This edition of the Deals & Recruiting Roundup features our newest Recruiter of the Month, Bridget Venus Grimes, Co-Founder of the women-focused advisory community Equita Financial Network and President of WealthChoice.
We also cover IEQ Capital acquiring EPIQ Capital Group, Sequoia Financial Group acquiring Eide Bailly Advisors, the launch of Parkwoods Wealth Partners, Sanctuary Wealth bringing on TOVA Wealth, Surge Ventures expanding its Avery platform, Intention.ly hiring Randy Lambert as EVP of RIA Solutions and Joe Steuter as Chief of Communications, Jamie Hopkins becoming Chief Wealth Officer at WSFS Bank, Wellspring Financial Advisors appointing Jeff Kadlic as President and COO, Americana Partners hiring Oppenheimer veteran Javier Altimari, Nepsis appointing Kelly Nanasy as Vice President of Accounting and Advisory Services, and RBC recruiting advisor John Terrion from Merrill Lynch.
Larry’s Take
This week’s roundup spotlights how the wealth management industry thrives on business model and platform innovations. Look no further than Parkwoods Wealth Partners launching as a support platform for Dimensional Fund Advisors-centric RIAs, Americana Partners building an international division, and Surge Ventures developing a suite of AI-enabled compliance and surveillance tools.
Yes, the fundamentals of wealth management – helping clients plan for retirement, hold assets over the long-term and distribute wealth to heirs – can seem staid. But how to do so at scale and in a safe manner – throughout market upheavals, unanticipated client life events, technology disruptions and in accordance with advisors’ own career paths – has become surprisingly complicated.
Which is why new breakthroughs in wealth management and wealthtech services are very much needed. True innovation often makes these things simpler to handle. In fact, that’s a good rule of thumb for everyone out there working on that next big solution for the industry. Remember to show your audience how your offering solves their complex problems, with ease. If that proves difficult to explain, you probably have more work to do, in order to keep it simple.
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
1. UHNW-Focused RIA IEQ Capital Buys $5.3 Billion Firm EPIQ
IEQ Capital announced the acquisition of fellow San Francisco Bay Area-based RIA EPIQ Capital Group, a multi-family office and investment firm founded in 2018, which had $5.3 billion in assets under management (AUM) as of July 31. Founded in 2019, IEQ had $26.5 billion in AUM as of June 30.
When the transaction completes later this year, the combined firm will have $32 billion in AUM with an expanded footprint in the San Francisco Bay Area; Los Angeles; Newport Beach, California; Dallas; Denver; St. Louis; Nashville, Tennessee; Boston; Atlanta; and Miami, according to IEQ.
“EPIQ has built relationships and capabilities in core markets that we believe are additive to our platform and will further our ability to provide access to differentiated investment opportunities,” said Eric Harrison, Co-CEO of IEQ. “They are our neighbor in the San Francisco Bay Area, and they have a reputation in the Silicon Valley and San Francisco markets for delivering comprehensive and personalized family office services to their clients nationwide.”
2. Sequoia Financial To Acquire $1.6 Billion Eide Bailly Advisors In North Dakota
Akron, Ohio-based Sequoia Financial Group, which had over $19.3 billion in AUM as of June 30, agreed to acquire Eide Bailly Advisors, which had approximately $1.58 billion in AUM as of April 30 and is the wealth management practice of Fargo, North Dakota-based Eide Bailly, a top 20 national accounting firm.
Eide Bailly will have an equity investment in Sequoia, and the firms will collaborate to expand services to each other’s clients. Brad Kelley, Principal and Wealth Leader for Eide Bailly Advisors, will become an Executive Vice President of Corporate Development for Sequoia Financial and lead joint initiatives between the firms. Sequoia Financial has 15 offices in nine states and has made six other acquisitions since the start of 2023.
“This partnership is a key strategic move that will expand our wealth management footprint meaningfully, especially west of the Mississippi River, where Eide Bailly has a large presence in major wealth markets,” said Tom Haught, CEO of Sequoia Financial. “Equally important, both firms measure success by client success. Together, we will help more businesses and families achieve their financial goals.”
3. Parkwoods Wealth Partners Launches As Support Platform For DFA-Centric RIAs
St. Louis-based Parkwoods Wealth Partners launched as a wealth management firm as well as a growth support and succession planning platform for RIAs that predominantly use Dimensional Fund Advisors (DFA) investment strategies. Parkwoods also integrated Syracuse, New York-based FMF&E Wealth Management into its business.
Parkwoods was co-founded by CEO Al Sears, a former Senior Advisor and RIA Consultant at DFA; COO Ed Edwin, a former Regional Director of Client Communications at DFA; and Head of Advisory Services Chris Gardner, former President of FMF&E Wealth Management, which had approximately $358 million in AUM as of its June SEC ADV filing.
“Many independent advisors today face a difficult choice: sell their practice and lose control, or maintain independence at the cost of developing sustainable second-generation (G2) talent and diversifying what’s often their largest personal asset,” Sears said. “Our model allows advisors to maintain their well-earned professional autonomy while accessing the benefits and security of a larger organization.”
