advisory practices, Cetera onboarded 7G, Carson added Tungsten Wealth Management, NewEdge recruited Alex Watts, Merit Financial Advisors added two executives, Edelman Financial Engines announced senior leadership appointments, InspereX appointed a Chief Commercial Officer, SEI named a CIO and Fiduciary Trust hired a VP and Investment Officer.
Editor in Chief’s Take:
The holiday week produced less M&A news, but a large number of promotions and people moves. Edelman, Merit, SEI, InspereX and Fiduciary Trust all named new executives and some announced multiple hires, with appointments ranging broadly across company functions.
This serves as evidence that we are nowhere near an AI-driven jobs apocalypse that has been speculated in the broader national news so frequently in the past few months. Skilled human talent is still very much in demand for the wealth management industry.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Accelerated Wealth Partners Makes Minority Investment In Brooklyn Fi
Accelerated Wealth Partners made a strategic minority investment in Brooklyn Fi, an independent wealth management firm focused on clients with complex equity compensation. The New York-based RIA serves more than 500 client households nationwide from a fully remote platform and works with tech employees, founders and creatives navigating IPOs, acquisitions, tender offers, secondaries, business sales and related planning issues.
Brooklyn Fi will continue to operate under Co-Founders Ally Jane Ayers and Shane Mason and its existing leadership team. Accelerated Wealth said the investment gives Brooklyn Fi growth capital and access to its organic growth and M&A capabilities. Seward & Kissel served as legal counsel to Accelerated Wealth in the transaction.
Accelerated Wealth Founder and CEO Eric Amar said Brooklyn Fi’s “leadership is sharp, the infrastructure is institutional grade, and the track record of growth and innovation speaks for itself. They have chosen a niche that is only going to expand as more wealth is created through equity compensation, and they have the team, the brand, and the technology to become the definitive authority in that space.”
Advisor Transactions
Raymond James Adds Three Advisors Managing $1 Billion In Total
Raymond James recently added Financial Advisor Thomas Conway to Raymond James & Associates, the firm’s employee advisor channel. Conway joins from D.A. Davidson & Co., where he managed $182 million in client assets. He operates as LakeVue Wealth Management of Raymond James in Kirkland, Washington.
Raymond James also added Financial Advisor Michael Hohertz to Raymond James & Associates. Hohertz joins from J.P. Morgan, where he managed $550 million in client assets. Based in Houston, he provides financial planning and guidance to corporate executives, private business owners and high net worth individuals. Registered Client Service Associate Hannah Haymark joined him in the move.
Raymond James Financial Services, the firm’s independent advisor channel, added Financial Advisor Reece Nichols from Edward Jones, where he managed $268 million in client assets. Operating as Element Financial Services in Kilgore, Texas, Nichols has 25 years of industry experience.
LPL Recruits True Compass, Soundview And Schott
LPL Financial added True Compass Advisors to its broker-dealer and RIA platforms. The Southbury, Connecticut-based team was previously affiliated with Kestra and serviced approximately $870 million in advisory, brokerage and retirement plan assets. Led by Advisor Jared White, the team includes Chief Operating Officer Karin Hubbard and Advisors Harrison Graham and Laura Maguire.
LPL also onboarded Soundview Wealth Management, with Financial Advisors Michael Stevenson, David Johnson and Nikko Gronhovd, from D.A. Davidson. The advisors reported serving approximately $600 million in advisory, brokerage and retirement plan assets as of Dec. 31. The team works with individuals and families across generations.
Steve Schott, Owner and CEO of Schott Financial Management, also joined LPL’s broker-dealer and RIA platform from Cambridge. Based in Prescott, Arizona, Schott reported serving approximately $240 million in advisory, brokerage and retirement plan assets as of Dec. 31.
Cetera Adds Bergstrom And 7G Wealth Management
Cetera onboarded Rick Bergstrom and his Tallahassee, Florida-based practice, 7G Wealth Management, to its Summit Financial Networks community. Bergstrom has 21 years of financial services experience and was most recently affiliated with Commonwealth.
Bergstrom’s six-person team includes another financial advisor and four support staff and oversaw approximately $240 million in assets as of April 3. The practice serves law enforcement officers and other municipal and public-sector employees in the Tallahassee area. Cetera said roughly 80% of Bergstrom’s clients receive a public pension, and the practice grows largely through referrals.
Bergstrom said, “These people sacrifice a lot every day they go to work. Our job is to make sure their retirement is amazing. They’re not heart surgeons or professional athletes, but when you pair a pension with a long-term, growth-oriented investment strategy, you can absolutely build generational wealth – and that’s what we strive to do for them.”
Carson Adds Tungsten Wealth Management
Carson Group added Tungsten Wealth Management to its independent advisor channel. The firm is led by Founding Partners and Wealth Advisors Shawn Peschke and Rob Frits and serves approximately $320 million in advisory and brokerage assets. Tungsten joins Carson from LPL Financial and has offices in Edmond and Tulsa, Oklahoma; Bentonville, Arkansas; and Lafayette, Louisiana.
Peschke and Frits met as colleagues in 2007 before founding Tungsten Wealth in 2017. The independent wealth management firm has six advisors and focuses on high net worth families and multigenerational clients. Peschke first met Carson Group Founder and Chairman Omani Carson in 2005, and Tungsten later participated in Carson coaching programs.
Peschke said, “Our clients become our family. Working with Carson allows us to preserve our close-knit, family-oriented firm culture while gaining access to more advanced technology, tax planning capabilities and regulatory support. Carson is the industry leader to help us grow the right way, with the right people.”
