On Sept. 1, Kingswood U.S. acquired Eudaimonia Partners and Eudaimonia Advisors, two RIAs of Nashville, Tennessee-based Eudaimonia Group, and entered into a strategic alliance with Eudaimonia Asset Management, its in-house turnkey asset management platform (TAMP) and RIA. Together, the three RIAs manage more than $1 billion in client assets.
Eudaimonia Founder and President John Goodson, with 36 years of experience, will continue to lead his team of 17 advisors and maintain his $100 million book of business. Goodson will head Kingswood’s Nashville office and report to Michael Nessim, CEO, President and Managing Partner of Kingswood.
“As the wealth management industry continues to evolve, it is critical for a firm of our size to seek additional scale and exceptional talent to ensure we are positioned to succeed in the future,” said Nessim. “[Eudaimonia’s] expertise in growing advisory businesses, coupled with their experience in running an exceptional TAMP, make them the perfect fit for our growing business.”
Goodson will help lead the Kingswood advisor recruiting efforts and consult on potential M&A-based expansion, working with Kingswood’s Head of Acquisitions, Jamie Golden, who leads M&A-based growth.
Goodson said, “Over the past several years, we have explored several partnerships that would provide us with meaningful back- and middle-office support and allow us to grow while maintaining our deeply held values. After working with Mike and the Kingswood leadership team, it became clear that Kingswood was the right choice for our firm to achieve our goals and keep our commitment to always put the advisor first in our decisions.”
Both Kingswood and Eudaimonia have custodial relationships with Raymond James and Charles Schwab, lessening the necessary repapering requirements.
In July, Kingswood appointed Tony Tian as Senior Managing Director of Investment Banking. In June, it launched Kingswood Defense Group, led by a group of U.S. military and capital market veterans.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
