A fairly light week in wealth management deals kicks off with CUNA Mutual Group, a mutual insurance company with 550 advisors across nearly 300 credit unions and $36 billion in assets, moving its brokerage services to LPL Financial. The transition will start in 2022.
Sanctuary Wealth pulled in an eight-person team from Wells Fargo. The team, Excelsis Global Private Wealth, is an international wealth management practice that generated $5.5 million in annual revenue. It joined Sanctuary’s global wealth business.
Acquisitions were extremely light: Wealth Enhancement Group was one of the few firms to announce a transaction. It acquired Lighthouse Wealth Management, a Maryland-based firm managing $446 million.
Below are more advisor moves you may have missed the week of June 14, 2021.
Integrated Partners Picks Up $150 Million in AUM Firm
Integrated Partners recruited Creidim Wealth Partners in Chicago. Creidim is led by advisor Todd Bessey, who moved his practice from the regional bank Wintrust.
Two Advisor Teams Join LPL Financial
Advisors Alicia Curtis and Jyl Barnard of Curtis Barnard Financial Services joined LPL Financial. Also joining LPL are Chris Dearing and assistant Kari Snyder of Riverfront Financial Group. The team managed a collective $400 million in AUM at Mass Mutual.
LPL Financial Recruits $1.2 Billion in AUM Firm From UBS
Puzzle Wealth Solutions in Schaumburg, Ill., joined LPL Financial through affiliate Gladstone Wealth Partners. The 10-person team led by CEO John Klaas joined from UBS Financial Services where it managed more than $1.2 billion in assets for nearly 400 corporate executives, business owners, families and individuals.
RBC Wealth Management U.S. Adds $1 Billion San Francisco–Based Team
RBC Wealth Management U.S. brought the Seidler Cattich Group, and its $1 billion in client assets, to its San Francisco office. The five-advisor team, previously affiliated with Wells Fargo, specializes in goals-based wealth planning for ultra-high-net-worth individuals and families.
Seidler Group Managing Director Joseph Seidler says the team spoke to RBC Wealth Management a few years ago when contemplating a move from UBS. “While what we heard about RBC sounded good, I honestly doubted whether it could all be true,” he said, “but as we’ve learned from friends who have moved here in the past year or so, it’s not only true, but even better than advertised. It’s kind of hard not to take a serious look at a place that people you trust say is the new gold standard in the industry. So here we are.”
Falcon Wealth Planning Hires Michael Jensen
Michael Jensen concluded his five years at Beacon Pointe Advisors and moved to Falcon Wealth Planning. He will head Falcon’s office in Irvine, Calif. Falcon manages $357 million in AUM, according to its latest ADV filing.
Former Merrill Advisor Joins Golden State Wealth Management
Advisor Ryne Mading in Missoula, Mont., joined Golden State Wealth Management, a South Coast Metro, Calif.–based RIA that manages $1.3 billion in advisory assets. The advisor was formerly at Merrill Lynch, Pierce, Fenner & Smith and is dually registered with LPL Financial.
