Starting this week, we have renamed the Weekly Recruitment Roundup to reflect that it covers much more than recruiting: It is now the Deals & Recruiting Roundup.
This edition of the Deals & Recruiting Roundup covers Savant acquiring $440 million FirstWave Financial, Mercer acquiring $465 million Transitions Wealth Management, Mariner acquiring $360 million Confluence Financial Planning, Waverly acquiring $1.5 billion StrategIQ Financial Group, Dakota Wealth agreeing to acquire $400 million Ledge Wealth, LPL recruiting advisor Zachary Fiandt, Kestra PWS recruiting advisor Will Gungoll and Fiduciary Trust International recruiting Wealth Director Matt McKean.
Larry's Take
Fears about a wealth management M&A slowdown may persist in 2024, but the pace of deals so far is strong reason for optimism. In addition to the five acquisitions covered here totaling over $3 billion in client assets, the industry is abuzz with talk of major deals in the works.
On Jan. 2, The Wall Street Journal reported that Advent International is in talks to acquire Fisher Investments. And on Jan. 3, Citywire RIA reported that Focus Financial Partners has agreed to buy out the management team of Kovitz Investment Group. However, anything is possible until a transaction actually closes.
But it’s also worth remembering that 2023 came to an end with the gigantic stunner of Osaic agreeing to acquire the broker-dealer and RIA firms that comprise Lincoln Wealth. So don’t be surprised if more big names will announce important deals quicker than many suspect.
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. Savant Acquires $440 Million FirstWave Financial
Rockford, Illinois-based Savant Wealth Management – a fee-only, independent RIA – acquired Satellite Beach, Florida-based FirstWave Financial, an RIA with $440 million in assets under management (AUM). FirstWave’s president, Laura Chiesman, and its 14 employees joined Savant on Jan. 1. As a result of the deal, Savant has 39 offices in 15 states. Savant’s AUM was $19.7 billion as of its December SEC ADV filing.
During 2023, Savant conducted 11 acquisitions. The other deals were Peay & Associates, SwaimBrown Wealth Management, Bridgeworth Wealth Management, Basil Financial Group, Capital Directions, Domani Wealth, Paragon Financial Advisors, The Relaxing Retirement Coach, R.F. Book & Associates and Wealth Management Group.
“Florida is a key strategic area for Savant, since many of our clients spend their winters there,” said Savant CEO Brent Brodeski. “We now have a highly qualified team in Florida helping clients plan for, and live, their ideal futures.”
2. Mercer Acquires $465 Million Transitions Wealth Management
Denver-based Mercer Global Advisors acquired fellow Denver-based Transitions Wealth Management (TWM), which serves over 400 clients with approximately $465 million in AUM. Founded in 1999 by Bruce R. Bendell, Gary P. Saltzman and others, TWM now includes shareholders Michelle R. Sandt-Wade and Michael G. Simmons.
Founded by accountants, TWM takes a CPA perspective in its work, with expertise in investments, law, insurance, tax and retirement planning. Mercer manages over $50 billion in client assets and operates in 80 locations nationally as of Oct. 31. The firm is owned by Oak Hill Capital, Genstar Capital, Atlas Partners and over 300 employees.
“TWM is a respected RIA, led by Bruce, Michelle and Gary, highly qualified professionals who are supported by a great team,” said Dave Welling, CEO of Mercer Advisors. “Their addition boosts our strength in Colorado where we have multiple offices, dozens of advisors, and Denver is home to our national headquarters.”
3. Mariner Acquires $360 Million Confluence Financial Planning
Overland Park, Kansas-based Mariner Wealth Advisors acquired Sacramento-based Confluence Financial Planning, which has approximately $360 million in AUM across 285 clients. Cynthia Meyers founded Confluence in 1983. The firm has six associates. It is Mariner’s 15th office in California and its 99th office nationwide.
In November, Mariner announced that it would acquire Boston-based Baystate Wealth Management, which has $1.8 billion in AUM and also acts as an outsourced investment manager for advisors. That deal was expected to close on Jan. 1. As of June 30, Mariner advised on over $114 billion in assets.
“The remarkable economic growth in the greater Sacramento region, coupled with the success of Confluence Financial Planning, made this acquisition a strategic union of thriving environments and proven expertise,” said Marty Bicknell, CEO and President of Mariner Wealth Advisors.
