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.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
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.