Advisor Transactions
4. Sanctuary Onboards $400 Million TOVA Wealth In North Carolina
Indianapolis-based Sanctuary Wealth brought on Wilmington, North Carolina-based TOVA Wealth, which has over $400 million in client assets. The team includes Founder and Managing Partner Katie Medina, advisors Michael Tunney and Eric Starkey, as well as Client Associate Amy Kepler. Medina previously worked at Merrill Lynch for 16 years.
Earlier this year, Los Angeles-based advisors Adam Weinstock and Eleanor Weinstock left Wells Fargo Advisors for SLK Private Wealth, a Sanctuary Wealth partner firm. The Sanctuary Wealth network spans more than 120 partner firms in 30 states across the country, and has approximately $42 billion in assets on the platform.
“After spending their entire careers at a wirehouse, Katie and her team wanted the autonomy to run their business and serve clients as they felt best,” said Vince Fertitta, President, Wealth Management at Sanctuary Wealth. “They believed that remaining employees of a large bank was no longer the best environment, which is why they sought a platform that provides everything they used at their prior firm and much more.”
Strategic Partnerships
5. RegVerse Expands Avery Platform With Fusion1 Product Suite
Surge Ventures, the Menlo Park, California-based regtech venture studio, announced the expansion of its Avery platform with Fusion1, a suite of AI-enabled compliance and surveillance tools designed to streamline audit, advertisement review, attestation and code of ethics functions.
Avery is a generative AI-based regulatory management platform provided by RegVerse, Surge Venture’s first company, which aims to bring AI-driven solutions to wealth management firms. Fusion1 is designed to streamline data and file management on one platform and create a single hub for all of a firm’s compliance-related materials. It incorporates AI-based suggestions, real-time compliance progress tracking, alerts, notifications and reporting.
“Precision matters in compliance,” said Sid Yenamandra, Co-Founder of Surge Ventures and CEO of RegVerse. “We designed Fusion1 as an integral extension to the innovative and award-winning Avery platform. Fusion1 simplifies the compliance journeys of heavily regulated companies by offering them a comprehensive solution that provides the perfect blend of technology and human insight. Just like Avery, Fusion1 provides a worry-free experience for compliance professionals.”
Promotions & People Moves
6. Intention.ly Hires Orion And Carson Group Veterans To Executive Team
Intention.ly, a growth consultancy and marketing firm, appointed Randy Lambert as EVP of RIA Solutions and Joe Steuter as Chief of Communications. Lambert will focus on helping RIAs streamline and scale operations, elevate client experience and foster partner relationships. Steuter will focus on helping firms implement brand storytelling strategies and support broader strategic communication needs.
They have nearly 50 years of combined experience. Lambert previously spent 31 years at Orion, most recently as EVP of Tech Operations. Before that, he was Chief Operations Officer, and earlier President of Orion Advisor Tech. Steuter previously was Director of Marketing Communication at Carson Group.
“My vision for Intention.ly has always been to transcend traditional marketing boundaries and help companies build a growth engine that drives success from every angle,” said Kelly Waltrich, CEO and Co-Founder of Intention.ly. “With Randy and Joe joining our team, we’re not just expanding our capabilities – we’re redefining how we enable our clients to achieve their growth goals.”
7. Jamie Hopkins Joins WSFS C-Suite As Chief Wealth Officer
Jamie Hopkins was promoted to Chief Wealth Officer at WSFS Bank, joining its C-suite. Hopkins also is an Executive Vice President at the firm. He joined WSFS last year as Director of Private Wealth Management for Bryn Mawr Trust.
Hopkins previously worked at Carson Group as Managing Partner of Wealth Solutions, Director of Retirement Research and Managing Director of Carson Coaching. Before that, he worked at the American College of Financial Services as Director of Retirement Research and earlier as Co-Director of the New York Life Center for Retirement Income.
“Excited to expand our Trust Services to RIAs,” Hopkins posted on LinkedIn in relation to his promotion. “If you are looking to grow your client services into trusts let me know!”
8. Wellspring Appoints Jeff Kadlic As President And COO
Cleveland-based Wellspring Financial Advisors, a fee-only multi-family office serving ultra-high net worth individuals and families, appointed Jeff Kadlic as President and COO. He will report to Wellspring Founder and CEO Michael Novak.
Kadlic will provide strategic and operational direction with a focus on expanding client services and driving operational efficiencies. Most recently, he was Founding Partner at Evolution Capital Partners, a private equity firm for small businesses. Kadlic has over 25 years of experience. Wellspring has $3.6 billion in AUM and, with Kadlic, the firm’s total number of advisors will be 27, according to a spokesperson.
“Wellspring has designed a client-first service model that rests on a foundation of strong relationships, trust, personalized service and a deep understanding of its clients’ unique needs,” Kadlic said. “The leadership team is dedicated to continued innovation and evolution, all with the client’s needs and goals at the forefront. I am excited and energized to join the team and align in advancing their mission.”
