Key Takeaways
- • MAI Capital Management acquired LOC Investment Advisers, a fee-only RIA with offices in Hurricane, West Virginia, and Jupiter, Florida, in a deal that closed Feb. 13 and carries about $759 million in AUM.
- • Integrated Pension Services acquired BDS Consulting Group, a retirement plan consulting firm serving more than 260 retirement plans, with a rebrand to Integrated Pension expected within 12 months.
- • Elevation Point made a minority investment in Hampton Bluff Capital Partners, an Atlanta-based firm launched by a team that previously managed $1.3 billion in AUM at UBS Private Wealth Management.
- • LPL Financial recruited Shoreline Private Wealth Management, whose president oversaw about $275 million in assets at Morgan Stanley, and advisor Tom Madigan, with about $300 million from UBS.
- • LPL and Simplicity Group agreed to expand insurance support for LPL advisors, with LPL transferring its LPL Insurance Associates business to Simplicity.
Summary
The Wealth Solutions Report's weekly Deals & Recruiting Roundup covers a cluster of RIA acquisitions, minority investments, advisor team recruitments and leadership appointments. The most significant transaction was MAI Capital Management's acquisition of LOC Investment Advisers, a fee-only RIA with about $759 million in AUM. LOC was founded in 1981 by Robert O'Dell and David Lanham and said it is the longest-tenured RIA operating in West Virginia. The founders will remain involved during integration, and Sean Mayberry, LOC managing director, will become Senior Wealth Advisor and Team Leader.
Integrated Pension Services acquired BDS Consulting Group, a retirement plan consulting firm serving more than 260 plans. Founder Jill Whittredge will stay on in the near term, BDS will initially retain its name, and existing service agreements, teams and fee structures will be honored. Jason Grantz, CEO and Chief Revenue Officer of Integrated Pension, said the deal expands capacity and eliminates redundancy.
Elevation Point made a minority investment in Hampton Bluff Capital Partners, an Atlanta-based wealth firm founded by a team that previously operated as Odyssey Wealth Management within UBS Private Wealth Management, managing $1.3 billion in AUM. Co-founders Krunch Kloberdanz and Justin Runager lead the firm. Elevation Point will provide investment banking, lending, capital raising and municipal finance support, and custody will be provided by Schwab and Goldman Sachs Custody Solutions.
In advisor transactions, LPL Financial added Shoreline Private Wealth Management, whose president Jason Mochi joined from Morgan Stanley with about $275 million in assets, and Tom Madigan, who brought about $300 million from UBS and aligned with Thimble Island Private Wealth, supported by LPL Strategic Wealth. Raymond James added the Touchpoint Financial Advisor Group team from Commonwealth Financial Network, managing about $682 million in client assets according to the firm. Osaic added Westport Private Wealth (about $252 million) and Hoyt Jensen & Associates (about $190 million), both previously affiliated with Ameriprise.
LPL and Simplicity Group announced an agreement to expand insurance products, operational support and training for LPL advisors. As part of the deal, LPL will transfer its LPL Insurance Associates business to Simplicity. Cheri Belski, LPL Executive Vice President of Investment Solutions, said the partnership supports LPL's strategy of working through specialized partners.
Leadership appointments included Sowell Management naming Vincent Gimarelli its first Chief Development Officer, World Investment Advisors naming Jeffrey Sheftic Chief Growth Officer, Mercer Global Advisors naming Abby Salameh and Chris Walters Managing Partners, and AE Wealth Management naming Shannon Larson President.
Integrated Pension Services acquired BDS Consulting Group, a retirement plan consulting firm serving more than 260 plans. Founder Jill Whittredge will stay on in the near term, BDS will initially retain its name, and existing service agreements, teams and fee structures will be honored. Jason Grantz, CEO and Chief Revenue Officer of Integrated Pension, said the deal expands capacity and eliminates redundancy.
Elevation Point made a minority investment in Hampton Bluff Capital Partners, an Atlanta-based wealth firm founded by a team that previously operated as Odyssey Wealth Management within UBS Private Wealth Management, managing $1.3 billion in AUM. Co-founders Krunch Kloberdanz and Justin Runager lead the firm. Elevation Point will provide investment banking, lending, capital raising and municipal finance support, and custody will be provided by Schwab and Goldman Sachs Custody Solutions.
In advisor transactions, LPL Financial added Shoreline Private Wealth Management, whose president Jason Mochi joined from Morgan Stanley with about $275 million in assets, and Tom Madigan, who brought about $300 million from UBS and aligned with Thimble Island Private Wealth, supported by LPL Strategic Wealth. Raymond James added the Touchpoint Financial Advisor Group team from Commonwealth Financial Network, managing about $682 million in client assets according to the firm. Osaic added Westport Private Wealth (about $252 million) and Hoyt Jensen & Associates (about $190 million), both previously affiliated with Ameriprise.
LPL and Simplicity Group announced an agreement to expand insurance products, operational support and training for LPL advisors. As part of the deal, LPL will transfer its LPL Insurance Associates business to Simplicity. Cheri Belski, LPL Executive Vice President of Investment Solutions, said the partnership supports LPL's strategy of working through specialized partners.
Leadership appointments included Sowell Management naming Vincent Gimarelli its first Chief Development Officer, World Investment Advisors naming Jeffrey Sheftic Chief Growth Officer, Mercer Global Advisors naming Abby Salameh and Chris Walters Managing Partners, and AE Wealth Management naming Shannon Larson President.
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