Mergers & Acquisitions
Mercer Global Advisors
The Registered Investment Adviser (RIA) firm has purchased Goldstein Munger + Associates.
Goldstein Munger is a wealth management firm focused on serving ultra-high net worth clients, located in San Ramon, California, with assets under management (AUM) of approximately $1 billion (£890 million, 1, 02 billion euros).
Elsewhere, Mercer Advisors acquired The Asset Advisory Group, based in Ohio.
TAAG serves approximately 160 clients with approximately $370 million in assets under management.
Financial terms of the transactions were not disclosed.
Merit Financial Advisors
The Georgia-based financial advisory firm has merged with Triad Financial Strategies.
The agreement adds two offices and establishes Merit’s presence in the greater Seattle area. The merger increases Merit’s total assets by approximately $683 million.
Founded by Tait Lane, Triad has offices in Issaquah and Tacoma, Washington, and specializes in financial planning and wealth management.
Lane will serve as a regional manager at Merit and will be joined by his team of advisors and service associates.
MAY Capital Management
The RIA Company acquired West Point Business Group for an undisclosed amount.
The acquisition adds consultants specializing in retirement plans and facilitates the launch of MAI Retirement, a line of services dedicated to retirement plans.
Based in Ponte Vedra Beach, Florida, West Point offers retirement planning advice and financial wellness programs for businesses, as well as wealth management for individuals and families.
West Point partners C Clayton Perry and Keola J Elobt will both take on the roles of managing director and group leader of MAI Retirement.
They will be joined by four other members of the West Point team at MAI Retirement. Additionally, MAI Retirement has appointed Jason Hamilton as Retreat Director.
Capital of Apella
The wealth manager acquired RIA Structured Asset Management for an undisclosed sum.
Structured AM was founded by Bill Suplee and provides investment management and financial planning services for a fee only.
This is Apella’s third acquisition in 2022.
The Mather Group
The wealth management firm acquired Oregon-based RIA firm Cedar Financial Advisors for an undisclosed amount.
Cedar was founded in 2007 by Tim Kober and merged with Peggy Kessinger in 2011, retaining the Cedar name.
Kober, Kessinger and their third team member, Suzanne Bick, all joined TMG.
Wealth Enhancement Group
The wealth management firm has acquired Scroggins Wealth Management for an undisclosed sum.
The independent RIA with offices in New Lenox, Illinois, Naples, Florida and Fort Myers, Florida. The Scroggins Wealth Management team oversees over $370 million in client assets.
Founded in 1998, Scroggins Wealth Management provides wealth management services to its clients. Led by Michael Scroggins, the team is made up of four advisors and six support staff.
The acquisition will mark Wealth Enhancement Group’s 11th transaction in 2022.
Edelman Financial Engines
The wealth planning and investment advisory firm has acquired California-based Herrmann & Cooke Wealth Management.
Herrmann & Cooke manages more than $490 million for approximately 600 clients, providing financial planning, retirement planning, investment management and estate planning services.
Financial terms of the transaction were not disclosed.
Consulting subsidiary Hightower has merged with Optimal Portfolio.
Optimal Portfolio is led by Yu Oen and has $102 million in assets under management.
The deal will bring Fairport’s AuM to $3.4 billion.
Bluespring Wealth Partners
The wealth manager bought the company RIA Welty Capital Management.
Welty oversees $85 million in client assets.
The company will merge with Walnut Creek, Calif.-based Bedell Frazier Investment Counseling, which was acquired by Bluespring Wealth in 2020.
The addition of Welty Capital Management marks Bluespring’s seventh acquisition this year.
group of farmers
The Zurich subsidiary has appointed Raul Vargas as managing director.
Vargas is currently President of Distribution, Life and Financial Services for Farmers Group.
He oversees sales and distribution activities, in addition to Farmers New World Life and Farmers Financial Solutions.
Vargas succeeds Jeff Dailey, who joined Farmers Group in 2007 and became chief executive in 2012. Dailey will remain chairman of Farmers Group.
The global investment management firm has hired Joe Weidenbach to head Calamos Wealth Management.
He was regional chairman of US Bank Private Wealth Management.
Seventy2 Capital Wealth Management
Christopher Hayburn has joined the wealth management firm as senior vice president and financial advisor.
He most recently served as a financial advisor at Wells Fargo Advisors.
The financial services firm has hired advisers Nicholas Conner, Kevin Latta, Michael Conti and Jamie Howells at its offices in Novi, Michigan.
The team, which now operates as Stone Manor Wealth Advisors by Raymond James, includes client service associates Timothy Holly, Kimberly Reid and Kimberly Ybarra, as well as investment portfolio associate Adriana Soto and commercial coordinator George Kurtis. They come from Merrill Lynch.
In other news, Raymond James has hired adviser Dan Chick. Chick and her team join Raymond James as Park Hill Financial Services in Fort Worth, Texas from Edward Jones.
Along with client service associates Jana Terry, Betty Chick and Jay Chick, he provides financial planning to clients that include business owners, corporate executives, retirees and female investors.
Additionally, Raymond James recently recruited Alphonse Weber and Erin Weber from Pennsylvania. Together they operate as Raymond James’ Weber Group and join Hefren-Tillotson, a Baird company.
Finally, financial advisors Sanjay Beach, Kalpana Beach and Makis Beach of Westlake, Ohio joined Raymond James of Merrill Lynch. Together with Kathlene Crisp, Senior Registered Client Service Associate, they form Beach Wealth Planning Partners of Raymond James.
UBS Wealth Management United States
A four-person team managing over $215 million in client assets joined the firm in New York.
The team is led by financial advisor David Powers and includes senior wealth strategy partners Josh Steuerman and
Martin Schwartz, as well as customer service associate Kirsten Gabbett.
Powers Group comes from Wells Fargo Advisors.