Stratos swipes $500M team from RBC

Reno Tahoe Wealth Management includes Sonni Shafer, Drew Bessette, Dan Roberts, Peter Bessette, Carla Bessette, and Erich Brenner

The RIA adds a multigenerational advisor practice to its network in its first foray into northern Nevada.

Stratos Wealth Advisors, an RIA with more than $3.6 billion in advisory assets, has expanded its operations into northern Nevada by incorporating a team from RBC Wealth Management.

The RIA’s newest addition, now operating under the name Reno Tahoe Wealth Management, manages around $500 million in client assets. It marks Stratos’ first foray into northern Nevada, utilizing Fidelity Investments as its primary custodian.

The multigenerational team – which includes industry veterans Peter Bessette, Dan Roberts, Carla Bessette, Erich Brenner and Sonni Schafer, and newcomer Drew Bessette – transitioned to establish a more client-focused and growth-oriented practice.

With Peter Bessette, formerly of RBC Wealth Management in Reno, at the helm, the group has been recognized for its client-first approach, catering to both individual and institutional needs.

“Peter and his team have established a reputation for putting clients’ needs first, whether they are individuals or institutions,” said Charles Shapiro, founding partner and chief development officer at Stratos, citing the new group as a center for his firm’s focus on “supporting practice management, succession planning, technology, and enhanced client investment solutions.”

“The values and vision Stratos presented as we considered our next steps gave us the confidence that Charles and the entire leadership team were the right people to help us meet our current and future needs,” said Peter Bessette, who has 37 years of experience, according to his BrokerCheck report.

Both Peter Bessette and his wife, Carla Bessette, had been affiliated with RBC Wealth Management since 2000, with their son Drew joining in 2020.

The collaboration with Fidelity Investments was a key factor in the team’s decision to affiliate with Stratos, Peter Bessette said, noting the brokerage giant’s comprehensive services and Stratos’ advisor support consulting services as necessary tools for success.

Stratos Wealth Advisors has grown significantly since its inception, boasting 59 independent advisors, over 30 US locations, and a dedicated home office staff of 82.

In February, it expanded its presence in the West Coast by welcoming California-based Pettinelli Financial Partners, with its $700 million in total client assets, from Osaic.

In October, its parent company, Stratos Wealth Holdings, appointed Gary Kuhn to its business development team as it looked to further accelerate its US growth.