This edition of the Weekly Recruitment Roundup features NewEdge Capital Group recruiting $9.6 billion in 2023, Integrated Partners bringing on over $3 billion this year, Arkadios Capital onboarding two teams and a business consulting director, Cadaret Grant adding OPOC.US, Carson Group recruiting Oakeson Steiner Wealth & Retirement, Savvy Advisors hiring Jacob DuBose, Osaic agreeing to acquire Lincoln Wealth, Edelman Financial Engines acquiring NEPPS and NEIC, as well as CAPTRUST Financial Advisors acquiring Trutina Financial.
Advisor Transactions
1. NewEdge Capital Group Recruits $9.6 Billion In 2023
In 2023, Pittsburgh-based NewEdge Capital Group surpassed last year’s record growth in client assets and advisor teams, recruiting $9.6 billion in expected assets under management (AUM) compared to $9.1 billion in AUM recruited in 2022. NewEdge Capital Group launched in October 2021.
Its NewEdge Advisors and NewEdge Wealth divisions support independent advisors with various affiliation models. NewEdge Advisors attracted more than 70 advisors from 30 new teams in 2023, adding three new teams in Florida, Illinois and North Carolina. NewEdge Wealth opened four new offices this year and added 14 ultra-high net worth advisors among its six other locations.
“The wealth management industry continues to experience disruption from consolidation, technology and succession, and wealth managers seek a partner that can help them navigate these challenges while providing a growth platform,” said Alex Goss, a Managing Partner at NewEdge Capital Group and Co-CEO and Co-Founder of NewEdge Advisors. “We offer that support so they can focus on what’s important to them – the client relationship.”
2. Integrated Partners Brings On Over $3 Billion This Year
Waltham, Massachusetts-based Integrated Partners added over $3 billion in assets in 2023. It acquired Laurel Wealth Advisors, and welcomed affiliate partners Wealthcare Management Services, JMB Financial Services Group and PRISM Financial Strategies this year. Integrated Partners has over $15.5 billion in assets under advisement, more than 200 advisors, more than 170 CPAs and 116 regional offices nationwide.
The firm also recently partnered with Long Beach, California-based accounting and advisory firm Windes to launch Ovisto Wealth Management. The partnership provides retirement planning, investment management, estate and legacy planning, risk management and business owner planning, facilitated by Integrated Partners’ front- and back-office support services.
“This past year has been transformational. We continue to attract interest from planning-focused, entrepreneurial advisors and teams who are looking to gain more control over their own futures,” said Rob Sandrew, Chief Growth Officer at Integrated Partners. “The size, intricacy and scope of the advisors interested in the Integrated model continue to grow, and we’re looking forward to adding more high-performing teams in the coming year.”
3. Arkadios Capital Onboards 2 Teams, Hires Business Consulting Director
Atlanta-based hybrid broker-dealer Arkadios Capital onboarded Atlanta-based Peachtree Wealth Advisors, with over $325 million in client assets, and Scottsdale, Arizona-based RBG Capital, with over $275 million in assets under administration.
David Frank and Jonathan Lindvig founded Peachtree Wealth Advisors in 2004. Steve Lichtblau, Mike Walling and Christopher Gee lead RBG Capital. Arkadios Capital also recently appointed Heather A. Bailey as Director of Business Consulting. Bailey previously served as a Vice President at State Street Global Advisors, working with defined contribution advisors and consultants.
“We are thrilled to welcome both Peachtree Wealth and RBG Capital to Arkadios and our growing community of elite financial advisors,” said Nate Stibbs, Director of Corporate Strategy at Arkadios Capital. “These are both highly entrepreneurial firms with significant growth potential, and they align perfectly with our culture and values. We look forward to helping them accelerate growth through our innovative platform of private wealth solutions.”
4. Atria’s Cadaret Grant Adds $350 Million OPOC In Ohio
Cadaret Grant, a subsidiary of Atria Wealth Solutions, added Worthington, Ohio-based OPOC.US, (OPOC stands for “one point of care”), which manages almost $350 million. The OPOC team includes German “Alex” Cabrera, John Crow, David Lawler, Clark May, Carl Swanson and Edward “A.J.” Sommer III.
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 OPOC into Cadaret Grant and the Atria family,” said Kevin Beard, Chief Growth Officer and a Founding Partner at Atria. “OPOC’s decision to join the Atria family is yet another example of the success we are having with financial professionals choosing our firm because they recognize our unique ability to help the most complex, successful businesses thrive.”
5. Carson Group Recruits $1.2 Billion Oakeson Steiner In Nebraska
Omaha, Nebraska-based Carson Group recruited Hastings, Nebraska-based Oakeson Steiner Wealth & Retirement, which manages $1.2 billion, to its RIA. The team of 13 wealth advisors and client services staff was founded in 1994 by Doug Oakeson and Jack Steiner. It is led by President and Wealth Advisor Josh Yost.