4. Waverly Acquires $1.5 Billion StrategIQ Financial Group
Birmingham, Alabama-based Waverly Advisors acquired the investment advisory business assets of StrategIQ Financial Group, which increases Waverly’s AUM by approximately $1.5 billion and expands its footprint with new offices in Illinois and Indiana. CEO Chad Hassinger founded StrategIQ in 1996. The RIA’s team of more than 20 professionals joined Waverly.
The deal is Waverly’s 11 acquisition and its largest since initiating an M&A-focused growth strategy in 2021, when Waverly accepted an equity investment from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform. As a result of the deal, Waverly’s AUM is approximately $9.8 billion.
“When Waverly started exploring acquisitions, our vision was to do M&A differently,” said Waverly CEO Josh Reidinger. “Waverly’s desire is to build a world-class, cohesive and integrated firm, fully focused on its culture and its clients. The StrategIQ team aligns with that vision, and we are thrilled to have them join the Waverly family.”
5. Dakota Wealth Agrees To Acquire $400 Million Ledge Wealth
Palm Beach Gardens, Florida-based Dakota Wealth Management agreed to acquire Sartell, Minnesota-based Ledge Wealth Management, which manages approximately $400 million and advises on an additional $200 million through its 401(k) business. Ledge Wealth Founder and CEO Kurt Durrwachter joins Dakota Wealth with COO and Partner Gina K. Bartell and six associates.
Ledge Wealth was founded in 2010 as an affiliate of Cambridge Investment Research and became an independent RIA in 2012. It is the second Minnesota office for Dakota Wealth, which has 15 offices in nine states and manages nearly $4.9 billion in assets. CEO Peter Raimondi founded Dakota Wealth in 2018.
“We add firms intentionally and purposefully,” Raimondi said. “In addition to providing exceptional wealth management counseling to individuals and families, Kurt and his team have demonstrated expertise in designing employer sponsored plans for business owners.”
Advisor Transactions
6. LPL Recruits $260 Million Advisor Zachary Fiandt From PNC
LPL Financial recruited Fort Wayne, Indiana-based financial advisor Zachary Fiandt to Financial Partners, which is part of Exemplar Financial Network. Fiandt joins from PNC Private Bank Trust, where he oversaw approximately $260 million in assets.
Fiandt has over a decade of financial services experience. Earlier in his career, he worked at Charles Schwab and J.P. Morgan. Cory Marlow leads the seven-person Financial Partners team and David Hubbard leads the 23-person Exemplar Financial Network team.
“Through an extensive due diligence process, it became clear that LPL is entirely focused on the advisor and creating differentiated experiences for clients,” Fiandt said. “I also greatly appreciate the growth toolkit and localized resources provided by the team at Financial Partners, Inc. I’m looking forward to taking my relationship with clients to the next level.”
7. Kestra PWS Recruits Will Gungoll From Edward Jones
Kestra Private Wealth Services (PWS) added Enid, Oklahoma-based Buffalo Capital Management, which is led by Will Gungoll and includes Administrative Relationship Manager Deena Timm. Buffalo Capital serves families, individuals and small business owners.
This is first office that Kestra PWS has opened in Oklahoma. From 2007 to 2023, Gungoll worked at Edward Jones, according to FINRA’s BrokerCheck. In October, Kestra PWS onboarded Pittsburgh-based Kindred Wealth Partners, with $650 million in client assets.
“Empowering advisor success is the linchpin of Kestra Private Wealth Services, and with the addition of Kestra’s back-office support and innovative technology, we are well-positioned to deliver a high-quality experience that meets the unique needs of the clients we serve and the tools necessary to grow our business,” Gungoll said.
8. Fiduciary Trust International Recruits Matt McKean From J.P. Morgan
New York-based Fiduciary Trust International, a subsidiary of Franklin Templeton, recruited Matt McKean as a Wealth Director based in its Boca Raton, Florida, office. He previously served as an Executive Director at J.P. Morgan Private Bank and before that as a Director – Trust and Estate Specialist at Merrill Lynch.
In addition to wealth management and tax and estate plans, McKean has experience assisting senior management on advisory firm strategic planning. Fiduciary Trust International had over $91 billion in assets under management and administration as of Sept. 30. Franklin Templeton had over $1.4 trillion in AUM as of Nov. 30.
“I’m honored to join Fiduciary Trust International as we look to serve the growing influx of newcomers to South Florida,” McKean said. “With a diverse range of expertise, we can ensure trust, estate, legacy and philanthropic goals are met with precision for high-net worth families, and foundations and endowments.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
