Arete Wealth has announced a deal to bolster its presence in California with a new branch office and more than $800 million in AUM.
On Thursday, the broker-dealer and RIA revealed a deal under which Portsmouth Financial Services would be integrated into Arete Wealth as a new branch office.
The asset purchase agreement, pending FINRA review, will bring 40 advisors and over $800 million in assets under management to Arete's platform.
Based in San Francisco, Portsmouth will operate as an OSJ branch office through a tuck-in program, without having to adopt the Arete banner in its business dealings.
While Portsmouth’s advisors will continue to service accounts through Pershing, they will also be offering clients enhanced access to Arete Wealth’s comprehensive brokerage services, multi-custodial advisory solutions, and advanced technology.
Arete’s diversified business model cut across a wide range of services and products including managing broker-dealer services, financial and estate planning, investment advice, insurance, and annuities.
The firm also boasts unique access to alternative investments, which includes venture capital and private equity offerings.
Portsmouth has been providing wealth-management services since its founding in 1982 and has grown to $800 million in assets under management. Chairman Ray Lent and CEO Echo Chien will continue to lead the firm, working closely with Arete Wealth's executive team.
"We selected Arete Wealth because of its people, culture, and commitment to wealth management excellence," Lent said in a statement.
A long-tenured veteran, he’s been a registered broker with Finra for nearly 50 years.
"By leveraging Arete Wealth's infrastructure, we gain time, capacity, and capabilities to elevate our wealth management platform and enable our financial professionals to provide more solutions and enhanced services for clients," Lent said.
Joshua Rogers, Arete’s CEO and founder of the Chicago-based broker dealer, said he was “pleased to welcome the Portsmouth team to the Arete Wealth family.”
“I am confident that Arete will only further enhance the already great work they are doing for their clients,” Rogers said.
Proposition 40 wealth tax could raise $30 billion, not $100 billion, as departures erode the base and voters remain split
Jump is piping FMG marketing content into post-meeting workflows as Zocks opens its platform to more than 32,000 LPL financial advisors
Trevor Uhls pleaded guilty to one count of wire fraud and one count of money laundering.
Osaic and LPL Financial routinely square off in recruiting advisors from other firms as well as from each other.
Meanwhile, Wealthspire's Ground Control business picks up a $1B private wealth firm in London, and Modern Wealth deepens its presence in California.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
