The M&A flywheel does not completely stop for Charles Schwab’s annual Impact conference. Not even for Schwab itself, as it turns out.
The country’s largest custodian announced during its conference that it had acquired private markets platform Forge Global Holdings. Jon Beatty, head of Schwab Advisor Services, told reporters at the conference that Schwab sees bringing private market investments to advisors and clients as a continuation of its history of making markets more accessible to everyday investors.
When asked by WealthManagement.com about when advisors would have access to the new offering, Beatty said, “The first step with Forge is to close the deal.” When asked about advisor trepidation with investments in the more opaque private market space, Beatty said those very fiduciaries will manage the risk for their clients as appropriate.
You can’t say we didn’t try. You also can’t say we don’t try every week to bring you the most relevant deals and moves in the sector.
This week, HB Wealth, an Atlanta-based RIA, expanded its team by five, bringing in a group from J.P. Morgan that had been managing nearly $15 billion in assets and enough clout for the firm to open a new office in Charlotte.
In addition, Kestra Holding’s Bluespring Wealth Partners stayed in the family by acquiring a $1.4 billion Kestra-affiliated Pittsburgh firm, the RIA platform Uptick announced it is topping $1 billion in assets after recruiting two advisor teams, and Merit Financial continued to put its recent investment by Constellation Capital to work by adding Mennenga Tax & Financial in Wisconsin.
Carson Group Lures Northwestern Mutual Breakaway
Financial advisor James Fetters has joined Carson Group to establish Blueprint Wealth Management, a new practice in Santa Monica, Calif.
Fetters, who previously managed approximately $170 million in assets under management at Northwestern Mutual, chose $50 billion Carson after spending time researching his options to go independent. As a partner, he will utilize Carson’s technology platform, as well as compliance, tax, and estate planning services, among others.
Fetters had been with Northwestern Mutual for about nine years, according to BrokerCheck. Before that, he had worked for Wall Street firms Morgan Stanley and J.P. Morgan Securities in sales and trading.
Carson now has more than 150 offices in the United States. The Omaha, Neb.-based firm is majority-owned by founder Omani, who changed his name from Ron Carson, and includes employee ownership along with a minority stake from Bain Capital.
Wealth Enhancement Acquires $165M Guidance Wealth
Wealth Enhancement has boosted its total client assets to more than $125.1 billion with its latest acquisition, an Elkhart, Ind.-based RIA overseeing over $165 million in client assets.
The acquisition brings over a team including Managing Partner John McSorley, Partner and financial advisor Michael Griggs, and Director of Operations and Chief Compliance Officer Maureen Teunissen.
Founded in 2010, Guidance Wealth provides wealth management services, including tax preparation, to individuals, families and small businesses.
Wealth Enhancement, based in Plymouth, Minn., has expanded to 158 offices nationwide. It is owned by a group of private equity firms, led by TA Associates and Onex Corporation, as well as its employees.
RFG Advisory Tops $7B Platform Assets with Addition of Cambium
RFG Advisory, a Birmingham, Ala.-based RIA platform, has added Cambium Wealth Partners to its roster, bringing RFG’s AUM to over $7 billion.
The Flagstaff, Ariz.-based Cambium, managing $340 million in client assets, joined RFG to “enhance its service offerings and streamline operations,” according to an announcement.
Tom Taylor founded the firm, which has a team of 14 people comprising five financial advisors and nine support professionals.
Shannon Spotswood, CEO of RFG Advisory, commented on the deal, stating, “Partnerships like this remind us why we do what we do, supporting and empowering advisors to make an extraordinary impact in the lives of their clients.”
Earlier this year, RFG announced that Ed Swenson, most recently of Osaic, had joined as president.
Bank and Retirement Provider Alerus Joins Osaic Institutions
Alerus Financial, a commercial wealth bank and retirement plan and benefits provider based in Grand Forks, N.D., has chosen Osaic Institutions as its broker/dealer, bringing $246 million in new assets to Osaic.
The affiliation will place Alerus on Osaic’s technology platform and provide it with access to its compliance and relationship management support for clients.
“When we evaluated broker/dealer options for this expansion, Osaic’s clear banker-focused culture made the decision easy for us,” Jim Collins, executive vice president and chief banking and revenue officer at Alerus, said in a statement.
Alerus considered several broker/dealers before going with Osaic, saying the decision was “influenced by Osaic’s platform flexibility and direct access to senior leadership, which Alerus believes will elevate the client experience.”
Stephen Amarante, executive vice president of Osaic Institutions, noted that through the link-up, Alerus would be further developing “their wealth management program.”
The move adds to Scottsdale, Ariz.-based Osaic’s push into institutional channels. It has recently affiliated with Blaze Credit Union, Union Bank and five other credit union programs, adding a combined $500 million in assets to its platform.
Private equity firm Reverence Capital Partners owns Osaic.
