Results for "mergers & acquisitions"

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Advisor Group expected to be sold for $2.3 billion

May 9, 2019

Advisor Group, a group of independent contractor broker-dealers with close to 11,800 financial advisers, is close to announcing that it will be acquired by private equity investors for a price tag of $2.3 billion, according to sources familiar...

Former broker wins $600,000 arb award for claims related to sale of business

May 8, 2019

A former broker won a $600,000 arbitration award for claims that another broker reneged on a deal to sell his book of business. According to a Financial Industry Regulatory Authority Inc. filing, former Ameriprise Financial Services broker Peter...

LPL Financial opening its coffers for adviser acquisitions

May 6, 2019

LPL Financial is letting its affiliate advisers know that if they want to expand, it can help with the financing. Indeed, the firm has kicked off 2019 by raising the issue with advisers at conferences and has increasingly been willing to discuss...

Cresset acquires $500 million Cypress Wealth Advisors

May 2, 2019

Cresset Asset Management has acquired Cypress Wealth Advisors, a San Francisco-based RIA with more than $500 million in assets under management. With the acquisition, Cresset, which also is based in San Francisco, now manages $4.5 billion in...

Cerity Partners acquires $500 million hybrid

May 2, 2019

Chicago-based Cerity Partners has acquired Karsten Advisors, a Fort Worth, Tex.-based hybrid firm manages $500 million in assets. Cerity now has nearly $22 billion in assets under advisement. Last month, it bought Blue Prairie Group, which oversees...

Advisory firms' value is tied to the market's value

April 30, 2019

If you're an adviser, hopefully you don't recommend that your clients use leverage to juice returns. (Especially not your older clients.) Yet many principals of advisory firms are themselves highly leveraged, and most do nothing about reducing...

Indianapolis-based RIA managing $575 million affiliates with Ron Carson

April 30, 2019

Spectrum Wealth Management, a registered investment adviser based in Indianapolis, Ind., managing $575 million, is affiliating with Carson Wealth. In a deal Carson calls an "equity swap option," Spectrum will rebrand itself as Carson Wealth...

Choppy stock market leads to fewer wirehouse reps fleeing the coop

April 30, 2019

The stock market correction at the end of last year is being credited with putting a damper on breakaway broker activity during the first three months of this year. The latest data from Echelon Partners show that just 94 advisers exited the...

HighTower invests in $4.8 billion California advice firm

April 29, 2019

Chicago-based HighTower announced an investment Monday in LourdMurray, a Beverly Hills, Calif.-based advisory firm that manages $4.8 billion as a result of its own recent merger with San Diego, Calif-based Delphi Private Advisors. The merger...

A near-record quarter for RIA acquisitions

April 26, 2019

The total of 31 acquisitions of registered investment advisers that occurred during the first quarter is just one shy of the record and signals more good news for those advisers looking to sell their firms. "I would call it a blockbuster quarter,"...

FWM to acquire Optima Fund Management

April 25, 2019

FWM Holdings, the New York-based parent company of multifamily offices Forbes Family Trust and LGL Partners, will acquire Optima Fund Management, a New York-based private investment firm specializing in alternative investments. (More:​ Bronfman...

Centerbridge said to be in talks to buy Advisor Group

April 23, 2019

Centerbridge Partners is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter. The private equity firm could reach a deal as soon as this week to acquire Advisor...

Mariner to acquire $1.3 billion RIA in Florida

April 18, 2019

Mariner Wealth Advisors of Overland Park, Kan., will acquire Singer Xenos Schechter Sosler, a wealth advisory firm based in Coral Gables, Fla. The firm's four named partners and its 16 associates will remain with Mariner, the firm said in a...

After losing billions in assets, giant hybrid RIA set to open broker-dealer

April 11, 2019

On the verge of opening a new broker-dealer, William Hamm over the past year has seen billions of dollars in assets and hundreds of reps and advisers walk out the door of his firm, Independent Financial Partners, a hybrid RIA. A year ago, InvestmentNews​...

Principal-Wells Fargo retirement deal hints at fee compression

April 11, 2019

The blockbuster deal inked by Principal Financial Group and Wells Fargo & Co. earlier this week provides a glimpse into the economics prevailing in the defined-contribution-plan record-keeping business. Specifically, the deal's $1.2 billion...

Principal to buy Wells Fargo retirement unit for $1.2 billion

April 9, 2019

Principal Financial Group Inc. agreed to buy Wells Fargo & Co.'s retirement plan services unit for $1.2 billion as the bank streamlines operations in the wake of scandals. The business, which has $827 billion in assets under administration,...

How important is financing for selling advisers? Very

April 8, 2019

Historically, a significant majority of independent and registered investment advisers have exited the industry without experiencing a liquidity event at retirement. Restrictive financing options may be to blame. The introduction of Small Business...

Kestra loses $11 billion retirement group to LPL

April 4, 2019

Strategic Retirement Partners, an advisory firm with $11 billion in retirement plan assets, has joined GRP Financial, the largest retirement-plan-focused hybrid RIA that uses LPL Financial as its broker-dealer. Strategic Retirement Partners,...

F.L. Putnam acquires Financial Focus and $275 million in AUM

April 3, 2019

F.L. Putnam Investment Management has acquired Financial Focus, a financial planning and wealth management firm in Wolfeboro, N.H., that manages $275 million in assets. The entire Financial Focus team will join F.L. Putnam, the company said...

Marsh & McLennan acquires Centurion, a $16 billion retirement group

April 3, 2019

Centurion Group, an advisory firm overseeing $16 billion in retirement plan assets and 400,000 plan participants, is being acquired by Marsh & McClennan Agency, a subsidiary of the national insurance brokerage Marsh. The deal, terms of which...

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