Arax Investment Partners and Steward Partners are officially kicking things off in the RIA M&A space in June, with each firm announcing acquisitions to extend their reach into key US regions.
On Monday, Arax announced that has acquired Schechter Investment Advisors, the RIA unit of Michigan-based Schechter, a multi-generational wealth advisory firm with $4 billion in assets under management as of May 28.
The deal enables Arax to expand its presence in the Midwest and brings the Schechter advisory team under the Arax Advisory Partners brand.
Founded nearly a century ago, Schechter serves ultra-high-net-worth families nationwide. Its advisory business will be integrated into Arax’s platform of independent firms that focus on specialized services for high-net-worth clients. Schechter’s Advanced Design Life Insurance business will remain a standalone entity.
“For almost a century, we have found success by reaching across the financial landscape to identify the strategies and opportunities that best serve our clients and their goals,” Marc Schechter, chief executive of Schechter, said on Monday.
Haig Ariyan, chief executive of Arax, said the acquisition aligns with the firm’s growth strategy. “The Schechter team is known for thoughtful, multi-generational financial planning and sophisticated investment solutions – exactly the type of partner we are looking for as the Arax platform scales,” he said.
Backed by RedBird Capital Partners, Arax has been expanding through acquisitions in fast-growing US markets. In January, it disclosed its acquistion of Cedrus Financial, an RIA with roughly $1 billion in assets under management headquartered in Littleton, Colorado.
Meanwhile, Steward Partners has entered the Arizona market through the addition of Desert Sky Advisors, a Scottsdale- and Gilbert-based practice managing $225 million in assets. Founded in 2016, the team provides wealth and estate planning, tax management, and retirement solutions for high-net-worth clients.
The move marks Steward Partners’ first office in Arizona and supports its national growth strategy, particularly in the Southwest. Four members of the Desert Sky team, including managing director Matt Clay, are joining the firm.
Jeff Gonyo, head of wealth management at Steward Partners, said the firm's mission resonated with Desert Sky’s approach.
“The name 'Desert Sky' not only pays homage to Arizona's stunningly beautiful sunrises and sunsets, but also symbolically embodies their goal to effectively guide clients through the sunsets of their lives,” he said.
Reporting over $40 billion in client assets as of January, Steward Partners extended its presence in Georgia last month with the addition of Moore's Wealth Management to its Legacy Division.
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