This edition of the Deals & Recruiting Roundup features our newest Recruiter of the Month, Cameron Stagg, Director of M&A at Signature Estate & Investment Advisors (SEIA).
We also cover Focus Financial Partners having four firms engage in two different combinations, Savant acquiring Source Financial Advisors, Raymond James recruiting 12 advisors, Bison Wealth onboarding three advisors, Osaic partnering with HarborOne Bank, J.P. Morgan Wealth Management topping J.D. Power rankings for digital experience, Cetera appointing Todd Mackay and Christian Mitchell to president roles, Ameriprise promoting Brian Mora to Senior Vice President of Experienced Advisor Recruiting, The Wealth Consulting Group appointing Erika Ferris as Director of Retirement Plans / Financial Planning and Citi Wealth appointing Kate Moore as Chief Investment Officer.
Larry’s Take
This week’s coverage features a high amount of strategic appointments to executive positions. It serves as a reminder that, despite all the automation technology brings, wealth management remains fundamentally a people business. And the culture that a firm develops at the top often affects all team members at every level.
Success depends on hiring skilled individuals with specialized expertise, leadership capabilities and the vision to take their teams to the next stage of growth. That is the case whether the executive oversees portfolio management, tax strategies, retirement planning, advisor recruitment or any other division of a wealth management firm.
Building a strong executive team also instills confidence in advisors already affiliated with the firm, and therefore can help with retention of everything from those advisors to their clients and ultimately client assets. In other words, making great executive hires is the foundation for building great firms.
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. Focus Sees Four Firms Engage In Two Different Combinations
Focus Financial Partners announced two separate deals between partner firms. Connecticut-based Coastal Bridge Advisors and TrinityPoint Wealth will merge in a deal expected to close in the first quarter of 2025, and then operate under the Coastal Bridge Advisors brand.
Dallas-based Brownlie & Braden Advisors also joined Kansas City, Missouri-based Prairie Capital Management Group. As of Nov. 11, Prairie managed approximately $7 billion in collective assets and consulted on approximately $2 billion in additional assets based on values as of Oct. 31. Focus has over 100 holding company professionals and more than 90 partner firms operating across seven countries.
“This merger is about more than just combining two of our partner firms; it is a fusion of shared values, capabilities, and vision, all aimed at elevating the level of service provided to clients and their advisors,” Michael Nathanson, CEO of Focus, said of the Coastal Bridge deal. “The teams from Brownlie & Braden and Prairie Capital have both built reputations for delivering exceptional financial strategies to their clients,” he said of the other deal.
2. Savant Acquires $536 Million Source Financial Advisors In New York
Rockford, Illinois-based Savant Wealth Management acquired woman-owned Source Financial Advisors, a New York-based RIA with $536 million in assets under management (AUM). Michelle Smith leads Source Financial Advisors, which primarily serves high net worth women who had or are going through a divorce. It also serves business owners and executives. Smith joins Savant as a Managing Director, financial advisor and member-owner.
Lauren Lisbon, a Relationship Manager and Family Office Services Specialist, becomes an Associate Advisor at Savant. Megan Benner, Chief Compliance Officer and Client Services Specialist, joins Savant’s Client Services team. Sean Smith, Marketing Director, becomes a Transition Consultant. AnnMarie Broughton, Director and Forensic Accountant, becomes an Accounting Manager at Savant Tax & Consulting.
“Our goal in acquiring these specialty firms is to provide our clients with best-in-class advice and recommendations that will make a more meaningful difference in their lives,” said Brent Brodeski, Founder and CEO of Savant. “At Savant, our business model is designed to enable advisors to draw on specialists who can go beyond the basics and strengthen the client relationship.”
Advisor Transactions
3. Raymond James Recruits $5 Billion Duo, Additional 10 Advisors With $2 Billion
Raymond James recruited advisors Scott Burnett and Peter Kelson to Raymond James Advisor Select within Raymond James & Associates (RJA), the firm’s employee advisor channel. The Cottonwood Heights, Utah-based team joins RJA’s Salt Lake City branch from Zions Direct, where they managed over $5 billion in client assets.
The duo serves public entities, corporations, foundations and endowments. In December, Raymond James also recruited 10 advisors representing an additional $2.3 billion in client assets. The firm serves approximately 8,800 financial advisors and had total client assets of approximately $1.6 trillion as of Nov. 30
“Raymond James provides us with the technology and support that is vital to our success,” Burnett said. “The technology platform and comprehensive back-end support allow us to fully dedicate ourselves to providing resonant service,” Kelson said.
