RIA Roundup: Concurrent Launches New Hybrid Platform

After restructuring from an workplace of supervisory jurisdiction on the Raymond James platform to a multi-custodian, hybrid RIA mannequin, Concurrent Funding Advisors has formally relaunched with 5 new advisor groups managing greater than $440 million in collective belongings. The agency expects to deliver one other $16.5 billion in belongings over earlier than the tip of the 12 months.

In different RIA information this week, Commonwealth added $1.2 billion AUM Aegis Consulting from Lincoln Monetary; OneSeven accomplished its acquisition of TruClarity Wealth Companions; Benefit Monetary Advisors picked up an Atlanta agency with round $460 million in belongings; and Thrivent Advisor Community added its twenty fifth affiliate.

In the meantime, The Mather Group established its first Ohio location with its Clear Views acquisition; Apollon Wealth Administration created Catalyst Apollon in a cope with Catalyst Wealth; and Ryan Parker is taking up the position of CEO at EP Wealth Companions from Patrick Goshtigian.

In earlier reported information, former Focus Monetary co-head of M&A Vamsi Yadlapati is investing in and taking a seat on the board of Savvy Wealth; Mike Durbin talks about his move to Cetera Holdings from Constancy Investments; a pair of Michigan-based companies have joined Integrated Partners to broaden UHNW providers; and Dynasty Monetary Companions is saying goodbye to a founder.

Concurrent Launches New Hybrid Platform with Extra Than $440 Million in New Property

Tampa-based Concurrent Funding Advisors, previously an office of supervisory jurisdiction established in 2017, successfully restructured as a multi-custodial, hybrid RIA platform after dropping its affiliation with Raymond James final fall, the agency announced.

Similtaneously the official re-launch, Concurrent added 5 new advisor groups with greater than $440 million in collective consumer belongings—Allegiant Wealth Companions in Virginia Seaside; Danielson Tate Capital Companions in Mandeville, La.; Spectrum Wealth Companions in West Berlin, NJ; Value Monetary Administration in Berlin Township, NJ; and Alex Reid, who joined Concurrent associate agency Columbia Associates.

Greater than two dozen different teams are anticipated to transition to the brand new platform in Q2 and Q3 as Concurrent works to deliver over present workplaces. By year-end, the agency expects to supervise greater than $17 billion in belongings.

“There’s a very orderly, mutually agreed-upon transition of the workplaces which have chosen to go away the Raymond James OSJ construction and transfer to the multi-custodial RIA construction,” mentioned Rick D’Amico, associate at Service provider Funding Administration, which has held a minority fairness stake in Concurrent since the summer of 2021.

Constancy was chosen as Concurrent’s first custodian, and Practifi, SmartX and BlackDiamond are core elements of the agency’s know-how platform.

“All through our historical past, we’ve been pushed to offer advisors with the instruments, assets and assist they should develop their companies, and embrace an impartial and fiduciary-based mannequin,” Concurrent co-founder Nate Lenz mentioned in a press release. “To have 5 new joins, even by means of an intense transition interval, speaks to the success and tradition our advisors have demonstrated to {the marketplace} over time.”

“What we have seen is an extremely gifted group of operators which were in a position to appeal to actually nice entrepreneurial advisors,” mentioned D’Amico.

Service provider invested in Concurrent to assist expanded progress initiatives when the agency was managing slightly greater than $12 billion in belongings. D’Amico known as the agency’s progress “one other testomony to how far the business has continued to evolve by way of constructing these world-class impartial, multi-billion-dollar RIA infrastructures.”

$1.2B Aegis Consulting Joins Commonwealth from Lincoln Monetary

Commonwealth Monetary Community, a hybrid RIA partnership platform with headquarters on each coasts, announced the addition of Aegis Consulting, in Jacksonville, Fla., to its rising variety of impartial advisory companies.

