Independent registered investment advisor Signature Estate & Investment Advisors is making a move for the Midwest market with its largest-ever planned acquisition.
The comprehensive wealth management firm announced plans Tuesday to acquire Cedar Brook, a Cleveland-based RIA with assets under management of $2 billion.
The deal, expected to close in June 2024, marks SEIA’s largest acquisition and is also its maiden expansion into the Midwest.
Upon completion, the deal will see SEIA’s total AUM rise to over $22 billion, with a workforce comprising 155 employees and advisors spread across 20 offices.
Aside from representing a significant step in its national expansion efforts, the deal would mark SEIA's first major move since partnership with Reverence Capital Partners in 2022.
"Joining forces with SEIA marks an exciting chapter for Cedar Brook. Our shared devotion to client-centric services and innovative wealth management solutions positions us to deliver additional value to our clients," Bill Glubiak, CEO of Cedar Brook, said in a statement.
A seasoned veteran, Glubiak has a record in the industry that stretches back nearly three decades, beginning with a tenure at Lincoln Financial.
Cedar Brook is coming into SEIA’s network from Cadaret Grant, a unit of Atria Wealth Solutions, which it joined in 2021.
"This dynamic partnership embodies our core values and aligns with our strategic vision of holistic wealth management services nationwide on behalf of our clients and their legacies," added Brian Holmes, CEO of SEIA.
The acquisition not only enhances SEIA’s presence in Ohio, Pennsylvania, and Michigan but also complements its recent strategic moves, including its appointment of April Rosenberry for advanced trust and estate planning.
SEIA continues to offer a range of wealth management services, such as client model and custom portfolios, concierge-level service, access to alternative investments, and operations through its new broker dealer, Signature Estate Securities, which launched in September.
“SEIA is positioning itself for strategic national growth opportunities,” said Cameron Stagg, the firm’s director of M&A.
“This is just the beginning of SEIA's M&A endeavors. We expect significant additional acquisitions across the nation,” he said.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
FINRA has been focused on firms and their use of social media for several years.
RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.
The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.
Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
