This edition of the Weekly Recruitment Roundup features our newest Recruiter Of The Month. We speak with Paul Stetz, the newly appointed President of Alphastar Capital Management, on the firm’s expansion plans and affiliation models.
This week’s deals also include Kestra PWS bringing on Summiteer Financial and Mooshi Wealth Planning & Management; LPL recruiting five advisors and investing in Independent Advisor Alliance; Atria’s Cadaret Grant subsidiary adding Gaschen, Berlingeri & Casebolt; tru Independence establishing new East Coast offices and achieving record growth in 2023; Aon agreeing to acquire NFP; Exencial Wealth Advisors acquiring Weinheimer Wealth Management; Allworth Financial acquiring Silicon Valley Wealth Advisors and Hall Private Wealth Advisors; and Connecticut Wealth Management hiring Alec Rosen as Director of Growth.
Advisor Transactions
1. Kestra PWS Brings On 2 Teams With Over $600 Million In Assets
Kestra Private Wealth Services (PWS) brought on Novi, Michigan-based Mooshi Wealth Planning & Management, led by Joseph Mooshi who oversees $440 million in client assets, and Austin Texas-based Summiteer Financial, led by Mike Davis who oversees $181 million.
Mooshi has 17 years of financial services experience and Davis has 21 years of industry experience. Kestra PWS is part of Kestra Holdings, whose subsidiaries support approximately 1,800 financial professionals and collectively have approximately $111.3 billion in assets under administration and $60 billion in assets under management (AUM), according to its website.
“We are thrilled at the opportunity to support Mooshi Wealth Planning & Management in its mission to produce excellent outcomes for clients,” said Rob Bartenstein, Senior Managing Director and CEO of Kestra PWS. Speaking of Summiteer Financial, he said, “We’re confident that what we have to offer – our in-depth experience, vast resources and welcoming culture – will exceed Mike’s expectations of what it’s like to move to independence.”
2. LPL Recruits 5 Advisors, Makes Minority Investment In IAA
LPL Financial recruited five advisors who collectively oversee approximately $460 million. Stephen Freeman joined Citizens Wealth Management, part of Citizens Bank & Trust, in Guntersville, Alabama. Mark Hills and Uri “Chip” Doolittle V, of Upstate Financial Network, joined in Manlius, New York. And Matthew Best and Michael Moore of Best Wealth Management joined in Shippenville, Pennsylvania.
LPL also made a minority investment in Charlotte, North Carolina-based Independent Advisor Alliance. Founded in 2013, IAA supports more than 215 partners in 145 firms across 23 states, and invests capital in its partner firms. IAA will maintain complete control and ownership of its management and operations.
“At LPL, we understand the desire to provide an elevated and focused client experience, and we are committed to investing in innovative capabilities and business solutions designed to help advisors focus on their clients and grow their business their way,” said Scott Posner, Executive Vice President, Business Development. “Our only focus is advisors and supporting their success at every step, from personalized onboarding support to helping them grow their practice as the advice landscape changes and their clients’ needs evolve.”
3. Atria’s Cadaret Grant Adds Gaschen, Berlingeri & Casebolt
Lubbock, Texas-based Gaschen, Berlingeri & Casebolt – which manages over $175 million – joined the Cadaret Grant subsidiary of Atria Wealth Solutions. Paul Gaschen and Angel Berlingeri came from Cetera. Jonathan Casebolt came from Edward Jones. They provide investment management, financial planning, estate planning and insurance services to clients.
Earlier this month, Cadaret Grant added Worthington, Ohio-based OPOC.US, which manages almost $350 million. Atria’s other subsidiaries include CUSO Financial Services, Sorrento Pacific Financial, NEXT Financial Group, Western International Securities, SCF Securities and Grove Point Financial. They collectively support nearly 2,700 financial professionals with almost $120 billion in assets under administration.