4. Bison Wealth Onboards $600 Million Trio From Key Private Bank
Atlanta-based Bison Wealth onboarded former Key Private Bank advisors Anthony Lourido, Janet Shamblin and Ramona Waddell, who oversee portfolios for high and ultra-high net worth individuals, multi-generational families, businesses, retirees and charitable entities. The Palm Beach Gardens, Florida, team have over $600 million in assets under advisement.
Tom Scaturro, Senior Managing Director and Partner at Bison, brought on the team. As a result of the onboarding, in January the firm will add an office in The Lost Tree Village Financial Center. Bison is owned and backed by Bison Holdings, which is led by Teton Capital Partners Founder Brad Ball, along with the East Asset Management family office of Terry and Kim Pegula.
“We are excited to welcome Tony, Janet, and Ramona to the herd,” said Justin Boller, Chief Investment Officer at Bison Wealth. “This team’s in-depth experience with ultra- and high net worth families will make them a true asset to Bison Wealth.”
Strategic Partnerships
5. Osaic Partners With HarborOne Bank In Massachusetts And Rhode Island
Osaic expanded its institutional channel through a partnership with HarborOne Bank, a community bank serving Massachusetts and Rhode Island that oversees $5.7 billion in assets across 30 branches. Osaic Institutions will gain $114 million in AUM by adding the HarborOne Investment Services Wealth Management Program.
Osaic Institutions supports bank and credit union investment programs. Osaic, a portfolio company of Reverence Capital Partners, is a national independent broker-dealer network supporting approximately 11,000 financial professionals. HarborOne Bank also has commercial lending offices and provides mortgage lending services.
“We’re grateful for the opportunity to partner with the team at HarborOne to support their financial professionals and clients with the expertise and solutions they have been looking for,” said Stephen Amarante, Institutions Leader at Osaic. “We see great potential in HarborOne Investment Services and look forward to working together to help enhance their program through our recruiting and relationship management resources.”
6. J.P. Morgan Wealth Management Tops J.D. Power Ranking For Digital Experience
J.P. Morgan Wealth Management ranked best in customer satisfaction for both self-directed and full-service investors in the J.D. Power 2024 U.S. Wealth Management Digital Experience Study for websites and mobile apps. The J.P. Morgan Self-Directed Investing platform allows clients to invest on their own or with an advisor by reviewing portfolios, transferring money, trading and exploring investment opportunities.
The platform also features fractional shares for more than 3,000 stocks and ETFs. In addition, Chase digital clients can create free personalized plans on the app or the website, which allows them to set financial goals and track their progress. J.P. Morgan Wealth Management has approximately 5,700 advisors and $1 trillion of assets under supervision.
“Our clients deserve exceptional service whether they invest on their own or with an advisor,” said Kristin Lemkau, CEO of J.P. Morgan Wealth Management. “We have not become the firm with the most J.D. Power awards by taking this commitment lightly.”
Promotions & People Moves
7. Cetera Appoints Todd Mackay, Christian Mitchell To President Roles
Cetera Financial Group appointed Todd Mackay as President of Cetera Wealth Management, succeeding Tom Taylor, who will retire at the end of the year, and Christian Mitchell will join Cetera as President of Cetera Solutions. Mackay previously was President of Avantax, a Cetera subsidiary. Mitchell previously was Executive Vice President and Chief Digital and Information Officer of Northwestern Mutual.
Mackay will drive organic growth strategies across all of Cetera’s channels and communities, and will continue reporting to Mike Durbin and serving on Cetera’s executive leadership team. Mitchell will lead strategic growth initiatives focused on enhancing digital products, platforms and investment solutions. Mitchell will also report to Mike Durbin.
“At Cetera, we are committed to equipping our advisors with the best tools, technology, and support systems to help them thrive,” said Mike Durbin, CEO of Cetera. “Todd Mackay and Christian Mitchell are exceptional leaders whose expertise and vision will drive our Wealth Hub’s evolution and strengthen our ability to meet advisors’ dynamic needs.”
8. Ameriprise Promotes Brian Mora To SVP Of Experienced Advisor Recruiting
Ameriprise Financial promoted Brian Mora to Senior Vice President of Experienced Advisor Recruiting. Mora has worked at Ameriprise for more than 20 years, most recently as Regional Vice President in the Central Region of the branch channel.
He now will lead a nationwide team of recruiters and field leaders and report to Pat O’Connell, President and Executive Vice President of the Ameriprise Branch & Institutions Groups. Ameriprise has a network of approximately 10,000 financial advisors. More than 400 advisors transitioned their practices to Ameriprise in 2023, and approximately 1,700 joined the firm in the past five years.