Last month, Carson Wealth added $150 million Main Street Financial Group in Milton, Georgia, and $85 million Arbor Point Advisors, in Billings, Montana. Carson Group has a network of more than 140 advisory firms, manages approximately $31 billion in assets and serves more than 48,000 families. Its businesses include Carson Wealth, Carson Coaching and Carson Partners.
“At the forefront of creating better solutions for clients, our move to Carson Group aligns perfectly with our goal of providing enhanced services through cutting-edge technology and resources,” Yost said. “We are excited to build on the solid foundation set by our founding partners and elevate our client experience to new heights.”
6. Savvy Advisors Brings On Jacob DuBose In Denver
Savvy Advisors, an RIA affiliated with the digital-first platform Savvy Wealth, brought on Denver-based Jacob DuBose as a Principal Wealth Manager. At Empower (previously Personal Capital), he led a team that managed over $425 million in assets for nearly 300 high net worth individuals and families, business owners and trusts. DuBose spent six years at Empower, where he was a senior financial advisor on the private client services team.
Before Empower, he served for almost 10 years as a senior financial consultant at TIAA-CREF. At Savvy, DuBose will serve affluent and high net worth clients. Savvy Advisors also recently recruited John Khoury as a Principal Wealth Manager and hired Marisa (Maya) Joelson as a Founding Principal Wealth Manager and Global Investment Strategist.
“As I considered the next phase of my career, it was important for me to continue to pursue my passion for managing the wealth of individuals and families,” DuBose said. “Savvy offered everything I was looking for. I wanted to go independent in a smart way, by selecting a firm with a comprehensive infrastructure to support growth. Savvy gives me the flexibility to provide financial advice my way, while serving clients’ unique needs.”
Mergers & Acquisitions
7. Osaic To Acquire $108 Billion Lincoln Wealth From Lincoln Financial
Osaic agreed to acquire Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS), the wealth management firms that comprise Lincoln Wealth, from Lincoln National Corporation. Lincoln Wealth consists of approximately 1,450 advisors and oversees approximately $108 billion in assets as of June 30.
The acquisition aims to require minimal to no repapering and no change to account numbers. Lincoln Wealth’s leadership team and employees supporting the business will join Osaic intact as standalone entities after the close of the transaction, which is subject to regulatory approvals. Lincoln National Corporation has been a strategic partner to Osaic for over a decade.
“We’re excited to welcome Lincoln Wealth’s impressive leadership team, financial advisors and other dedicated employees to Osaic. This acquisition was driven by the strong partnership between Osaic and Lincoln Financial Group which will continue into the future,” said Jamie Price, CEO of Osaic. “The cultural alignment between Lincoln Wealth and Osaic makes this a natural fit and we look forward to continuing to serve Lincoln Wealth advisors with the strong culture of community and development they have built.”
8. Edelman Acquires $1.5 Billion NEPPS And NEIC In Rhode Island
Edelman Financial Engines (EFE) acquired Providence, Rhode Island-based New England Pension Plan Systems (NEPPS), which provides advisory and consulting services to employee benefit plans and plan participants, along with its affiliate New England Investment Consultants (NEIC), an RIA.
NEPPS and NEIC manage approximately $1.5 billion for more than 500 clients, providing personalized financial planning and investment management to individuals, trusts, estates and charitable organizations. This is EFE’s largest acquisition by AUM since 2021. EFE also acquired PRW Wealth Management and Align Wealth Management this year.
“The expertise and capabilities that NEPPS has in the retirement plan consulting space is a perfect complement to the broader platform we are building here at EFE,” said Suzanne van Staveren, Executive Vice President, CFO and COO at Edelman Financial Engines. “As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on managing their companies’ retirement plans.”
9. CAPTRUST Acquires $1.1 Billion Trutina In Washington
Raleigh, North Carolina-based CAPTRUST Financial Advisors acquired Bellevue, Washington-based Trutina Financial, which manages over $1.1 billion in assets across institutional and individual clients. CAPTRUST and Trutina both serve family wealth management, retirement plan services, and corporate cash management for business clients, endowments and foundations.
In October, CAPTRUST acquired Indianapolis-based Column Capital Advisors, which manages over $1.4 billion. In July, the firm acquired San Antonio-based Southern Wealth Management, which oversees approximately $2.3 billion. CAPTRUST has almost 1,500 employees across 85 locations nationwide, and had over $832 billion in assets as of June 30.
“The Pacific Northwest is a region we have wanted to expand in for a long time,” said Rush Benton, Senior Director of Strategic Growth at CAPTRUST. “Adding the folks at Trutina is the perfect way to initiate our presence in this market.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
