There was plenty of movement among financial advisors ahead of the Thanksgiving holiday week in the United States.
The moves kicked off with Beacon Pointe Advisors, a Newport Beach, Calif.-based registered investment advisor with $55 billion in client assets, announcing the acquisition of a female-led team overseeing $1.2 billion in client assets.
That was followed by the nearly $200 billion multifamily office and wealth manager Cresset expanding its footprint in Atlanta and starting a new office in Jackson Hole, Wyo., by recruiting a Goldman Sachs team that had managed over $1.8 billion. In addition, RIAs Carson Group and Sapient Capital acquired firms managing over $1 billion in assets.
On the broker/dealer side, LPL Financial announced it was joining Merchant Investment Management in purchasing a minority stake in Private Advisor Group, the Morristown, N.J.-based RIA and office supervisory jurisdiction of LPL.
Insigneo Lands Caribbean-Focused Team from Raymond James
Insigneo, a Miami-based wealth manager with over $30 billion in supported customer assets, has recruited The Americas Financial Group from Raymond James.
The team is led by José Cabrera Sr., son José Cabrera Jr., and daughter Kristina Cabrera, all of whom had been part of The Americas Group at Raymond James. As an Insigneo team, they will continue to advise UHNW individuals and institutions, including central banks and corporations, across the English-speaking Caribbean region.
Before Raymond James, the Cabreras had worked at financial services firms, including Smith Barney and Morgan Stanley.
Cabrera Jr., now executive director at Insigneo, said, “We look forward to deepening our client relationships through Insigneo’s global capabilities and comprehensive platform.”
The team will now custody with BNY Pershing and Goldman Sachs.
$5B PFG Moves from Osaic to United Planners
Priority Financial Group, a Phoenix-based firm with nearly $5 billion in assets under administration, has switched its broker/dealer from Osaic to United Planners Financial Services, an advisor-owned firm.
The move will see United Planners gain PFG’s more than 80 financial advisors, over 20 bank and credit union partners, with about 90% advisor, asset and revenue retention.
“Many of the large broker/dealers have become overly complex, overly restrictive and increasingly centered on their own platforms,” PFG CEO Mike Prior said in a statement. “United Planners provides the blue-ocean environment we need to continue growing.”
United Planners, based in Scottsdale, Ariz., supports over 500 advisors with assets under management exceeding $25 billion. It offers advisors custodial platforms, including Charles Schwab and AssetMark, and avoids “forced-platform migration strategies,” according to the firm.
Mather Group Acquires $300M Napa Wealth
The Mather Group, a Chicago-based RIA managing over $14 billion in AUM, has acquired Napa Wealth Management, a Napa, Calif.-based RIA managing almost $300 million in client assets.
Napa Wealth, founded in 1997, has a six-person team that works with high-net-worth and ultra-high-net-worth business owners and families.
The whole team will transition to The Mather Group, expanding the RIA aggregator’s footprint on the West Coast. It now has 13 offices, out of which it offers financial planning, investment management, tax strategy and estate planning.
AmeriFlex Group Recruits Two Commonwealth Teams
The AmeriFlex Group, a hybrid RIA that recently moved to Cambridge Investment Research as its broker/dealer, has added two former Commonwealth teams overseeing $280 million in total client assets.
Blue Hills Wealth Management, based in Plymouth, Mass., and Converge Wealth Partners, based in Fairport, N.Y., have joined the firm.
Blue Hills Wealth Management, a family-owned business run by three generations of financial advisors, oversees approximately $170 million in client assets. Converge Wealth Partners, a newly launched firm led by John Skomski and Dan Jeffery, manages about $110 million in client assets.
In the first six months after moving from Osaic to Cambridge for broker/dealer services, AmeriFlex has recruited and integrated more than a billion dollars in total client assets. The Las Vegas-based hybrid RIA oversees about $12 billion in client assets.
Snowden Lane Lures Osaic Advisor
Joe Bernheimer, a former Osaic advisor managing $141 million in client assets, has joined Snowden Lane Partners as senior partner and managing director, opening a new office in Metuchen, N.J.
Bernheimer’s move to Snowden Lane, a hybrid advisor-owned RIA firm based in New York, expands its presence in New Jersey.
Before the move, Bernheimer was an advisor and branch manager at Osaic, following a 17-year tenure at Sagepoint Financial. His work includes investment advisory services and insurance.
Snowden Lane, founded in 2011, employs about 150 professionals, including more than 80 financial advisors across 15 offices nationwide. It oversees about $10 billion in client assets.
