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RIA M&A Roundup: Hightower Picks Up $2.5B Associate Agency in Orlando

Byjobz786.com

Nov 10, 2023

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Hightower Advisors added its eighth new accomplice agency of the 12 months this week, whereas Robertson Stephens is establishing store in Wyoming. Wealth Enhancement Group and Hub Worldwide each picked up retirement-focused practices, and Sikitch added to its accounting and wealth administration companies.  

In earlier reported information, Abacus Life launched an RIA division, ABL Wealth, with the help of Dynasty Monetary Companions. 

Hightower Picks Up $2.5B Associate Agency in Orlando

Chicago-based Hightower Advisors added a fee-only agency in Orlando managing round $2.5 billion in belongings, the agency introduced.

Based in 1988, the 30-person Useful resource Consulting Group is led by President and CEO Gregg Biro and consists of 13 different shareholders, in addition to 13 CFPs, three CPAs, two attorneys and a CFA.

“We had been searching for a forward-thinking strategic accomplice that might assist us develop and evolve our enterprise,” Biro mentioned in an announcement, citing Hightower’s partnership strategy and “value-added service mannequin” as key points of interest.  

“The Hightower partnership permits Useful resource Consulting Group to take care of autonomy and the agency’s distinct id whereas gaining the mandatory sources to raise our shopper service providing to new heights,” added founder and vp Mike Davis.

Useful resource Consulting Group is the twelfth deal introduced by Hightower this 12 months, together with 4 sub-acquisitions and the launches of a new accomplice agency and a tax subsidiary. Phrases of the deal weren’t disclosed however Hightower CEO Bob Oros has mentioned acquisitions are inclined to contain a mixture of each money and fairness.

Based in 2008, Hightower is majority owned by Thomas H. Lee Companions and collectively manages about $131 billion in belongings throughout 135 practices in 35 states and Washington, D.C.

Robertson Stephens Strikes into Wyoming

Robertson Stephens Wealth Administration is opening an workplace in Jackson, Wyo., with the addition of Tom Bruno from Wells Fargo Personal Financial institution as a managing director and principal.

Previous to becoming a member of Wells Fargo in 2017, he spent nearly two years at vp of enterprise improvement for Gerson Lehrman Group, following 22 with enterprise information firm FactSet Analysis.

The Jackson workplace would be the fourth Roberston Stephens location within the Rocky Mountains area, and the 18th within the nation. With 81 staff, the Bay Space-based agency manages round $4.5 billion in belongings.

In an announcement, Bruno mentioned the transfer will permit him to “proceed delivering world-class funding capabilities and white-glove service.”

Wealth Enhancement Group Buys Native Retirement-Targeted RIA

Wealth Enhancement Group, a Minneapolis-based hybrid agency with greater than $68.3 billion in shopper belongings, purchased a retirement-focused hybrid RIA in its dwelling state with some $150 million in managed belongings.

Established in 1992, Retirement Advisory Group includes a workforce of three advisors and two help workers led by founder and Associate Terry Kerber.

The acquisition provides an workplace in Eden Prairie, Minn., establishing WEG’s fifteenth location within the state, together with eight within the bigger Twin Cities space.

Based in 1997 and registered with the SEC since 2001, Wealth Enhancement Group is co-majority-owned by TA Associates and Onyx Companions. The agency oversees greater than $68 billion in shopper belongings as of September, together with $4 billion of brokerage belongings held at LPL Monetary.

HUB Worldwide Bolsters Retirement Planning with Newest Deal

World insurance coverage and monetary companies agency Hub Worldwide Restricted acquired the belongings of Renaissance Profit Advisors Group, beforehand affiliated with World Retirement Companions—a Hub subsidiary managing $119.8 billion in belongings.

Positioned in New York Metropolis and Atlanta, RBA is a retirement plan consulting and institutional funding advisory agency serving to retirement plan sponsors handle fiduciary tasks below ERISA and restrict legal responsibility danger, in accordance with an announcement.

Founder Ellen Lander is becoming a member of Hub Mid-Atlantic, together with a workforce of two. 

“The dedication of Ellen and the RBA workforce to being a trusted ‘fiduciary accomplice’ to their purchasers makes them a wonderful match for Hub as we proceed to develop our presence within the Northeast,” Hub Retirement and Personal Wealth President Joe DeNoyior mentioned in an announcement.

Hub Retirement and Personal Wealth, a rising division of Chicago-based Hub Worldwide, gives institutional and retirement companies to organizations and personal wealth administration companies to people and households. Securities are supplied via accomplice dealer/sellers not affiliated with Hub and advisory companies via each affiliated and unaffiliated registered funding advisors.

The RIA associates in HUB RPW—World Retirement Companions, Millennium Advisory Companies, TCG Advisors, Hub Funding Advisors, HUB Worldwide Funding Advisory Companies and Sheridan Street Advisors—present funding advisory companies to purchasers with round $148 billion in belongings.  

Sikich Acquires Thornhill Monetary in Northeast Ohio

Expertise, accounting and hybrid registered funding advisory agency Sikich agreed to amass the working belongings of Thornhill Monetary, a Cleveland-based agency offering tax, audit and monetary advisory companies.

“Northeast Ohio is a precedence marketplace for Sikich and I am excited to proceed our funding on this geography with the addition of the Thornhill Monetary workforce,” acknowledged Jason Tuma, Northeast Ohio market growth chief at Sikich. “We’re happy with our fame as one of many high skilled companies companies within the nation. The Thornhill workforce will construct upon our capabilities and permit us to proceed to convey first-class companies and monetary methods to our purchasers.”

Thornhill Monetary offers tax, audit and advisory companies to firms throughout quite a lot of industries, together with manufacturing, development and personal fairness—together with particular person and enterprise tax planning and compliance, worker profit plan audits, restructuring, money move planning, property planning and extra. The agency additionally offers help for rich people.

“Sikich’s vary of companies and sources will convey immeasurable worth to each our purchasers and our staff,” mentioned Kurt Walcutt, a accomplice at Thornhill Monetary.

The Thornhill Monetary workforce will preserve its workplace within the Cleveland-Akron metro space and combine plenty of present Sikich staff into the workplace area. The transaction is ready to shut on the finish of the month.

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