This edition of the Deals & Recruiting Roundup covers Carson acquiring SRQ Wealth, Simon Quick purchasing Proquility, RBC recruiting an ex-UBS team, Beacon Pointe hiring veteran advisor Greg Mykytyn, LPL launching Mai Park Capital, Integrated adding Corey Wealth Partners to its advisor network, Ashton Thomas Private Wealth recruiting Lance Millar and Stewart Preziose to its San Francisco office, Former Rochdale CEO Garrett D’Alessandro debuting Sandro Wealth, Financial Services Institute launching FinancialCareers.org, AdvisorEngine integrating with TradePMR, LPL appointing Tara Thompson Popernik and Monte Tomasino to top positions and Cetera naming Andina Anderson to lead its RIA Blueprint platform.
Larry's Take
The problem of replacing retiring advisors and other wealth management professionals with Next Gen talent over the next decade is constantly before us, and many firms implement individual programs, some demonstrating a good measure of success. However, across the industry, the statistics are still stacked against us.
The latest move by the Financial Services Institute to establish a careers website should be welcomed by the industry as an encouraging advancement. Often the best solutions to industry-wide problems lie in initiatives of industry organizations, and I have high hopes for their new website.
The problem of recruiting new talent into the industry is in essence an information problem: These are great jobs with long-term potential for recent graduates and career changers, and if our industry finds effective ways to communicate about the opportunities with the right audience, both we and the new talent will find success. Best of luck, FinancialCareers.org!If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
Mergers & Acquisitions
Carson Fully Acquires Its Partner Firm SRQ Wealth
Carson Group fully acquires SRQ Wealth, a Sarasota, Florida, advisory firm that manages $365 million in assets, and a Carson Group affiliate since 2019. SRQ Managing Partner and Senior Wealth Advisor Steve Martin and Partners Karin Grablin and Justin Salemy will continue to run the business under the same name.
SRQ, which first represents Carson Group’s 25th wholly owned Carson Wealth office. Based in Omaha, Nebraska, Carson Group manages over $42 billion in assets and serves more than 53,000 client families.
“We are grateful that Steve, Karin, Justin and their team put their trust in us to enter this next chapter,” said Burt White, CEO of Carson Group. “We see an incredible opportunity to build upon the success of our partnership and drive forward our shared mission of creating sustainable growth while maintaining excellent client service – and we believe we are stronger together.”
Simon Quick Buys Proquility, Expands National Presence
Simon Quick Advisors acquires Proquility Private Wealth Partners, a Las Vegas-based boutique advisory firm with $355 million in AUM according to its March Form ADV filing. Led by Founder and CEO Andy Ferguson and Wealth Management Advisor Patty Yeager, Proquility specializes in multi-generational clients.
The deal marks Simon Quick’s third acquisition in recent years following Red Hook Management in 2022 and a 2017 merger with the family office William E. Simon & Sons. Based in Morristown, New Jersey, it oversaw $8.4 billion in assets under advisement and $6.7 billion in AUM as of Dec. 31.
“We’re thrilled to welcome Andy, Patty, and the entire Proquility team to Simon Quick,” said Christopher Moore, Managing Partner at Simon Quick Advisors. “Their planning-first mindset and generational relationships align closely with our values and client-first philosophy. Together, we are even better positioned to help clients thrive and plan confidently for the future.”
Advisor Transactions
RBC Wealth Management Nabs Advisor Teams From UBS
RBC Wealth Management recruits an eight-member team that managed $1.6 billion in client assets for UBS to its Boise, Idaho, office.
The team from The Dalton Bahney and Treinen Wealth Management Group includes Sandra Dalton, Managing Director, Private Wealth Advisor – Financial Advisor; William Bahney, Senior Vice President – Financial Advisor; Michael Treinen, Senior Vice President – Financial Advisor; and Benjamin Dalton, Senior Vice President – Financial Advisor; as well as four associates.
