Kestra Private Wealth Services, the RIA subsidiary of Kestra Financial, has just welcomed another breakaway by adding a former Edward Jones advisor into its network.
The firm announced Tuesday that Rachel Eisenhart has partnered with Alexandria, Virginia-based HF3 Wealth Partners, bringing HF3's assets under management to over $200 million.
Led by founder David Tovey, HF3 offers financial services to individuals and families, particularly those nearing retirement. Tovey, along with operations and relationship manager Lisa Galloway, joined Kestra PWS in 2022 to achieve greater independence and flexibility in their client approach.
The tuck-in transaction sees Eisenhart, who has nearly a decade of experience as a financial advisor as well as a 10-year career supporting the Department of Defense under her belt, joining HF3 as managing partner. She will manage $87 million in client assets and will work from Alexandria.
“I’m thrilled for the opportunity to join a former colleague in an independent setting,” Eisenhart, who previously worked with Tovey at Edward Jones, said in a statement.
“David and I are completely aligned in terms of building out a client experience that’s focused on hospitality in a business that can sometimes feel cold or numbers driven,” she said
For his part, Tovey said he’s “beyond excited” to welcome Eisenhart to his team in Kestra.
“The opportunity to bring aboard a partner with her background exponentially increases the experience we’re able to provide our clients,” Tovey said, highlighting how Kestra “matches the level of support that a big corporate company can offer.”
As inorganic growth increasingly becomes the name of the game across the industry, Rob Bartenstein, senior managing director and CEO of Kestra PWS, said the company’s commitment to helping its current partner firms grow as “one of our unique differentiators.
“[O]ur management team devotes considerable time and resources to assisting firms in attracting and/or adding other like-minded advisors,” Bartenstein said.
“There’s no better way to help our firms strengthen their value – to clients and as an enterprise – than by helping them expand the size of their team, grow their footprint, or add complimentary skillsets and capabilities,” he said.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
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