“We are thrilled to welcome Paul, Angel and Jon to Cadaret Grant and the Atria family,” said Bill Morrissey, Head of Atria’s Independent Channel. “Their comprehensive wealth management approach and dedication to their clients match our capability set and culture at Atria. We look forward to our partnership and supporting their growth and evolution.”
4. tru Independence Establishes East Coast Offices, Sees Record Growth In 2023
tru Independence, a national independent advisory platform servicing approximately $12.5 billion in assets, established its new East Coast offices in downtown Philadelphia in an expansion that reflects its record growth in 2023.
As a part of the expansion, the company onboarded seven new back office hires across sales, compliance, human resources, accounting operations and IT. In 2023, it added six advisory teams: Seven Mile Advisory, Gainline Financial Partners, Crossover Capital Advisors, Sykon Capital, 44 North Capital and SpirePoint Private Capital. They collectively service over $4 billion in assets, representing a 400% increase to 2022 for tru Independence.
“Our choice of Philadelphia as the location for our East Coast offices was strategic, allowing us to tap into the area’s rich talent pool and establish ourselves within a central industry hub,” said Craig Stuvland, Founder and CEO of tru Independence. “The exceptional talent we have recruited and assembled at our Philadelphia location has significantly bolstered compliance, operations, IT and HR functions for our community.”
Mergers & Acquisitions
5. Aon Agrees To Acquire NFP, Owner Of Wealthspire And Divergent
Aon agreed to acquire NFP, an insurance brokerage that also owns Wealthspire Advisors – a $20.5 billion AUM firm as of Sept. 30. NFP will operate as an independent but connected platform, going to market as “NFP, an Aon company.” Aon plans to acquire NFP for approximately $13.4 billion at the time of close, which will be funded by $7 billion of cash and $6.4 billion of Aon stock.
In September, NFP acquired South Jordan, Utah-based Divergent Wealth Advisors, which has over $675 million in AUM. Meanwhile, NFP’s Wealthspire Advisors subsidiary agreed to acquire GM Advisory Group (GMAG), which manages approximately $3 billion in assets and advises on an additional $3.3 billion.
“This is an exciting milestone in NFP’s evolution that reflects the tremendous quality of the business we’ve built and the exceptional people who drive our success,” said Doug Hammond, Chairman and CEO of NFP. “Our clients will benefit from Aon’s global resources and distribution, while our people will have more opportunities to accelerate the growth of NFP.”
6. Exencial Acquires $500 Million Weinheimer In Texas
Oklahoma City-based Exencial Wealth Advisors acquired Austin, Texas-based Weinheimer Wealth Management, which oversees $500 million in AUM and brings nine financial professionals. Weinheimer provides financial planning and investment management to high net worth individuals and small business owners, as well as risk management, asset protection and exit planning for business owners.
This is Exencial’s third acquisition since 2020, following the additions of Willingdon Wealth Management and Shoreline Financial Advisors. As of Sept. 30, Exencial had $4.36 billion in AUM, more than 3,000 clients and 100 employees across 13 offices. The firm provides financial planning, investment management and tax planning counsel to senior corporate executives, institutions, entrepreneurs and their families.
“This partnership is more than a business transaction; it’s a commitment to the shared mission of delivering top-notch service to our clients,” said John Burns, CEO of Exencial Wealth Advisors. “The addition of Weinheimer to the Exencial family unites our shared values and decades of experience. We look forward to harnessing the strengths of both firms to enhance the financial well-being of our clients in Austin and beyond.”
7. Allworth Acquires 2 California Firms With Over $650 Million
Folsom, California-based Allworth Financial acquired Silicon Valley Wealth Advisors (SVWA), which oversees $376 million in San Jose and Half Moon Bay, as well as Hall Private Wealth Advisors (HPWA), which oversees $291 million in San Diego. Allworth has approximately $19 billion in assets under advisement and 37 offices nationwide.