With Lincoln Monetary for 39 and 25 years, respectively, principals Michael Cirino and Alexander Harrison deliver some $1.2 billion in consumer belongings, 11 advisors and extra assist workers to Commonwealth.

On common, Aegis advisors have been working with purchasers for greater than 24 years.

“Wholesome organizations develop each organically and by attracting new individuals, particularly younger expertise,” mentioned Harrision. “We’re wanting ahead to even larger success as we implement our new marketing strategy with the assistance of Commonwealth.”

With headquarters in Waltham, Mass., and San Diego, Calif., the Commonwealth community includes greater than 2,100 advisors overseeing round $243 billion in consumer belongings.

OneSeven Buys TruClarity Wealth Advisors

OneSeven, a Service provider Funding Administration-backed RIA primarily based in Beachwood, Ohio, accomplished its acquisition of TruClarity Wealth Advisors in a deal initially announced in February.

OneSeven launched in 2016 with assist from TruClarity Administration Options, the RIA’s sister advisor transition and observe administration platform—which was acquired by Dynasty Monetary Companions.

TruClarity Wealth will retain its branding and workplace area in St. Petersberg, Fla. The group manages greater than $690 million in belongings—bringing OneSeven to greater than $3 billion in complete AUM. Monetary phrases weren’t disclosed.

Since announcing its partnership with Merchant in August 2022, OneSeven has grown to greater than 80 staff, together with 34 impartial advisors, throughout 11 states. The agency plans to achieve $50 million in income by the tip of this 12 months.

Benefit Expands Pennsylvania Presence with Deliberate Futures

Benefit Monetary Advisors, an Atlanta-based hybrid RIA, acquired Deliberate Futures in a deal that closed on Could 19.

“We anticipate the transition to the Benefit platform shall be fully seamless,” the agency introduced on its new web site. “You’ll nonetheless have entry to all the identical individuals and knowledge you’ve now, however with extra assist on the again finish.”

Based mostly in Williamsport, Penn., the addition expands Benefit’s presence within the area and will increase belongings by some $460 million. Agency leaders James Arnold and John Keene, Jr. will tackle new roles as regional administrators and companions at Benefit.

The agency focuses on funding administration and retirement planning for state staff and mass prosperous traders.

“Increasing Benefit’s presence in Pennsylvania has been a spotlight for a while, and we’re more than happy to have James and John lead the cost,” Benefit CEO Rick Kent mentioned in a press release.

The deal represents Benefit’s nineteenth acquisition since taking a minority funding in December 2020 from Wealth Companions Capital Group and a gaggle of strategic traders led by HGGC’s Aspire Holdings platform.

At present, Benefit has 40 workplaces and greater than 100 advisors overseeing round $8 billion in belongings, together with $5.8 billion in managed belongings, $2.3 billion in brokerage belongings at LPL and $63 million in belongings underneath advisement, based on Tuesday’s announcement.

The Mather Group Establishes 1st Ohio Workplace in Cope with $360M Payment-Solely Agency

The Mather Group announced it acquired Clear Views Monetary Planning in a deal that closed on Could 19.

Clear Views was co-founded by Carol Hoffman and Tim Grout, who had spent 20 and 30 years, respectively, in finance at Proctor & Gamble. After listening to family and friends bemoan the shortage of inexpensive and reliable monetary recommendation, the pair determined to determine their fee-only observe in 2008. The Cincinnati, Ohio-based agency was managing round $360 million in belongings on the time of its acquisition.

“Constructing our enterprise has really been a labor of affection, particularly as a result of so lots of our early purchasers have been folks that have been already close to and pricey to us,” Hoffman mentioned in a press release, noting the deal will permit each advisors to spend extra time with all their purchasers.

“A bigger agency merely has extra assets to dedicate to staying forward of the curve and investing in applied sciences that may promote effectivity,” added Grout. “We’ve been impressed with TMG’s deal with streamlining workflows and automating sure processes, which might actually improve group collaboration, scale back errors, and finally, enhance the consumer expertise.”

