Kestra Financial announced that it added Wealth Empowerment Financial Strategies (WEFS), an advisor team in Boca Raton, Florida, overseeing $1.4 billion in assets under management (AUM), to its network of independent wealth management firms.
Kestra picked up WEFS, which includes 31 independent advisors and staff members, from B. Riley Wealth Management. Its advisor team now has access to Kestra’s service and technology platforms.
Founded in 2006, WEFS is led by Eric Lyon, Senior Managing Director and Founder, and Tom Holly, Senior Managing Director. Lyon and his team have almost three decades of experience and specialize in wealth management and retirement solutions. WEFS intends to “leverage its partnership with Kestra Financial to further streamline its financial solutions offerings,” and will continue offering clients estate planning, 401(k) solutions and cash balance strategies, according to a news release.
"After a long process of interviews and due diligence, the decision to move forward with Kestra Financial was a natural one,” said Lyon. “We were impressed with everything Kestra Financial had to offer – from its executive management team and technology platform to its back-office tech and resources – and knew this would help the growth of our firm down the line.”
Welcoming WEFS to his firm’s network, Daniel Schwamb, Executive Vice President of Business Development at Kestra, said, “WEFS and Kestra Financial share a joint ethos of teamwork and collaboration, making Eric and his team a perfect fit within our premier community of independent financial professionals.”
Kestra Financial oversees $103 billion in assets under advisement and supports over 1,700 independent financial professionals, it said. It is a division of Kestra Holdings, in which private equity firm Stone Point Capital agreed to take a minority stake earlier this month. In May, Kestra Financial subsidiary Bluespring Wealth Partners acquired KDI Wealth Management, with over $750 million in client assets as of that time.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