In August, Co-Founders Scott Hanson and Pat McClain announced they would step down as Co-CEOs. John Bunch became CEO in October. Earlier this year, Allworth announced five previous acquisitions that collectively brought in over $1.5 billion in assets.
“Firms such as SVWA and HPWA that are well-run, growing, and good cultural fits are what we look for in new partners,” Bunch said. “The fact that Russell Hall, Tracy Lasecke, and their terrific teams, were seeking to step back from the day-to-day responsibility of managing a business so they could devote more time to improving the lives of clients made the decision to form a partnership with these two outstanding advisors an easy one.”
Promotions & People Moves
8. Connecticut Wealth Management Hires Alec Rosen As Director Of Growth
Farmington-based Connecticut Wealth Management (CTWM) hired Alec Rosen as Director of Growth. Rosen has over 13 years of financial services experience. Most recently, he was Vice President of Corporate Development at Adviser Investments. Before that, Rosen worked at LPL, Pioneer Investments and Edward Jones.
Founded in 2010, CTWM provides financial planning and investment management, as well working with business owners on retirement planning, risk management and succession planning. The RIA has over $2.1 billion in AUM, according to its December SEC ADV filing.
“My goal is to continue to grow CTWM and its reach while working to preserve the client experience and overall culture,” Rosen said. “I am incredibly passionate about our industry and taking great care of clients, which is why I am thrilled to join this amazing team and carry out our mission of turning life’s aspirations into reality for our clients and our team.”
Recruiter Of The Month
Paul Stetz, President, Alphastar Capital Management
Cornelius, North Carolina-based Alphastar Capital Management recently appointed Paul Stetz to the newly created role of President, to support and accelerate growth with its existing advisors and prospective new advisors across all affiliation models.
Stetz has over 20 years of experience in the RIA space, including M&A and practice management. He co-founded Transcend Partner Group and previously worked at Fairpoint Wealth, Mercer Advisors, Fidelity and Schwab. Alphastar has approximately $1.5 billion in AUM, according to its September SEC ADV filing.
And now for our Q&A with Paul Stetz, President of Alphastar Capital Management.
WSR: Why did you decide to join Alphastar in the newly created role of President, and what appeals to you most about it?
Stetz: In seeking my next career move, the “what” I was going to do next was important, but the “who” I was going to do it with was critical. From the start, the cultural alignment with Alphastar’s leadership team and across the Family of Companies was clear. We share the same vision for the next phase of Alphastar’s growth, including an unwavering commitment to invest in people, enhanced platform capabilities, and a world class technology stack. We intend to deliver incremental value to our partners and support our vision to become one of the leading RIA firms in the country.
WSR: How are you aiming to accelerate growth at Alphastar with prospective new advisors, and what are their potential affiliation models?
Stetz: A distinct differentiator in our business model is Alphastar’s unique ability to support all affiliation models (IAR, IBD, RIA). We meet advisors wherever they are in their evolution, and most importantly, support their future vision for their firm.
Despite historical AUM success, our next growth phase prioritizes disciplined, scalable expansion. Our strategy involves nurturing existing advisors’ organic growth through coaching and value-added programs, exploring new growth channels and strategic partnerships, and leveraging our marketing prowess. Alphastar, through its family of companies, possesses unique marketing capabilities, specializing in digital marketing and growth strategies, contributing to our vision of sustained growth and prominence in the industry.
WSR: What types of new advisors is Alphastar seeking to attract, and what makes for an ideal candidate?
Stetz: Alphastar has a strong grasp on the evolving industry landscape, acknowledging the shift toward independence and the growing demand for planning-led, holistic wealth management. We recognize the complexities, time and cost this introduces into the advisors’ business and our platform solves for this, supporting advisors of all affiliation models and simplifying operations. This allows them to focus on their passion – being great advisors, spending more time with clients and growing their firms.
An ideal candidate for Alphastar shares our cultural and relational passion, prioritizes financial planning, values holistic wealth management, seeks engagement with a community of like-minded advisors and is driven by a passion for growth.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