“The team was drawn to RBC Wealth Management’s culture and access to senior leadership,” said Rocky Mountain Complex Director Dan Ball. “They are well respected among their clients and their peers, and we are excited to welcome them to RBC.”
Beacon Pointe Adds Veteran Retirement Specialist
Beacon Pointe Advisors added veteran advisor and retirement plan specialist Greg Mykytyn as part of the expansion of its retirement planning services in the Dallas-Fort Worth market.
Mykytyn has a “deep background as a 3(38) fiduciary” after advising on almost $700 million of retirement assets as a fiduciary and advisor, Beacon Pointe said. With almost three decades of experience working exclusively with profit-sharing, 401(k) and employee stock ownership plans (ESOPs), Mykytyn has served as a plan sponsor and plan consultant in both the private and public sectors.
Mykytyn is bringing his “vast industry knowledge” to Beacon Pointe “locally in Dallas, as well as to the broader company,” according to Wayne McCullough, Partner and Managing Director of Beacon Pointe. “We have partnered with Greg on the majority of our retirement plans over the past 11 years, and he always brings insight, intelligence, and enthusiasm.”
Mai Park Joins LPL’s Employee Advisor Channel From Merrill Lynch
Newport Beach, California-based Mai Park joins LPL’s employee advisor channel, Linsco by LPL Financial, to launch Mai Park Capital, in alignment with Pence Wealth Management. Park reported serving about $330 million in advisory, brokerage and retirement plan assets as of Dec. 31.
With over two decades of experience in financial services, Park specializes in estate planning, investment management, retirement and tax planning, and holistic wealth management. Park began her career as a high school science teacher.
“At LPL, we recognize what it takes to launch and operate a thriving business and are committed to investing in streamlined and integrated business solutions designed to help advisors spend more time with their clients and differentiate their practices,” said Scott Posner, LPL Managing Director, Business Development. “We look forward to supporting Mai Park Capital for years to come.”
Integrated Partners Recruits $370 Million Boston Advisor Team
Waltham, Massachusetts-based RIA Integrated Partners announced that Boston-based advisory firm Corey Wealth Partners joined its advisor network. Led by Founder and Managing Partner Jeff Corey, Corey Wealth Partners oversees almost $370 million in client assets and focuses on high net worth and ultra-high net worth clients, Integrated said.
Other members of the Corey Wealth Partners team include Lincoln Hurney, Partner; Masiel Yarbrough, Director of Operations; Danielle Hansen, Director of Client Experience; Adam Marcellus, Relationship Manager; and Yolanda Fox, Client Service Associate.
“Jeff and his team exemplify the type of advisors who thrive at Integrated—entrepreneurial, growth-minded and deeply committed to positive client outcomes,” said Rob Sandrew, Integrated Chief Growth Officer. ”Their strong foundation in business-owner planning, paired with our CPA partnerships and planning infrastructure, creates a natural alignment for long-term success.”
Ashton Thomas Lands Two Advisors From First Citizens Bank
Ashton Thomas Private Wealth recruits Lance Millar and Stewart Preziose to its San Francisco office. The two advisors managed $900 million in AUM for SVB Private, a unit of First Citizens Bank.
Millar and Prezioise will form Speritas Private Wealth Team, with Millar as a Partner, Managing Director and Private Wealth Advisor, and Preziose as a Wealth Advisor. They provide wealth management, banking and financial planning services tailored to founders, executives, entrepreneurs, families and non-profit organizations.
“As we leverage new partnerships with forward-thinking advisory groups to grow our business across the country, we are pleased to welcome another strong team of wealth managers to our San Francisco hub,” said Aaron Brodt, Chief Executive Officer of Ashton Thomas. “With their well-established practice and sterling reputations in market, Lance and Stewart are natural additions to our team, and I look forward to seeing what comes next.”
Former Rochdale CEO Launches New Wealth Firm
Garrett D’Alessandro, who previously led Rochdale, debuts Sandro Wealth, a company that partners with advisors to target the top 10% of wealthy clients.
