Prospera Financial Services has added Cornerstone Wealth Management, a Rochester, New York practice with eight advisors and $600 million in assets under management.
Serving clients in 25 states, Cornerstone focuses on retirement planning, estate strategies, risk management and multigenerational wealth. Johnson and Richardson have nearly 75 years of combined experience, and their team includes advisors who previously worked at large wirehouses and independent firms.
“We wanted a partner that aligned with our long-term vision, and Prospera is that partner,” Johnson said.
“The more sophisticated a practice becomes, the more important it is that support stays personal,” said Tarah Williams, Prospera’s president and chief operating officer.
With the addition, Prospera now supports over 240 independent advisors overseeing more than $32 billion in client assets.
Tampa, Florida-based Concurrent Investment Advisors announced that it has brought on two practices and four individual advisors with more than $1 billion in combined assets. The firm says that lifts its total assets under management past $29 billion.
The largest of the new Concurrent partners is Foreman Financial, a Midland, Texas, practice founded by Kevin Foreman that oversees nearly $400 million. The firm left Raymond James – where Concurrent used to operate as a giant branch – and works mainly with business owners, corporate executives and retirees.
“As our clients’ needs and goals evolve, partnering with Concurrent will help us deliver on our vision to offer sophisticated, institutional-caliber services with the dedication and autonomy of a business of our own,” Foreman said.
Benchmark Financial Advisors also joined Concurrent from another independent RIA. The Pennsylvania team is led by Tim P. Miller and Stephanie Hunter and manages more than $300 million as it offers comprehensive financial planning, tax-efficient strategies and portfolio management, coordinated with clients’ estate planning attorneys.
“We are excited to join Concurrent as a strategic step toward enhancing the quality and depth of our services,” Miller said.
Four other advisors with more than $300 million between them also moved to the platform:
Morgan and Stein were both previously affiliated with other independent RIAs.
“Every advisor joining our platform is building a business that is distinctly their own, and we are committed to supporting each one with resources that help them grow and remain autonomous,” said Joe Mooney, Concurrent’s managing director and head of business development.
Parsippany, New Jersey-based OnePoint BFG Wealth Partners has acquired the practice of David Siegel and is opening a new office in West Palm Beach, Florida.
Siegel’s four-person team includes Christopher Ballerano, Devin Kooi and Serena Craven. It oversees approximately $240 million for about 230 client households.
The group serves senior executives, business owners, entrepreneurs, and sales and real estate professionals. It pays particular attention to clients managing tax exposure as their businesses and wealth grow.
“For me, the right transition had to make as much sense for my clients as it did for my team and me,” said Siegel, whose 17-year IAPD record started with Northwestern Mutual in 2010.
While exact deal terms are unclear, OnePoint BFG's acquisition strategy appears to be resonating among breakaways from Northwestern Mutual this year. Aside from its biggest-ever acquisition in Chicago last month, the Rise-backed RIA has also welcomed ex-Northwestern Mutual advisors in Tampa and Orlando, Florida.
“Their work with executives, entrepreneurs and growing families complements our planning-led approach,” Andy Schwartz, chief executive of OnePoint BFG, said of Siegel's Florida team.
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