EP Wealth Advisors

The registered investment adviser (RIA) firm has named Patrick Goshtigian as executive chairman.

Goshtigian is currently chief executive, a role which will be taken on by current president Ryan Parker.

The changes will take place on 1 July 2023.

Edelman Financial Engines (EFE)

The wealth firm has named Jay Shah as chief executive.

Shah will assume this role on 18 Aug 2023, as current chief executive Larry Raffone transitions to become chairman of the board while remaining a meaningful shareholder.

For the last 13 years, Shah helped grow wealth management firm Personal Capital. Since April 2017, he was the firm’s chief executive and guided its successful acquisition by Empower.

Wells Fargo & Company

Barry Simmons has joined the firm as head of national sales.

Simmons was most recently a managing director and head of the east division for JP Morgan Wealth Management.

MassMutual

The life insurer has named Paul LaPiana as head of brand, product and affiliated distribution, and Dominic Blue as head of third-party distribution and new markets.

In addition, Blue will become chief executive of MassMutual Ascend, while Mark Muething continues in his role as president of the annuities firm.

LaPiana has more than 20 years of experience in the financial services industry and has served as head of product for MassMutual since 2019.

Blue most recently served as head of third-party and D2C for MassMutual.

LaPiana and Blue’s appointments follow Mike Fanning’s decision to retire from MassMutual after a distinguished 37-year career devoted to the financial services industry – nearly half of which was spent with MassMutual.

Atria Wealth Solutions

The wealth management firm has recruited Edwin Milner, Laura Palacios and Jason Kurz from Flagstar Bank to Atria subsidiary Cadaret Grant.

Managing nearly $1.1bn (£880m, €1.02bn) in total client assets, they will be an independent wealth management team associated with Cadaret Grant’s branch – American Investment Planners, based in Jericho, New York.

Milner, Palacios and Kurz provide financial planning, retirement and private wealth management services to high net worth individuals, businesses and foundations.

RBC Wealth Management

Carmen Castro-Franceschi has joined the wealth manager as a managing director in its San Francisco office.

Castro-Franceschi was one of nine founding members of First Republic Bank.

Raymond James

Financial advisers Greg Sardzinski and Andrew Vanore have joined the firm in Greensboro, North Carolina.

As Sardzinski Vanore Wealth Management of Raymond James, the advisers offer financial planning and investment management strategies to clients, including business owners, corporate executives, sudden wealth recipients and individuals planning for or living in retirement.

They previously managed approximately $185m in client assets at Merrill Lynch.

Also, Raymond James has hired financial adviser David Weimer in Glenwood Springs, Colorado.

Weimer founded and leads Weimer Wealth Management, and his team includes senior client services manager, Julie Pelland, and client service associates, Lisa Weimer and Debbie Bethell.

Previously, the group was affiliated with Edward Jones.

Snowden Lane Partners

The independent wealth advisory firm has recruited Douglas Gill.

As the latest addition to the firm’s Riverstone Capital Wealth Group, Gill will be based in Snowden Lane’s Bethesda office and serve as a partner and managing director.

M&A

Dakota Wealth Management

The independent investment management firm has entered into an agreement to acquire Minnesota-based Stillwater Investment Management for an undisclosed sum.

James Tonrey Jr, founder and chief executive and investment officer of Stillwater Investment Management, joins Dakota Wealth along with his

Tonrey will join Dakota Wealth as senior managing director.

This is the first Minnesota office for Dakota Wealth Management.

Hightower

The wealth manager has made an undisclosed investment in Vigilant Wealth Management.

Vigilant is a wealth management business with offices in Portland, Maine and Portsmouth, New Hampshire and manages approximately $2.3bn in client assets across 500 households.

Founded in 2002, Vigilant currently has 31 employees, including 11 wealth advisors, and is led by its three co-founding principals: Jeffrey Carlisle, Daniel Mulkern and Scott Sorensen.

Arthur J Gallagher & Co

The insurance group has acquired Tennessee-based Bernard Benefits and Bernard Healthcare Financial Planning, subsidiaries of Bernard Health.

The financial terms of the transaction were not disclosed.

