M&A
Cetera Financial Group
The advice network has entered into an agreement to acquire the retail wealth business of Securian Financial Group.
Under the agreement, Cetera will acquire certain assets related to Securian Financial Services, Inc. – Securian Financial’s broker-dealer, registered investment adviser (RIA) and insurance agency – as well as the equity of Securian Trust Company.
More than 1,000 financial professionals across 30 independent firms representing $47.4bn (£38.3bn, €43.6bn) in assets under administration and $24.8bn in assets under management will be integrated as a distinct community, branded as Cetera Wealth Management Group, within the Cetera Advisor Networks community.
In addition, the transaction includes a strategic partnership agreement whereby Securian Financial will distribute its individual life and annuity products through Cetera’s affiliated financial professionals.
As part of the acquisition, Cetera will extend employment offers to the management team and all eligible employees who support Securian Financial’s retail wealth business.
Securian Trust Company will become a standalone Cetera entity and will continue to serve its existing advisers and clients, and expand to serve those in Cetera’s other businesses.
The transaction is expected to close in the third quarter of 2023, pending regulatory approval. The financial terms of the deal were not disclosed.
Charles Schwab
The financial services giant has acquired The Family Wealth Alliance (FWA), a community and provider of resources to family wealth firms serving ultra-high net worth clients.
Together, Schwab Advisor Services and The Family Wealth Alliance will deliver resources, and connections, along with technology to drive growth and success for professionals and organisations focused on ultra-high net worth clients.
Founded in 2003, The Family Wealth Alliance is a membership organisation that serves the family wealth community including multifamily advisory firms, single family offices, registered investment advisors, professional services firms, and specialty providers.
FWA founder and chief executive Tom Livergood, president Rachel Hyman and their entire team have joined Schwab as part of the acquisition.
The financial terms of the transaction were not disclosed.
Kovitz Investment Group Partners
The Focus Financial partner firm has agreed to by Ilinois-based advice company Newman Schimel for an undisclosed sum.
This transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
Founded in 2006 by Jack Newman and Bryan Schimel, Newman Schimel is a wealth manager that provides high net worth and ultra-high net worth individuals, including professional athletes, with investment management and retirement planning services.
The transaction will expand Kovitz’s greater Chicago area presence.
LM Kohn and Company
The RIA firm has acquired Ohio-based advice business Baker and Company for an undisclosed sum.
Baker and Company will retain its name, becoming a brand of LM Kohn and Company.
Every adviser formerly under Baker and Company will join the LM Kohn and Company group, and former Baker and Company leadership will remain present for a period after the acquisition to ensure a smooth transition.
People moves
LGT Wealth Management US
The wealth manager has promoted Swaati Osborne to head of wealth planning.
Osborne joined LGT Wealth Management in 2019 as a wealth manager and started working with the US business in 2021.
Swaati will be supported by trainee wealth planner Daniel Zeitoun, who joins from UBS in North Carolina, where he was a financial adviser for three years.
He will be advising US domestic individuals, and specialising in retirement and investment planning.
Sean McCrory joins as wealth manager and Amy Hill as assistant wealth manager.
McCrory was previously at Morgan Stanley, where he was a private wealth adviser. Hill was previously working in private wealth management with high net worth clients across Asia, Europe, UK and US with Fidelity.
ACM Wealth Services
Cary Carbonaro has joined the firm as a senior vice president and director of women and wealth.
Before joining ACM Wealth, Carbonaro was vice president, head of office at Goldman Sachs. She also served as head of women’s leadership at United Capital.
Lazard Asset Management
Jennifer Ryan has joined the firm as managing director and head of North American distribution, effective immediately.
Based in New York, Ryan joins from BlackRock, where she held leadership roles in both its US and UK institutional client businesses.
Raymond James
Financial advisers Jeanne Eisele, Mary Gilbert and Leanne Gray have joined the firm in New Jersey.
Operating as Anchor Financial, the practice’s founding advisers are joined by client service associate Sarahjane Hehre and branch operations coordinator Bonnie Hehre.
Previously, the team were at UBS Financial Services.
Coastal Bridge Advisors
The RIA firm has promoted Brett St John to investment portfolio strategist.
St John joined Coastal Bridge Advisors in October of 2021 as an investment strategy associate.
