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Wealth Advisors Expand Footprints Through Acquisitions
24 Oct
Summary
- Two RIAs expand services via acquisitions
- Kestra poaches $866M Merrill team, Cetera adds $126M advisor
- Firms launch new tax and retirement plan advice divisions
Over the past week, the wealth management industry has seen a flurry of acquisition activity as registered investment advisors (RIAs) look to expand their service offerings and geographic footprints.
Prime Capital Financial announced the purchase of a Texas-based tax advisory firm, allowing it to launch a new Prime Capital Tax Advisory division. Similarly, VestGen Wealth Partners bolstered its retirement plan advice capabilities by acquiring a former Osaic team specializing in that space.
On the expansion front, AlphaCore Wealth Advisory acquired a $1.5 billion RIA in Rockville, Md., while 1099 affiliation platform Concurrent brought on a $1.3 billion team from Raymond James based in Savannah and Sea Island, Ga.
The article also highlighted two high-profile advisor moves. Kestra Private Wealth Services, the hybrid RIA based in Austin, Texas, has poached a large $866 million team from Bank of America's Merrill. The team, led by David Barnett and Ashley Ament, has launched Ascend Private Wealth Partners. Additionally, Cetera Financial Group has brought on advisor Frank Mezzanotte and his $126 million FDM Wealth Management practice to its Cetera Financial Institutions division.