Bernard Benefits is a health and employee benefits brokerage firm with a focus on small group businesses in Tennessee, Indiana and Texas. Bernard Healthcare Financial Planning advises individuals and families on health insurance coverage.

Brian Tolbert, Matt Kleymeyer and their team will remain in their current location.

Orion Advisor Solutions

The wealthtech solution provider has announced chief executive and founder Eric Clarke is set to retire by the end of 2023.
Clarke will continue as Orion’s chief executive until the successor is in place.

Perpetual

The wealth firm has appointed Mickey Janvier to the key role of head of distribution, Americas.

With a career in distribution spanning more than 20 years, Janvier has spent the last 12 years at Abrdn in various roles, most recently leading both institutional and intermediary sales channels.

Sanctuary Wealth

The advice network has taken on Jersey City-based Crescent Harbor Private Wealth.

The firm includes chief executive and founder John Araneo, and managing partner Jason Greenfield.

They join from Merrill Lynch.

Oakworth Capital Bank

Jason Pokrzywinski has been named head of wealth management and advisory services at the bank.

He most recently served in product management roles with ICON Advisers and Wells Fargo Private Bank as senior vice president, overseeing investment solutions for private bank and ultra-high-net-worth clients.

Raymond James

Financial advisers John Piotrowski, Richard Holsan and Scott Gribbons have joined the wealth firm.

As Leeward Financial Group in Lighthouse Point, Florida, the advisers are joined by practice business coordinator, Doreen Gest, and client services manager, Janice Leechalk.

Previously, the team was affiliated with Ameriprise Financial Services.

In other news, financial advisers Meghan Foley and Anthony Anderson have also joined the company.

Based in Broadview Heights, Ohio, the advisers operate as Shultz Group of Raymond James and are joined by senior client service associate Rani Thakkar.

The group was previously affiliated with Merrill Lynch.

RBC Wealth Management

William Abraham has joined RBC as a senior vice president and financial adviser in Memphis.

Abraham was previously at Wells Fargo.

In other news, Tammy Haygood has also joined as a managing director and financial adviser at the firm’s Washington DC office.

Haywood was previously at UBS.

M&A

The Mather Group

The wealth management firm has bought Ohio-based advice company Clear Perspectives Financial Planning for an undisclosed sum.

In 2008, Clear Perspectives was co-founded by Carol Hoffman and Tim Grout, who had each spent many years in senior financial management roles at Procter & Gamble Company.

Clear Perspectives had approximately $360m ($291m, €335m) in assets under management as of 30 April 2023.

OneSeven

The wealth management firm has acquired advice group TruClarity Wealth Advisors.

The registered investment adviser (RIA) firm manages over $690m in assets under management.

Merit Financial Advisors

The Georgia-based financial advice firm has acquired Pennsylvania-based Planned Futures for an undisclosed sum.

The deal will expand Merit’s presence in the region and increase assets by approximately $460m.

Planned Futures provides investment management and retirement planning strategies for state employees and mass affluent clients. The firm is led by James Arnold and John Keene, Jr, who will assume new roles at Merit as regional directors and partners.

They will be joined by their team of more than 10 professionals.

US Bank

Scott Ford has been named as president of wealth management at the banking group.

Previously, Ford led US Bank’s affluent wealth management business – a team of more than 1,400 bankers and US Bancorp Investments financial advisers.

Ford is succeeding Mark Jordahl, who will retire this summer.

Cetera Holdings

The holding company of Cetera Financial Group has appointed Mike Durbin as chief executive.

Adam Antoniades will continue to serve as chief executive of Cetera Financial Group and as a member of the board of directors.

Previously, Durbin served as head of Fidelity Institutional Investment and Technology Solutions, president of Fidelity Wealth Technologies, and president of Fidelity Institutional Wealth Services.

Insigneo

The global wealth management firm has appointed Alfredo Maldonado as managing director and market head for New York and the US northeast region.

Maldonado has 25 years of international wealth management experience, having worked in New York, California, and Florida.

FL Putnam Investment Management

Stephanie Bruckner has been named principal and managing director of investment consulting.

Bruckner brings 18 years’ experience in the financial services industry to FL Putnam. Prior to joining the firm, she led Archilo, an outsourcing chief investment office consulting practice that she established after managing a family office for five years.