9. Americana Partners Hires Javier Altimari To Its New International Division
Houston-based Americana Partners, a $7.5 billion wealth management firm and member of the Dynasty Network, appointed Javier Altimari as Founder and Managing Partner of its international division, Americana Partners International (API). He also will serve on the API Board, with Founder and CEO Jorge Suárez-Vélez.
Altimari will advise families and institutions on long-term investment needs, help manage day-to-day business and seek ways to expand the firm’s international footprint. He has 13 years of financial industry experience. Most recently, Altimari was a Senior Director and Portfolio Manager at Oppenheimer & Co. Americana Partners launched API in June.
“As more than US $30 trillion change hands between generations across the globe, we are going to capitalize on a once in a lifetime opportunity to help the next generation of international ultra-high net worth clients,” Altimari said. “This partnership enables us to develop a solid infrastructure for international investors and assemble an elite team to extend our expertise and service to the market.”
10. Nepsis Appoints Kelly Nanasy As VP Of Accounting And Advisory Services
Minneapolis-based Nepsis appointed Kelly Nanasy as Vice President of Accounting and Advisory Services, the division that provides Chief Financial Officer and Controller-level resources to business owners. She also will work closely with business owner clients through Nepsis Tax Solutions.
Nanasy has over 30 years of experience as a financial leader. She began her career as a CPA for a multinational accounting firm and later held senior positions at ThreeBridge Solutions, Wausau Financial Systems and Deluxe Corporation. Nepsis has over $350 million in AUM, 10 wealth advisors and 15 tax employees.
“I’m eager to apply the diverse skills and knowledge I’ve acquired throughout my career to the Nepsis framework and deliver impactful results for our business owner clients,” Nanasy said. “By applying my experience and acumen to Nepsis’ already exceptional offerings, I aim to provide exceptional value and strategic support that drives success.”
Wirehouse / Big Bank Activity
11. RBC Recruits Advisor John Terrion In Colorado, Adding $438 Million
RBC Wealth Management recruited John Terrion as a Managing Director-Financial Advisor to its office in Boulder, Colorado. Terrion, who has 26 years of industry experience, joins from Merrill Lynch. He comes with support staff member Meagan Belford, an Investment Associate, and oversees $438 million in client assets.
RBC Wealth Management has $583 billion in client assets in the U.S., with more than 2,100 advisors across 191 locations in 42 states. The firm recently opened a new branch in Cincinnati by recruiting The Paradigm Group, which came from Morgan Stanley and has approximately $693 million in assets.
“With a focus on delivering a white-glove experience, I’m thrilled to be joining RBC Wealth Management’s Boulder branch,” Terrion said. “The firm’s extensive resources will allow us to grow our practice and ensure our clients receive the highest level of service.”
Recruiter Of The Month
Bridget Venus Grimes, Co-Founder, Equita Financial Network, President, WealthChoice
Fort Washington, Pennsylvania-based Equita Financial Network, a business platform for women-led independently owned and operated fee-only financial planning firms, recently brought on three new member firms to its platform: Amy Hamasaki’s Mountain Wealth Planning, Ann J. Shubert’s Equila Financial and Shehara Wooten’s Your Story Financial. Equita currently includes 10 advisory firms and has $380 million in AUM.
And now for our Q&A with Bridget Venus Grimes, Co-Founder of Equita Financial Network and President of the wealth management practice WealthChoice.
WSR: Why did you start Equita Financial Network and how has the firm evolved since then?
Grimes: Katie Burke, a fellow NAPFA member, and I started Equita as a way to share great resources and to create a community of like-minded women-led financial planning firms. We initially created the platform to support our own planning firms, but saw the value in adding other women-led RIAs to our community.
The women on the platform embrace the value of community and want to scale. As more women learn about us, we’ve added members looking to build the businesses they want, pay themselves what they are worth, serve their clients the way they deem best, and have access to great resources.
WSR: What are the ideal characteristics of an advisory practice or team that might join Equita?
Grimes: Our sweet spot is either a solo practitioner who wants to grow by leveraging great resources at a reasonable cost and be part of a fabulous community, but wants autonomy. Equita also appeals to women looking to break away from a firm so they can build the business they want.
Ideally, this practice would have $20 million AUM to start, but they could have as little as zero or as much as a few hundred million. We are a great fit for solos and ensemble firms. We are fee-only, and we require the CFP designation for owners.
WSR: How does Equita stand out from the crowd as the destination of choice for such firms?
Grimes: As far as we know, we are the only community of women-led fee-only financial planning firms that offers a platform like we do for our Signature Members. If this already existed we would not have had to create it.
Because Katie and I run our own financial planning firms in addition to running Equita, we know the resources needed to operate and scale a planning firm where clients come first. The platform focuses on providing excellent resources at a terrific price. Equita is truly focused on helping women succeed and thrive as business owners in the financial planning profession.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
