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RIA Roundup: A Dozen Offers Convey Waverly to Extra Than $10B


Simply two years after taking over personal fairness backers, Waverly Advisors has accomplished a dozen offers and grown belongings by greater than 200%. In the meantime, Moneta has grown to $34 billion with its first deal since April and Kestra introduced an Ameriprise staff managing greater than $300 million joined its platform in 2023.  

In information reported this week: 

  • Mercer picked up a $2.5 billion Seattle agency;  
  • Built-in attracted an Ameriprise group with $185 million;  
  • MAI, Beacon Pointe and Perigon all introduced acquisitions;  
  • Trendy Wealth seeded an in-house retirement plan division with a $1.2 billion buy in Western New York;  
  • A father/son staff broke away from a Penn Mutual dealer/vendor to launch a $750 million RIA;  
  • Bluespring mixed two accomplice companies to create a Florida hub with $1.4 billion;  
  • A nascent tech-forward RIA platform known as Compound Planning has already onboarded 15 new advisors in 2024  
  • XYPN’s company RIA launched its pilot program with six advisors; 
  • Sanctuary added a $1 billion breakaway from Stifel;  
  • And, a trio of three feminine companions unveiled a Chicago RIA with an in-house psychologist on Worldwide Girls’s Day. 

In expertise information this week, Abby Salameh left CAIS to guide development at RFG Advisory and Brian Worth was formally named CEO of the wealth administration unit at Mesirow. 

A Dozen Offers Convey Waverly to Extra Than $10B 

Waverly Advisors, a registered funding advisor primarily based in Birmingham, Ala., has surpassed $10 billion in shopper belongings after taking over personal fairness traders Wealth Companions Capital Group and HGGC and embarking on an inorganic development technique in December 2021. 

On the time, Waverly was managing near $3.5 billion. On the finish of 2022, the agency had grown to $5.5 billion. With a dozen acquisitions now underneath its belt, the agency reported reaching $10.6 billion in cumulative belongings on March 1. 

Most just lately, Waverly introduced it purchased EFP Advisors in Jackson, Miss. EFP represents Waverly’s second deal of 2024 and expands the agency’s presence in Jackson, Miss., which was established through one other acquisition final 12 months.  

Based in 2012 by Doug McDaniel and Chris Register, EFP contains two affiliated corporations—McDaniel & Register Monetary Advisors, owned by McDaniel and Register, and W.O. Stone Advisors, owned by Invoice Stone. Each are becoming a member of Waverly, growing agency belongings by about $250 million. 

“Becoming a member of Waverly brings huge development potential,” McDaniel mentioned in a press release. “Our shoppers could have entry to extra sources and infrastructure whereas nonetheless having fun with a boutique and customized method to complete monetary planning and wealth administration.” 

Based in 1999, Waverly is led by CEO Josh Reidinger and has greater than 150 workers members, together with 60 advisors, scattered throughout 18 places of work within the Southeast, Midwest, Texas and Colorado. 

Third Colorado Merger Brings Moneta to Boulder 

St. Louis-based Moneta, a partner-owned RIA managing greater than $30 billion for a number of thousand shoppers, has added a two-person staff from Wells Fargo. 

Beforehand working as Juniper Wealth Advisors, Amy Hiatt and Mike Walsh have joined the agency as companions with roughly $279 million in belongings, bringing Moneta to round $34 billion in whole shopper belongings.  

It’s the third Colorado merger within the agency’s historical past and its second since April. The staff will proceed to work from an workplace in Boulder, Colo., establishing Moneta’s sixth workplace, and could have use of workplace house in Moneta’s Denver location.  

“This transfer is about positioning our shoppers and our agency for a extra profitable future,” Walsh mentioned in a press release, citing “large-scale sources” that embrace administrative and operations help.  

“Partnering with Moneta will permit us to broaden our current monetary planning and funding administration choices to incorporate philanthropic initiatives, tax planning, property technique, regulatory compliance, cyber safety, and human sources,” added Hiatt.  

Moneta, which has supplied monetary planning providers since 1933, inhabited a single workplace till launching a nationwide development technique in 2019 with the announcement it was increasing to a brand new location in Denver’s Cherry Creek space. That was shortly adopted by the agency’s first acquisition. Moneta now has places of work in Denver, Kansas Metropolis, Boston and Chicago, in addition to St. Louis and now Boulder.  

“Moneta’s partnership construction means they’ve possession and a voice within the strategic selections of the agency coupled with entry to a staff of colleagues with extremely invaluable institutional information,” famous President and CEO Keith Bowles.  

In its final ADV submitting nearly a 12 months in the past, Moneta reported serving 6,547 people, 224 retirement plans, 102 charities and firms, and a handful of banks with a collective $30.6 billion underneath administration. 

Kestra Monetary Attracts Ameriprise Crew with $300M 

Austin, Tex.-based Kestra Monetary, a subsidiary of Kestra Holdings with two company RIAs managing greater than $55 billion and a brokerage division, captured a seven-person staff in Atlanta from Ameriprise in 2023. 

Companions Todd Mitman and Jeremy Reese based Component Wealth Advisors on the Ameriprise platform in 2006 and transitioned to Kestra for extra autonomy and expanded funding choices, in response to an announcement. The staff managed round $306 million, in response to Forbes.  

They have been joined within the transfer by Lead Servicing Advisor Ann Dickerson, a director of operations and three shopper providers associates. Component has since added one other advisor and a monetary planning assistant to the staff.  

“Kestra Monetary’s capabilities allow us to raise our service providing and improve our capacity to offer customized steerage tailor-made to our shopper’s distinctive targets and desires,” Reese mentioned in a press release, calling the transfer “a pure determination.” 

Kestra Monetary was overseeing $103 billion in shopper belongings throughout 4 entities on the finish of 2022, about half of which was underneath administration. That was earlier than Kestra bought off subsidiary Grove Level Monetary—together with about $15 billion in belongings—to Atria Wealth Options in 2023. 

Kestra Holdings is majority owned by Warburg Pincus and consists of acquisition-focused RIA Bluespring Wealth Companions and Arden Belief Firm.   

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