Avantax

The financial planning and wealth management solution provider has hired Bruce Tuckey and Dave Renko as regional recruiting directors.

Renko joins Avantax as the regional director of recruiting serving the Southeast. He most recently served as a senior recruiter at Cetera, following roles at Woodforest National Bank, Morgan Stanley, Bank of America, and Cannon Financial Institute.

Tuckey joins Avantax as a regiona director of recruiting to recruit financial advisors, CPAs, enrolled agents, and tax professionals in the Great Lakes region. He brings more than 40 years of experience in accounting and financial services, including served as a regional director of business development for LPL Financial from 2011 to 2019.

Preserver Partners

The alternative investment management firm has named Caroline Lovelace as chief investment officer.

Prior to joining the firm, she held portfolio manager and director of research roles at Rose Hill Park Alternative Asset Managers, Pine Street Alternative Asset Management, and Provident Group Asset Management.

Raymond James

Financial advisers James Reynolds and Joseph Andrews have joined the wealth firm in Worcester, Massachusetts.

The adviser duo operates as Reynolds Andrews Wealth Advisors of Raymond James and are joined by senior client service associate Elizabeth Garrido. They join from Merrill Lynch.

UBS Wealth Management USA

Paul Cuneo has joined the firm as a managing director and financial adviser in Garden City, New York.

He joins with his team, Cuneo, Denihan & Associates which also includes financial adviser Tim Denihan and client service associates Melissa Poyer and Patrick Lively.

M&A

Pinnacle Associates

The wealth firm has bought advice firm Investment Management of Virginia (IMVA) for an undisclosed sum.

The firm manages approximately $580M in assets under management for high net worth individuals and institutions.

Heffernan Financial Services

The wealth firm has acquired advice company Ascendant Financial Solutions for an undisclosed sum.

Ascendant founder JD Hoyt joined Heffernan Financial Services as an executive vice president, along with his team of advisers and employees.

CI Financial

The Canadian financial services company has agreed to sell a 20% minority investment in its US wealth management business to a group of institutional investors.

This includes a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Bain Capital, Flexpoint Ford, Ares Management funds, the State of Wisconsin, and others collectively known as the investors.

The approximately $1bn (£800m, €910m) investment is being made at a $7.1bn enterprise value for CI US.

At the closing of the investment, CI Financial will hold 80% of CI US with the Investors holding the remaining 20%.

This means that CI Financial will not undergo an IPO of its US wealth management business.

Cresset Asset Management

The wealth firm has merged with True Capital Management to create a multi-family office with nearly $33bn in assets under management.

It with offices in 19 locations across the US. The strategic combination expands Cresset’s presence in the sports and entertainment industry.

True is a multi-family office that specializes in guiding a diverse roster of clients across sports, entertainment, and entrepreneurism to financial security and generational wealth.

Wealth Enhancement Group

The wealth management firm has acquired Minnesota-based Infinity Wealth Alliance for an undisclosed sum.

The team at Infinity Wealth Alliance led by founder Luther Hagen, oversees more than $238m in client assets.

Savant Wealth Management

The wealth firm has acquired Pennsylvania-based advice firm Domani Wealth for an undisclosed sum.

It has 23 employees and $1.53bn in assets under management.

Domani Wealth marks the fourth acquisition of 2023 for Savant, and its second partnership in Pennsylvania. With this acquisition, Savant’s footprint expands to 32 offices in 11 states, including five in Pennsylvania.

Domani Wealth’s eight partners will become equity owners in Savant at closing.

Hightower

The advice group has made an undisclosed strategic investment in Washington-based Ten Capital Wealth Advisors.

It serves a variety of clients including business owners, executives and multi-generational families.

Captrust

The financial advice firm has bought Massachusetts-based Aevitas Wealth Management for an undisclosed sum.

Aevitas provides financial planning and advisory services to individuals, families, and small businesses, in addition to advice and investment services for endowments, foundations, and retirement plans.

The wealth management firm brings $567m in assets to Captrust, along with four colleagues.

People moves

Neuberger Berman

The investment manager has named Shannon Saccocia as chief investment officer of NB Private Wealth.

