Another week, another deals record. But this one puts an early stamp on the year.
On Wednesday, DeVoe & Company reported that an annual record had already been set for registered investment advisor mergers and acquisitions, with 275 transactions, according to their count.
The deal market, in the meantime, continues to roll. Diana Britton reported this week that one of Joe Duran’s Rise Growth Partners-backed firms, OnePoint BFG Wealth Partners, has acquired a Chicago-based advisory firm with $2 billion in assets under management.
For RIAs to be acquired, however, they need first to exist. As Patrick Donachie also reported this week, the government shutdown may actually hinder a year that was on track to set a record for new RIAs entering the market.
The shutdown, however, can’t stop the weekly deals round-up. Read on for more deals announced this week.
$28B Prospera Financial Expands in Southern California
Prospera Financial Services, a Dallas-based RIA managing $28 billion in client assets, has added Behrle and Bergin of Irvine, Calif., to its platform.
Steven Behrle and Joe Bergin, managing directors of the firm, bring over 80 years of combined experience in wealth management to Prospera, along with $200 million in AUM. They had both been with B. Riley Wealth Management before the move, according to BrokerCheck.
“As we considered what we needed to continue to serve our clients, we felt that the size and strategy of Prospera positioned our firm for success,” Behrle said. “We have access to incredible resources and solutions akin or better than those available at wirehouses and banks, with the personalized service of a smaller firm.”
The duo specializes in financial planning and wealth management for high-net-worth individuals and corporate retirement plan sponsors, with a focus on fixed-income and bond strategies.
Prospera maintains a 2.5-to-1 advisor-to-home office ratio, which it says shows its commitment to providing individualized support to advisors.
OneSeven Adds $2.11B In Third-Quarter
OneSeven, a Cleveland-based RIA, has surpassed $8 billion in AUM after a significant growth surge in the third quarter.
The company added $2.11 billion in new inflows, along with 25 new advisors and seven advisory teams during the period. The firm’s expansion included additions such as advisors Johnathan Breen and Jeanne Hagar, as well as teams like The Hamilton Group, OnPoint Wealth Partners, Giltner & Associates, Martz Financial and Alta Vera Global Capital Advisors.
This growth has extended OneSeven’s national presence and service capabilities, according to CEO Todd Resnick, who co-founded OneSeven about nine years ago.
“Our Q3 growth is a testament to the strength of our platform and the incredible advisors and teams who are choosing to partner with OneSeven,” Resnick said in a statement.
OneSeven is backed by Merchant Investment Management and connected to the private partnerships of over 100 firms and 4,000 advisors and staff.
$6B RIA Sowell Partners to Offer Small Business M&A Advice
Sowell Management, a $6 billion RIA based in North Little Rock, Ark., has partnered with Capital Connect to offer merger and acquisition services to advisors’ small business clients.
The partnership gives Sowell’s more than 50 advisors on its platform the chance to offer small and medium-sized business owner clients access to Capital Connect’s M&A consulting, valuation, exit planning and commercial real estate services.
Capital Connect is a business brokerage and commercial real estate firm based in Prospect, Ken.
The partnership with Sowell includes webinars, workshops and one-on-one meetings to educate Sowell advisors on the M&A process and introduce Capital Connect’s services to their clients.
“The level of service that Capital Connect will enable us to offer business-owner clients is unique in the RIA space,” CEO Bill Sowell said in a statement. “It’s a level of expertise more common in family office practices, but it is part of the holistic approach to client relationships that RIAs must adopt to succeed in a competitive marketplace.”