LPL lands RBC team; RIA aggregators on the move this week

PE-backed Arax and other aggregators scoop up firms: Advisor Moves

Happy hiring manager interviewing a job candidate in her office

Recruiting and M&A deals are constantly reshaping the wealth management industry.

This week, LPL Financial announced its recruitment of a team from RBC, while the RIA aggregators Arax, Mercer and EP Wealth all landed big acquisitions. Read the details on those deals and more below.

LPL picks up team with $330M from RBC

A trio of advisors is leaving RBC to start an independent practice at LPL Financial.

Christian Reuter, James Robinson and Michael Capeder have joined LPL to found Arv Private Wealth in San Diego, California. They had previously managed roughly $330 million at RBC.

The team is joining LPL Strategic Wealth Services, which is for independent advisors who want LPL's central offices to provide various types of technological, compliance and back-office support. The Arv Private Wealth name comes from a Danish word signifying "legacy" or "heritage."

Reuter started his career at Morgan Stanley in 2003, moved to Bank of America in 2006, Merrill in 2009 and then RBC in 2012. Robinson started at E.F. Hutton in 1986 and then moved the following year to Dean Witter, which was bought by Morgan Stanley in 1997. He moved to Bank of America in 2006, Merrill in 2009 and RBC in 2012.

Arax Investment Partners scoops up $4B RIA

Private equity-backed Arax Investment Partners is building a presence in the Midwest with its purchase of Schechter Investment Advisors.

Schechter Investment Advisors has nearly $4 billion under management and is the RIA division of Schechter, which is based in Birmingham, Michigan. The terms of the acquisition were not disclosed.

Schechter Investment Advisors will now become part of Arax Advisory Partners, a group of independent firms providing specialized services, investment guidance and planning to high net worth clients. Schechter's Advanced Design Life Insurance business will continue to operate independently.

Schechter has been working with affluent clients for more than 80 years. By joining Arax, its clients will gain access to a broader range of planning and investment services and its advisors will benefit from business development support.

Arax is among many RIA aggregators now financing their purchases of other firms with private equity support. It was founded in 2022 by Haig Ariyan, who had previously led Raymond James' Alex.Brown subsidiary.

Mercer Advisors Dave Welling, Martine Lellis 1 21 2020

Mercer Advisors CEO Dave Welling with Martine Lellis, principal of M&A partner development

Photo courtesy of Mercer

Mercer Advisors buys up $2B wealth management firm

The private equity-backed aggregator Mercer Advisors has picked up Full Sail Capital, a large firm in Oklahoma City, Oklahoma.

Full Sail, which manages roughly $2 billion in assets, is joining Mercer's RIA subsidiary, Mercer Global Advisors. The deal strengthens Mercer Advisors' presence in the southern U.S. and brings its total assets in Texas and Oklahoma to more than $7 billion.

Full Sail Capital was founded in 2018 by David Stanley, Scott Cravens and Zac Reynolds and now serves more than 600 families. It specializes in working with high net worth clients and offers financial planning, investment management and family office services. By joining Mercer, Full Sail will gain access to cutting-edge technology, custom-built portfolios and other resources.

Mercer Advisors oversees $71 billion in client assets and is owned by the private equity firms Oak Hill Capital, Genstar Capital and Altas Partners. Its subsidiary Mercer Global Advisors has its headquarters in Denver and has more than 100 offices and 1,270 employees throughout the U.S.

EP Wealth Advisors acquires firm with $900M in AUM

The RIA aggregator EP Wealth Advisors is strengthening its position in the West with the purchase of a large wealth management firm in Boise, Idaho.

Buffington Mohr McNeal brings nearly $900 million in assets under management to EP Wealth. The terms of the deal were not disclosed.

Buffington Mohr McNeal was founded in 1998 by Dean Buffington, Bruce Mohr and Carey McNeal and built its reputation on providing clients with personalized financial planning. Eleven employees, including the co-founders McNeal and Mohr, are moving to EP Wealth.

The acquisition is EP Wealth's sixth so far this year. EP Wealth has its headquarters in Torrance, California, and has 53 offices in 18 states. It manages more than $32 billion in assets. The firm receives backing from the private equity firm Berkshire Partners and the financial services holding company Wealth Partners Capital Group.

Courtesy of Cetera

Cetera Trust names chief fiduciary officer amid expansion

Cetera's trust subsidiary has hired a chief fiduciary officer from Fidelity as part of a move to offer trust services in all of its business units.

Kerri Scharr joins Cetera Trust Company from Fidelity Personal Trust Company, where she had been for more than 18 years, according to her LinkedIn page. Her new role will have her working to ensure Cetera's trust division complies with fiduciary, regulatory and statutory obligations.

"We anticipate unlocking substantial value for advisors by making a wider range of trust services available within Cetera," said Jeffrey Buchheister, Cetera chief financial officer and the chair of Cetera Trust. "This move will allow them to leverage our scale while still receiving the personalized trust services they've come to expect from Cetera."

Cetera acquired its trust business in 2023 as part of its purchase of certain assets from Securian Financial Services. Cetera Trust operates under a national banking charter and administers trusts for families in all 50 states. It recently opened an office in New Hampshire, a state with advantageous trust statutes and tax laws.

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