Most recently, Saccocia was the chief investment officer for SVB Private, which acquired Boston Private Wealth in July 2021.

Modern Wealth Management

The advice firm has hired Stephen Tuckwood as director of investments and Nicole Bittner as head of growth operations.

Prior to joining Modern Wealth, Tuckwood was vice president of alternative investments and manager selection at Goldman Sachs.

Bittner joins Modern Wealth from Goldman Sachs, where she most recently held the role of vice president of strategic partnerships and commercial engagement.

Principal Financial Group

Roberto Walker will retire from the firm after serving as president of Principal Latin America for more than 12 years.

Luis Valdés, former president of Principal International, will rejoin the company on an interim basis as chairman of Latin America until the company names Walker’s successor.

Walker will retire from Principal on 30 June 2023, after 27 years serving in several leadership roles in Latin America.

Ameriprise Financial

Wealth management practice McCay Kuznitz Hess Group has joined the branch channel of Ameriprise Financial in Red Bank, New Jersey.

Ed McCay, Mark Kuznitz and Larry Hess moved their practice to Ameriprise from Merrill Lynch.

Fairport Wealth

The Ohio-based Hightower advisory business has named Mike Drennen as chief wealth officer.

Before joining Fairport, Drennen worked at Hightower Advisors, Fairport’s parent company, as an executive director on the adviser engagement team partnering with advisory firms across the country in running profitable, efficient and growing businesses.

Pathstone

The family office has entered into an agreement to acquire Texas-based Brainard Capital Management for an undisclosed sum.

Founded by Owen Brainard in 2004, Brainard advises on approximately $2bn (£1.6bn, €1.8bn) in combined assets under management and administration.

The combination will bring Pathstone’s total assets under advisement and administration to over $80bn. Pathstone will now have offices in 17 cities across the US with over 350 team members, more than 180 of whom are shareholders of the firm.

JP Morgan

The banking group has bought the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC).

The acquired First Republic businesses will be overseen by JPMorgan Chase’s Consumer and Community Banking (CCB) co-chief executives, Marianne Lake and Jennifer Piepszak.

Wealth Enhancement Group

The wealth management firm has purchased Heacock & Jones Financial Services for an undisclosed sum.

The team at Heacock & Jones Financial Services, led by president Paul Heacock, oversees more than $355m in client assets.

Founded in 2000, Heacock & Jones Financial Services specialises in providing financial planning, investment management, tax planning, insurance, retirement planning and estate planning.

Modera Wealth Management

The wealth manager has acquired North Carolina-headquartered Parsec Financial.

All of Parsec’s employees have joined Modera and 24 of those employees have become Modera owners, giving the combined business a total of 61 employee owners.

People moves

Cresset

Liz Nesvold has joined the firm as president.

She was previously a managing partner at Silver Lane Advisors.

Coldstream Wealth Management

The employee-owned wealth management firm has appointed Matt Sonnen as chief operating officer.

Before joining Coldstream, Sonnen founded and served as chief executive of PFI Advisors.

UBS

Brian Zakrocki and Joseph Wladyka have joined the firm as managing directors and private wealth advisers in New York City.

Brian and Joseph are joined from First Republic Investment Management by relationship manager Lora Tloczkowski, senior client service associate Victoria Lieb, senior wealth strategy associate Ryan Malloy and wealth strategy associate Luke Persico.

RBC Wealth Management

The wealth manager has hired two teams from First Republic to its San Francisco office.

The Friedman Peters Group includes managing director and financial adviser Mark Friedman and managing director and financial adviser Mitchell Peters.

The Nickel Cox Group includes managing director and financial adviser Mark Nickel and senior vice president and financial adviser Michael Cox.

Summit Financial

The advice firm has expanded its regional footprint with the launch of Michigan-based Great Lakes Private Wealth.

The independent practice is led by founder and chief investment officer Daniel Murphy, who previously spent more than 10 years at Wells Fargo and more than 30 at UBS.

Joining Murphy in launching the firm are partner and portfolio manager Patrick Patin, wealth relationship manager Carla Stamps, wealth relationship manager Anne Nordloh, and director of client experience Melissa Hauer.

Collectively, this team oversaw more than $400m in assets under management while at Wells Fargo.