“We have now a long run relationship with that group there,” mentioned TMG Chairman Daniel Bryant. “It’s a market we actually are excited to develop, given we’re headquartered in Chicago. They’ve an important deal with their purchasers and can proceed our tradition of placing our purchasers entrance and heart with our technique.

“We stay up for constructing a bigger presence round Cincinnati and throughout the state with them,” he mentioned.

The group’s workplace in Cincinnati represents TMG’s first bodily location in Ohio. The agency has 15 workplaces nationwide and greater than $11.7 billion in consumer belongings.

Apollon Wealth Administration Creates Catalyst Apollon with Atlanta Add

Apollon Wealth Administration, an SEC-registered and investment-led wealth administration agency and partnership platform primarily based in South Carolina, announced that Catalyst Wealth Administration shall be becoming a member of the agency underneath the title Catalyst Apollon.

Based mostly in Atlanta, the Catalyst group is led by managing companions Christopher Pullaro, David Pierce, Dave Mirolli and Brian Pierce. They’re joined by advisors Matt Cayce and Cal Halliburton.

The group serves slightly greater than 300 purchasers, primarily within the southeastern U.S., with some $193 million in belongings.

Based in 2018 with seven advisors, Apollon now includes round a dozen associate companies and employs some 70 advisors managing about $3 billion in consumer belongings.

Thrivent Advisor Community Provides twenty fifth Affiliate

Thrivent Advisor Community, a Minneapolis-based hybrid RIA platform launched in September 2019, added its twenty fifth affiliate with Perspective Monetary Providers in Phoenix.

Based in 2003 by Mike McCann, the eight-person Perspective group manages $230 million in consumer belongings.

“We carried out a deliberate and in depth seek for a strategic alliance that would assist our rising operations and know-how wants,” McCann mentioned in a press release. “We’re enthusiastic about our continued progress, with Thrivent’s broad operational assist and the power, flexibility and autonomy Thrivent gives.”

The Thrivent Advisor Community platform gives know-how, advisory, compliance and threat, and advertising and model administration assist, in addition to capital providers {and professional} group engagement alternatives.

TAN includes greater than 130 advisors in 17 states managing greater than $5 billion in consumer belongings.

Ryan Parker Steps into CEO Position at EP Wealth Advisors

EP Wealth Advisors President Ryan Parker will transfer into the position of chief government officer on the agency on July 1, based on an announcement.

On the similar time Patrick Goshtigian, who has served as CEO since 2011, will turn out to be the agency’s government chairman.

Goshtigian will deal with attracting prime expertise to the agency, whereas Parker will head up its community of advisors and oversee the event of EP’s advertising initiatives, funding platform, portfolio technique and wealth advisory and administration providers.

“I’m extremely happy with the group we’ve constructed and the dedication we’ve to enriching lives,” Goshtigian mentioned in a press release. “In my new position—engaged on a full-time foundation as government chair—I’ll be able to deal with particular strategic initiatives and M&A, whereas offering a sounding board for Ryan.” 

Los Angeles area-based EP Wealth was based in 2004 and is backed by PE agency Berkshire Companions. After taking a minority investment from Wealth Companions Capital Group in 2017, the agency launched into a national inorganic strategy.

At present, EP Wealth employs greater than 350 professionals, together with round 175 monetary advisors managing greater than $18 billion in belongings—up from round $15 billion in late 2022. Over the identical time, the agency grew its presence from 18 workplaces in 9 states to 30 workplaces in 11 states.

“We proceed so as to add extremely gifted group members to assist our nationwide advisor base and main that group as we develop and evolve shall be my focus as CEO,” mentioned Parker. Guaranteeing we’re constantly forward of the curve in our providing, service and dedication to purchasers is how EP grew to turn out to be one of many leaders within the RIA area. My intention is to proceed on that path.”

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