Amid a flurry of acquisition and advisor move headlines this week, Raymond James, Ameriprise,and Commonwealth Financial Group notched significant wins in the continuing battle for client assets and top talent.
Raymond James said Bank Midwest has selected its Financial Institutions Division to support the bank’s investment program.
The move will see the program rebrand from Midwest Wealth Management to Midwest Wealth Group, with clients getting wealth services through Raymond James Financial Services.
The Spirit Lake, Iowa-based program includes six financial advisors, seven branch professionals and one program manager overseeing about $692 million in client assets.
Stephen Kruchten, president of the division, said the platform was built for financial institutions that “value collaboration and innovation while maintaining a culture centered on clients.”
Midwest Wealth Group will gain access to Raymond James’ advisor-facing tools and resources, which the firms say are designed to boost productivity and client service.
Ameriprise Financial, meanwhile, announced it has brought in four experienced advisors who collectively manage nearly $300 million in client assets to join Kuttin Wealth Management, an Ameriprise independent practice based in Hauppauge, New York.
The team, led by private wealth advisor Jon Kuttin, now includes new recruit Kevin Kitt in Westhampton Beach, New York, who moved from UBS Financial Services with more than $110 million in client assets.
The three other advisors were Wesley Wells from Cetera Investment Services in Alabama, former Edward Jones advisor Rick Solt in Texas, and Carol Delong in Colorado, who also arrived from Edward Jones.
Kitt said aligning with Kuttin Wealth Management and Ameriprise gives him “the opportunity to scale my practice with excellent support while maintaining independence.”
Kuttin said the group is focused on assembling “a team of exceptional advisors who share our vision for delivering unparalleled client experiences” and that adding the four advisors is a sign of the practice’s ongoing expansion.
Finally, Commonwealth Financial Group revealed that Highland Peak Wealth, a boutique firm within the organization, has added two managing directors.
Chris Martinson previously held senior roles at Citi Private Bank and BNY Wealth, where he helped oversee more than $3.6 billion in client assets. Justin Esposito comes from BNY Mellon, with earlier roles at Bank of America Private Bank, US Trust, Lenox Advisors and Moody’s Investor Services.
CFG – not to be confused with Commonwealth Financial Network, the elite RIA giant acquired by LPL – is a financial planning firm within MassMutual that caters to individuals and businesses.
Martinson said that joining Highland Peak Wealth allows the pair to serve clients in a way they have always believed wealth management should be: “personal, transparent, and entirely objective.”
Esposito added that by combining their institutional backgrounds with a boutique structure, the firm can deliver “unbiased guidance” and customized solutions as it builds deeper client relationships.
Two RIAs expand their geographic footprints with deals in New York's Capital Region and coastal Alabama.
A 27-year Merrill veteran, Florida advisors, and a trio of New Jersey advisors just moved to new platforms.
Broker-dealer expands its model portfolio platform with modular building block strategies designed to give advisors greater customization at scale.
The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.
Record annuity demand for principal protection collides with the most hawkish Fed dissent since 2016.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