NewEdge Wealth Adds Watts To Atlanta Office
NewEdge Wealth added Alex Watts as a Principal in its Atlanta office. Watts joins from Merrill Lynch Private Wealth and has more than 20 years of experience working with business owners, entrepreneurs and multi-generational families. NewEdge Wealth is an RIA that serves ultra-high net worth and high net worth families, family offices and institutional clients.
Watts helps clients manage transactions, credit, recapitalization and portfolio structure. He also serves as a central point of coordination for professionals who support ultra-high net worth individuals, including attorneys, CPAs and commercial and investment bankers. Watts began his wealth management career as an Investment Analyst at GenSpring Family Office, later joined J.P. Morgan Private Bank and spent a decade at Merrill Lynch.
Watts said, “I’ve always strived to be the kind of advisor my clients deserve — sitting fully on their side of the table, with the independence to bring the best solution across the market. At NewEdge, I've finally found the platform to deliver on that fully — open architecture and a technology suite that's a generational leap beyond the large firms.”
Promotions & People Moves
Merit Adds Moore As CFO And Mouser To Lead Financial Planning
Merit Financial Advisors added two executives to its leadership team, naming Doug Moore as CFO and appointing Sarah Mouser as Executive Vice President of Financial Planning. Atlanta-based Merit also launched an executive leadership development program with ClientWise. The firm supports both the independent broker-dealer and RIA models and had $26 billion in client assets as of March 31.
Moore joins Merit after more than four years at Edelman Financial Engines, where he most recently served as Head of Finance. Mouser joins after serving as Managing Director of Financial Planning at Verdence Capital Advisors and previously spending more than 10 years at Cassaday & Company, where she built and led a centralized financial planning department.
Moore said, “What attracted me to Merit was not only the firm’s impressive growth trajectory, but the way the organization has maintained its culture and client-first focus while scaling. Many firms are successful at acquisition growth or organic growth, but it’s rare to find an organization executing exceptionally well on both fronts simultaneously.”
Edelman Financial Engines Announces Leadership Appointments
Edelman Financial Engines announced senior leadership appointments across its corporate and wealth planning organizations. Steve Gaven will join the firm as CFO, effective June 1, after most recently serving as Chief Growth Officer at SageView Advisory. The firm also introduced a new wealth planning leadership structure across client service, planner growth and wealth strategy.
Ro Mehrotra joins as Senior Vice President, Wealth Client, overseeing Edelman’s wealth planning organization. Jason Karmelek was named Senior Vice President and Head of Planner Growth, focused on attracting, developing and supporting planners and planning teams. Amin Dabit will move into the newly created role of Senior Vice President, Wealth Strategy.
Ralph Haberli, CEO and President of Edelman, said, “These appointments reflect our investment in the people, leadership, and innovation that will continue to shape the future of advice, delivered by financial planners empowered to build both enduring client relationships and meaningful careers.”
InspereX Appoints Barbar As Chief Commercial Officer
InspereX appointed George Barbar as Chief Commercial Officer. Barbar will report to Scott Mitchell, CEO of InspereX, and lead the firm’s commercial operations. The firm said his responsibilities include driving growth across business lines, strengthening alignment across sales channels and advancing the delivery of tailored solutions to partners and clients.
Barbar joins InspereX from Mesirow, where he started in 2010 and most recently served as Senior Managing Director and Head of Regional Development and Strategy. He led the firm’s expansion throughout the Southeast and oversaw fixed income businesses including rates, government agencies, CDs and structured products. He previously held roles at BNY Pershing and LaSalle Bank.
Mitchell said, “George brings a rare combination of deep fixed income expertise and a proven ability to build and scale high-performing businesses. Following our parent company’s recent acquisition of Financial Northeastern Securities, LLC, this appointment further reinforces our commitment to fixed income markets and to the client service model that differentiates InspereX.”
SEI Names Shetty As Chief Investment Officer
SEI appointed Nathan Shetty as Chief Investment Officer, effective June 1. In the role, Shetty will lead SEI’s global investment organization and help advance the company’s asset management strategy, with a focus on scalable, customized investment solutions for institutional and wealth clients. SEI manages, advises or administers approximately $1.9 trillion in assets.
Shetty joins SEI with more than 20 years of experience leading global, multi-asset investment businesses. He most recently served as Senior Managing Director and Head of Multi-Asset at Nuveen Asset Management, where he led a team designing and managing global, multi-asset solutions and strategies across multiple investment vehicles. He also served on Nuveen’s Global Investment Committee.
Michael Lane, Head of SEI’s Asset Management business, said, “Nathan brings deep experience leading global, multi-asset investment organizations and a successful track record of building customized solutions across asset classes, investment styles, and portfolio structures. His leadership will help drive our strategy forward and further enhance the breadth, discipline, and long-term focus we bring to our clients.”
Fiduciary Trust Hires Smith As Vice President And Investment Officer
Fiduciary Trust Company hired Jacqui Smith as Vice President and Investment Officer. Smith will report to Sid Queler, Head of Wealth Management. The Boston-based private wealth management firm said Smith will work with individuals, families and endowments on investment strategies and legacy planning tailored to their long-term objectives.
Smith joins Fiduciary Trust from Reynders, McVeigh Capital Management, where she was a Portfolio Manager and Sustainability Strategist. In that role, she advised clients, helped guide the firm’s sustainability strategy and participated in shareholder engagement efforts. Her broader experience spans finance, sustainability and energy roles in financial services.
Queler said, “Jacqui brings a thoughtful and well-rounded perspective to advising clients. Her depth of experience in portfolio management as well as special expertise in values-based investing further strengthens our team and enhances our services to clients.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
