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Following on a week in which at least 15 deals were announced, the second week of August proved to be relatively slow in the RIA mergers and acquisitions market. CI Financial announced three acquisitions since May, even as the company underwent a major rebranding and transition process; Dynamic Advisor Solutions, a Phoenix-based TAMP and advisor support network, onboarded five new practices in the first half of the year; and Integrated Partners announced the fourth acquisition in the firm’s history.
Meanwhile, Wealth Enhancement Group has added six professionals to its executive leadership team, bolstering digital advisory, lending and banking expertise.
In earlier reported news, Cerity Partners hired KPMG’s Jeff LeSage to recruit CPA firms and Cetera retained more than nine out of 10 Securian advisors in its largest acquisition ever.
Corient (formerly CI Private Wealth U.S.) Adds 3 US Firms, $13.7B, in 3 Months
During a quarterly earnings call this week, CI Financial touted the success of its U.S. wealth management business, recently rebranded as Corient, and announced three new acquisitions since April.
The firm added around $12 billion in assets with the acquisitions of Houston-based Avalon Advisors in May and the La Ferla Group on Long Island, N.Y. in June, followed by a third-quarter acquisition of $1.7 billion AUM Intercontinental Wealth Advisors in San Antonio, Texas.
After entering the U.S. wealth management space in January 2020, CI borrowed heavily to fund dozens of acquisitions as it grew stateside assets to more than $194 billion. Plans to take the U.S. business public were repeatedly delayed, and the firm opted to sell a $1 billion minority stake to a consortium of private equity investor to pay down debt on the Canadian balance sheets earlier this year.
Corient increased revenue by around 42% over the first half of last year, according to CEO Kurt MacAlpine, and by nearly half quarter-over-quarter. That was as adjusted returns from its Canadian concerns fell from the last quarter and even more significantly from the same time last year.
U.S. advisors were fully transitioned to a new, integrated technology platform and the new brand was debuted in July. Miami-based Corient is now focused on consolidating its physical footprint in regions where the firm has acquired multiple offices, such as New York City, Chicago and Houston.
CI may have slowed its acquisitions over recent months, but MacAlpine said Corient is in a good position pursue other attractive acquisition opportunities as they come to market.
Dynamic Advisor Solutions Onboards 5 New Advisory Practices in 2023
Dynamic Advisor Solutions, a Phoenix-based turnkey asset management platform with a network of more than 75 independent financial advisors overseeing some $4 billion in collective assets, added five new practices to its platform in the first half of 2023.
Founded in 2009 by Jim Cannon, who previously spent time as president and CEO of both SunAmerica Securities and AIG Financial, Dynamic supports advisors across 18 states with operational support, an integrated technology platform, portfolio management and regulatory compliance administration, as well practice management consulting, marketing and personal assistant services or “concierge support.”
The new additions include Dynamic’s first Minnesota advisor—Anne Ward, running Wisdom Wealth Management in Bloomington—and bring the firm’s total number of advisors in Arizona to 20 and in California to 18.
In Phoenix, Jay Rabins and Roger Nusbaum joined the Dynamic team from Your Source Financial, a local firm that terminated its SEC registration in April, and a two-person RIA helmed by Andrew Victor will operate on the platform under the name Tactical Tax Wealth Management.
Another former Your Source advisor, Rodney Smith, has joined under the Dynamic brand in Denver.
In Chandler. Ariz., a three-person team operating under the name Renatus Private Wealth Advisors is returning to Dynamic after two-years with Autus Asset Management. And Williams & Novak Wealth Management in Westlake Village, Calif., run by Dan Novak and Jacob Williams, is joining the platform after four years with Western International Securities and longer stints with Charles Schwab before that.
Dynamic is a pure RIA and multi-custodial platform. Trades are placed on a “directed brokerage basis” at the custodian selected by the end client. The practice offers more control to the client but also absolves the advisor from fiduciary obligations around transaction fees, according to federal disclosures.
Integrated Partners Adds $225M Denver RIA
Integrated Partners, a hybrid RIA based in the greater Boston area with more than $15.5 billion in brokerage and advisory assets, acquired Prism Financial Strategies in Denver.
Led by Managing Partner Jeff Engleman, the seven-person team oversees around $200 million in assets for approximately 300 clients, according to a Form ADV filed in mid-February. Prism was founded in 2017 by Engleman and two colleagues from Bancwest Investment Services, Shelly Schell and Amy Shroff.
Between the three of them, they hold five different professional certifications, including CFP, certified investment management analyst, certified retirement plan specialist, certified divorce financial advisor and accredited investment fiduciary.
Engleman said the team expects to benefit from Integrated’s menu of services, including its family office, benefits and business owner solutions divisions.
The deal is the fourth Integrated has announced since jumping on the RIA M&A bandwagon earlier this year. In June, the firm launched a new insurance solutions division.
Wealth Enhancement Group Adds New Leadership
Minneapolis-based Wealth Enhancement Group, one of 2023’s most active acquirers of RIA firms, announced the addition of six names to its executive leadership team after adding more than $7.6 billion in client assets since Jan. 1.
Founded in 1997, WEG is a hybrid firm overseeing more than $68 billion in assets for more than 55,000 households.
“We are thrilled to announce the addition of exceptional new executives to our firm, whose expertise and vision will fuel our continued growth and success,” WEG CEO Jeff Dekko said in a statement.
Bryan Vnak has been promoted from SVP of advisor services to chief advisory officer.
Chief New Client Development Officer Michelle Brownstein and SVP of Brand and Creative Craig Erickson both joined WEG from Empower, a digital investment, budgeting and retirement planning company.
Dawn Elmore came on as VP of business process transformation late last year, after holding multiple leadership roles at Sourcepoint, a tech-enabled mortgage origination service.
Elizabeth Hansen has also been recently named chief compliance officer and Bill Rice joined the leadership team as chief legal officer.
WEG said it is “doubling down on its commitment to providing the best possible financial advice,” and the recent additions would seem to indicate that involves a significant technology component.
The moves “reflect the critical and growing importance of advisor teams, business process transformation, new client acquisition, and a continued commitment to sound legal and compliance principles,” the firm said in a statement.
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