Just days after it announced the acquisition of West Coast Financial, a financial advisory firm headquartered in Santa Barbara, Cerity Partners has grown again.
The 16-year-old RIA firm has merged with Cook Wealth, a Raleigh-based wealth management firm, expanding its financial planning, investment management, and tax planning and preparation services into North Carolina.
The $529 million AUM Cook Wealth is led by Brian Cook who started at the firm in 1998, became managing partner in 2004, and owner in May 2023. He was previously director of portfolio investments at Pappas Capital and a senior financial analyst at GSK.
The team includes 27 employees.
“Cook Wealth’s talented team and deep client relationships reflect a clear commitment to holistic, client-first service,” said Claire O’Keefe, Partner & Head of Partner Development at Cerity Partners. “This merger not only expands our footprint in the Raleigh market but also deepens our ability to serve private and corporate clients with personalized solutions. We’re thrilled to welcome them to the firm.”
The M&A market in the RIA space is vibrant with an aging population of firm owners looking to cash out and/or secure the future of their businesses beyond their retirement. And optimism remains despite the current economic and market turmoil.
Among the firms that are pursuing growth through acquisition is Mercer Advisors which recently added Vishria Bird Financial Group in Memphis, and D. Scott Neal in Kentucky to its network adding a combined $883 million in assets under management and expanding its presence in the Southeast.
Mercer's principal of M&A partner development Martine Lellis shared her insights with InvestmentNews into why unlocking growth is central to mega RIA's M&A strategy.
"It's probably the most competitive environment that we've ever seen," Lellis said. "When you have many well-capitalized buyers out there competing for what we consider high quality partner firms, then I think just maintaining the ability to be nimble in terms of the way that you structure these deals is incredibly important."
Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.
Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.
National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.
While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.
A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
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