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.
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