Kingswood U.S., part of a global wealth network representing more than $15 billion in AUM, is broadening its Southern footprint with a billion-dollar RIA in Nashville.
On Tuesday, Kingswood U.S. announced its acquisition of Eudaimonia Partners, an advisory firm managing over $1 billion in assets, as part of its ongoing expansion.
Eudaimonia’s founder and president, John Goodson, will continue to lead his team of 17 advisors while maintaining his $100 million book of business. He will also help lead national growth efforts while serving as president of his group within Kingswood and reporting to Michael Nessim, CEO and president of Kingswood U.S.
"As the wealth management industry continues to evolve, it is critical for a firm of our size to seek additional scale and exceptional talent to ensure we are positioned to succeed in the future," Nessim said in a statement, underscoring Eudaimonia’s fit with Kingswood’s long-term growth strategy.
This acquisition, finalized on September 1, also includes a strategic partnership with Eudaimonia Asset Management, Eudaimonia's TAMP unit headed by Scott Poore. The three entities within Eudaimonia will further strengthen Kingswood’s growing portfolio of fee-only advisors and asset management services, with Kingswood’s affiliated advisors utilizing Eudaimonia’s TAMP for their client offerings.
Goodson, a 36-year veteran in the wealth management industry, will play a key role in Kingswood’s national expansion efforts, particularly through recruitment and mergers and acquisitions as he heads up the firm's Nashville officer.
“Our goal has always been to enhance the lives of everyone we touch, and our strategic partnership with Kingswood U.S. is a critical component of our continued success,” Goodson said, expressing optimism about the partnership.
Jamie Golden, who oversees Kingswood’s mergers and acquisitions growth, highlighted the importance of this deal in supporting the firm's expansion plans.
“Working with Eudaimonia and expanding our presence in the increasingly important southern market positions Kingswood U.S. for additional large-scale acquisitions,” said Golden, who'll work shoulder-to-shoulder with Goodson.
Eudaimonia and Kingswood U.S. will also both maintain long-standing custodial relationships with Raymond James and Charles Schwab.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