Sandro, based in New York, provides advisors with private market strategies, asset protection, banking, estate planning and business succession services.
“We created Sandro Wealth to provide elite advisors an opportunity to capture significant market share in the high-net-worth space, by providing them with the investment solutions and advisory services expected by private bank clients,” said D’Alessandro, Founder, CEO and Co-Chief Investment Officer. “We’ve created a new business model that brings together multiple services required to deliver private banking clients what they expect, to achieve their goals.”
Strategic Partnerships
FSI Launches FinancialCareers.org To Attract Prospective Advisors
The Financial Services Institute (FSI) launched FinancialCareers.org, a website that it said was designed to attract newcomers to the independent financial services industry and provide the sector with Next Gen advisors. The website targets students, recent graduates and career changers to let them know about opportunities available in the financial services sector.
The website features educational resources and first-person insights into working as an independent financial advisor. It also highlights opportunities available at independent financial services firms in compliance, operations, marketing and other roles. The site’s career center connects qualified job seekers with employers and career opportunities in the industry.
“With increasing demand for financial advice and an aging advisor population, there is a growing need for new, diverse talent within the industry,” said Dale Brown, FSI President and CEO. “The independent financial services industry offers an array of exciting career opportunities—whether you’re interested in fostering client relationships as a financial advisor or seeking a more corporate environment at an independent financial services firm.”
AdvisorEngine And TradePMR Join Forces To Help Advisors
AdvisorEngine, a wealth management platform, integrates with TradePMR, a custodian services provider. The partnership is meant to provide advisors with tools that can create a simplified, personalized experience for clients using AdvisorEngine’s client portal, CRM and portfolio management tools.
In addition, firms can use AdvisorEngine’s AI-based capabilities designed to help advisors better prepare for client meetings and guide more impactful conversations. TradePMR was purchased by Robinhood in late February.
“AdvisorEngine and TradePMR are aligned on providing advisory firms with the platform and capabilities they need to drive new growth, gain more productivity, strengthen their client relationships and connect with the next generation of clients,” said AdvisorEngine CEO Rich Cancro.
Promotions & People Moves
LPL Boosts Top Leadership Team
LPL Financial appoints Tara Thompson Popernik as Executive Vice President and Head of Wealth Planning and Monte Tomasino as Executive Vice President of Service Digital Enablement.
Thompson Popernik, who previously worked at Bernstein Private Wealth, will focus on enhancing LPL’s ability to more effectively serve high net worth and ultra-high net worth clients. Tomasino joins LPL from Dell Technologies, where he most recently served as Vice President of Digital Enablement and Engagement.
“Tara’s extensive experience and deep understanding of the unique needs of high-net-worth clients will be invaluable as we continue to grow and refine our wealth planning value, ensuring we provide personalized and sophisticated advice to all our clients,” said Aneri Jambusaria, Group Managing Director of Wealth Management at LPL Financial.
Cetera Taps Andina Anderson to Lead Key Growth Initiative
Cetera Financial Group appoints Andina Anderson as Managing Director, Digital Solutions and Head of RIA Blueprint. She will oversee RIA Blueprint, which delivers core infrastructure, modern technology and specialized compliance services to help advisors launch or growth their business.
Anderson previously worked as Chief Client Success Officer at Envestnet from January 2021 to September 2022, Executive Managing Director at Envestnet | Tamarac from 2019 to 2021, and Senior Vice President, Client Relations of Tamarac from 2006 to 2019, which became Envestnet | Tamarac when Envestnet acquired Tamarac in 2012. She most recently served as Chief Customer Officer with financial services firm Juniper Square.
“Andina’s appointment marks a key milestone as we scale the RIA Blueprint platform to meet surging demand from growth-minded advisors,” said Christian Mitchell, President of Cetera Solutions. “Her vision, executional strength, and industry credibility make her the ideal leader to expand choice, flexibility and advisor-centric value across our RIA ecosystem.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