“I’m honored to step into this role and bring our firm’s unmatched value to even more top advisors across the industry,” Mora said. “Ameriprise surrounds our advisors with the resources and support they need to deliver an outstanding client experience, stand out from the competition and achieve their growth goals. It’s a compelling value proposition backed by a firm with a 130-year track record of integrity and success.”
9. WCG Appoints Erika Ferris As Director Of Retirement Plans / Financial Planning
Las Vegas-based The Wealth Consulting Group appointed Erika Ferris as Director of Retirement Plans / Financial Planning. She will work with WCG advisors to help them acquire and retain 401(k) business, support the firm’s Advisor Resource Center and work directly with end clients, according to a LinkedIn post by WCG Founder and CEO Jimmy Lee.
Ferris has approximately 25 years of industry experience. Most recently, Ferris was a Relationship Manager and Investment Advisor Representative at Allied Investment Advisors. Before that, she worked at Empower, Stockman Wealth Management and D.A. Davidson. In September, WCG hired Talley Léger to the newly created role of Chief Market Strategist.
“I’m excited to join Jimmy Lee and The Wealth Consulting Group team in my new role as Director of Retirement Plans / Financial Planning,” Ferris posted on LinkedIn. “For me this is over two decades in the making and to be part of this team and working with the #wcg advisors is very exciting. Great things to come!”
Wirehouse Activity
10. Citi Wealth Appoints Kate Moore As CIO
Citi Wealth appointed Kate Moore as Chief Investment Officer. Moore has approximately 24 years of financial services experience. She has worked for BlackRock, J.P. Morgan, Merrill Lynch, Moore Capital Management, Morgan Stanley and Silver Oak Partners.
Her background includes global equities, emerging markets, hedge fund and mutual fund allocations, as well as leveraged buyout portfolio companies. Citi Wealth provides market commentary, financial education, as well as access to financial planning and investment products and services.
“Excited to announce that Kate Moore will join Citi Wealth as CIO in February,” Andy Sieg, Head of Wealth at Citi, posted on LinkedIn. “Kate comes to us from BlackRock, where she was most recently a portfolio manager and Head of Thematic Strategy for the firm’s $50 billion Global Allocation business. Kate is an industry star. With her on board, we’ll be in even stronger position to advise the world’s changemakers. Welcome Kate!”
Recruiter Of The Month
Cameron Stagg, Director Of M&A, SEIA
In December, Los Angeles-based SEIA acquired Beverly Hills-based Beverly Investment Advisors, bringing its President and Founder, Canon Price, back to SEIA. She started out in wealth management at SEIA over two decades ago. Beverly Investment Advisors had over $300 million in assets under advisement.
In August, SEIA acquired Cedar Brook, a $2 billion RIA based in Cleveland. When first announced in April, the deal was expected to boost SEIA’s AUM to more than $22 billion and be SEIA’s first major expansion into the Midwest. It also was expected to be SEIA’s largest transaction since partnering with New York-based private equity firm Reverence Capital Partners in 2022.
And now for our Q&A with Cameron Stagg, Director of M&A at SEIA.
WSR: What has been SEIA’s M&A strategy in 2024, and what is the M&A strategy headed into 2025?
Stagg: In 2024, we focused on acquiring RIAs that increased our geographic presence, strengthened operations and added new expertise to our deep bench of expert advisors. We emphasized flexible deal structures, maintaining advisor autonomy and prioritizing growth-minded teams and individuals.
Heading into 2025, we will continue to focus on what has made us successful in 2024 but also look to enhance our services especially around tax, estate, trust and complex financial planning. Our strategy remains rooted in finding firms that share SEIA’s client-first philosophy, offering an attractive blend of support, scale and growth opportunities to align with advisors’ long-term goals.
WSR: What led Beverly Investment Advisors and Cedar Brook to join SEIA? How did SEIA stand out?
Stagg: Beverly and Cedar Brook joined SEIA because we offered a platform that preserved advisor autonomy while providing access to growth resources like Schwab’s Advisory Network (SAN) and Fidelity’s Wealth Advisory Solutions (WAS) network. SEIA’s centralized support team eased operational burdens, allowing advisors to focus on clients, and our flexibility in investment management and strong industry reputation further set us apart.
By combining these advantages with transparent deal structures and cultural alignment, we presented a compelling case for firms seeking to grow while maintaining their independence and high standards of client care.
WSR: What is your role in SEIA’s M&A process with firms? How are you personally involved in the deals?
Stagg: I’m intimately involved in the deals here. Using Beverly as an example, I was involved from the first conversation to post close integration. It’s my goal to understand the businesses we acquire as thoroughly as I understand SEIA’s platform so I can focus on setting expectations, delivering transparent advice and coordinating a seamless deal process.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
