Hybrid RIA network Kestra welcomes Wealth Empowerment Financial Strategies

Hybrid RIA network Kestra welcomes Wealth Empowerment Financial Strategies
The $103B independent wealth platform's latest addition in Boca Raton, Florida comes after bolting from embattled firm B. Riley.
OCT 29, 2024

Kestra Financial is broadening its reach in the Sunshined state as a Boca Raton-based wealth firm joins its independent partner network.

On Tuesday, Kestra officially announced the addition of Wealth Empowerment Financial Strategies to its platform.

Founded by senior managing directors Eric Lyon and Tom Holly, WEFS previously operated under B. Riley Wealth Management, the embattled firm that's been dealing with a plethora of issues including shareholder pressure, an ongoing regulatory assessment, and questions over its relationship with Brian Kahn, the disgraced former CEO of Franchise Group.

WEFs, which manages $1.4 billion in assets and specializes in wealth management and retirement planning, is starting a new chapter as it seeks to leverage Kestra’s resources to continue its growth.

By partnering with Kestra, WEFS aims to enhance its service offerings and streamline operations using Kestra's technology and service platforms.

"After a long process of interviews and due diligence, the decision to move forward with Kestra Financial was a natural one," Lyon said in a statement. "We were impressed with everything Kestra Financial had to offer—from its executive management team and technology platform to its back-office tech and resources—and knew this would help the growth of our firm down the line."

Established in 2006, WEFS has a team of 31 independent advisors and staff members who provide comprehensive services, including estate planning, 401K options, and cash balance strategies. The firm has built its reputation on offering personalized, client-focused financial services.

Kestra Financial, headquartered in Austin, Texas, is a leading independent wealth management platform and a division of Kestra Holdings. Established in 1997, the firm oversees $103 billion in assets under advisement and supports more than 1,700 independent financial professionals, including both traditional and hybrid RIAs.

"We’re thrilled to welcome WEFS to our network of independent wealth management firms," said Daniel Schwamb, executive vice president of business development at Kestra. "WEFS and Kestra Financial share a joint ethos of teamwork and collaboration, making Eric and his team a perfect fit within our premier community of independent financial professionals."

The official news of Kestra welcoming WEFS comes shortly after PE firm Stone Point Capital confirmed earlier this month that it would be returning as the broker-dealer giant's majority shareholder.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.