Mergers and Moves: RBC, LPL, Raymond James gain advisors; plus, J.P. Morgan, Edelman, Avantax hire execs

May 1, 2022 6:00 AM

It was a busy week in wealth management. J.P. Morgan, Edelman Financial Engines, Avantax and LPL hired new executives. RBC,. LPL and Raymond James brought in new advisors from rival firms.

Scroll down our cardshow to see the latest M&A and advisor move news.

RBC picks up advisors in Seattle and New Hampshire

Seattle-based financial advisors Sean Smith and Jesse Bunich and Concord, New Hampshire-based broker Matthew Lessard joined the respective RBC Wealth Management branches in those cities after leaving Wells Fargo Advisors. The team led by Smith and Bunich and including senior registered client associate Donna Cuaresma managed about $260 million in client assets with its prior firm, and at RBC they formed the Lakeview Group after teaming up with another former Wells Fargo advisor’s practice. Lessard’s Appalachian Trail Investment Group includes senior registered client associate Erika Fournier and senior client associate Arleigh Dinning, and the team managed $200 million in client assets with its prior firm. “We chose RBC Wealth Management for its inviting culture and full suite of products, services and technology that will elevate our service to clients,” Lessard said in a statement.

Avantax appoints veteran former Cetera executive its business development director

Tax-focused wealth manager Avantax hired Elvis Medica, a decorated Army veteran and longtime executive with firms such as Cetera Financial Group and an enterprise associated with LPL Financial, to be the company’s business development director. In the role, Medica will help lead the firm’s recruiting efforts among financial advisors, CPAs and other tax professionals. “Throughout my career, I’ve had the privilege to serve financial professionals and help them grow their practice so they can, in turn, serve their clients,” Medica said in a statement. “With Avantax, I get the opportunity to invite financial professionals and tax professionals to be part of what I believe is the most unique and differentiated wealth management firm in the country.”

LPL appoints ex-Merrill Lynch head of digital to be its chief product officer

Kabir Sethi, the former head of digital with Merrill Lynch Wealth Management, has joined LPL Financial as its cheif product officer and the replacement for former chief investment officer Burt White. In another move, managing director Matt Enyedi has taken over the teams led by ex-divisional president Andy Kalbaugh. Sethi and Enyedi report to LPL CEO Dan Arnold. With Kabir and Matt, we have two strong leaders to further position our firm and our advisors as the leading choice to serve the growing demand for advice through an advisor relationship,” Arnold said in a statement. “These two leaders represent the best of both worlds with internal and external talent.”

Edelman Financial Engines hires ex-Goldman exec as its CFO

Wealth manager Edelman Financial Engines hired Suzanne van Staveren, the former chief financial officer of the Goldman Sachs Personal Financial Management Group, to be its CFO. In the position, she manages a team of more than 90 employees across Edelman’s finance, strategy and smaller employer retirement plans teams. “I see enormous potential for growth and value creation given Edelman Financial Engines’ attractive leadership position and business model,” van Staveren said in a statement. “I look forward to working with this great team to further build the business and allow us to help more people manage their investments and grow their wealth.”

J.P. Morgan Wealth Management hires new head of online investing business oversight

Signage stands on display outside the JPMorgan & Chase Tower in downtown Chicago, Illinois, U.S., on Saturday, Oct. 7, 2017. AKA J.P. Morgan.

Former Robinhood and TD Ameritrade executive Joe Iraci joined J.P. Morgan Wealth Management as the firm’s head of online investing business oversight. In the position, he reports to Head of Online Investing Paul Vienick while working closely with members of the risk, controls, compliance, product, operations and other divisions on the firm’s self-directed investing strategy, Vienick said in a note to the firm’s employees. “As we grow our online Investing platform, we continue to attract more and more of the best talent in our industry,” Vienick said. “This newly created role is critical for our high-growth business.”

EP Wealth Advisors acquires Northern California-based practice

EP Wealth Advisors, an RIA with more than $15 billion in client assets, made its second acquisition of the year on April 22, adding Northern California-based Coulston Financial Services. The incoming team led by founder Cliff Coulston and consultant Missy Westbrook will add about $75 million in client assets to the acquiring firm, and the deal marks 23 firms acquired by EP Wealth over the past five years. “As we look to the future, our goal is to reinforce our commitment to clients, providing them with superior services, backed by a strong company culture and talented group of professionals,” Coulston said in a statement.

Private Advisor Group promotes head of advisor growth to president

Frank Smith, who joined hybrid RIA Private Advisor Group as its head of advisor growth in January 2021, is now the Morristown, New Jersey-based firm’s president. The firm spans 700 financial advisors and $30 billion in client assets, and Smith reports to CEO Robert “RJ” Moore. “During his tenure at Private Advisor Group and throughout the course of his distinguished career, Frank has shown a consistent drive for results while remaining ever-focused on the firm’s strategy and long-term sustainability,” Moore said in a statement. “His leadership qualities will continue to influence the strong culture and tremendous success of our firm well into the future.”

Kestra’s RIA M&A arm acquires $280M firm in sixth deal of the year

Bluesping Wealth Partners, an RIA acquirer that’s owned by independent wealth manager Kestra Holdings, has made a half dozen deals already this year after acquiring Lexington, Kentucky-based Joule Financial. Financial advisor Quint Tatro and managing director Daniel Czulno lead a 21-year-old practice working with 600 families and managing $280 million in client assets. “On the heels of one of our best years in company history, there is no better time than the present to invest in the future of our firm,” Tatro said in a statement. “Bluespring will handle a variety of back-office functions so we can focus on client service, comprehensive planning and executing our investment management strategy.”

LPL’s institution services and Linsco channels add incoming advisors

Two of LPL Financial’s channels unveiled significant pickups in the past week, with the retail advisory and brokerage business of People’s United Bank joining the firm’s Institution Services unit and financial advisor Michael Gavett of Dallas-based Bespoke Private Wealth going to the firm’s Linsco employee division. The wealth program of People’s United spans 30 advisors with $6 billion in client assets who will move to LPL’s platforms in the second half of the year after the parent of a current LPL client, M&T Bank, acquired the other bank on April 1. In the other move, Gavett joined Linsco after leaving B. Riley Wealth Management, where the team had $265 million in client assets. “The industry is evolving dramatically and quickly, and it was important for me to be part of a leading wealth management firm with a wide variety of innovative resources,” Gavett said in a statement.

Raymond James picks up ex-Merrill Lynch quartet with $340M in client assets

Financial advisors Jon Schubert, Brent Bigney, Mike Morrison and Adam Stalcup of Forest, Virginia-based Resolute Private Wealth went independent from Merrill Lynch with Raymond James Financial Services. The practice, which also includes client service associates Stacey Hytree and Amy Tesi, managed $340 million in client assets with its prior firm. “The depth and breadth of the firm’s investment and planning platform, in addition to its advisor-centric culture, is why we joined Raymond James,” Schubert said in a statement. “I am impressed by the firm’s offering and services designed specifically to cater to high net worth families’ needs.”

NewEdge Advisors adds five teams with $1B in client assets

NewEdge Advisors, a New Orleans-based RIA, added five teams with 10 advisors and over $1 billion in assets under advisement during the first quarter. They are: Delray Beach, Florida-based Atlantic Ave Advisors, Norman, Oklahoma-based Clearpath Wealth Partners, Greenville, South Carolina-based Crescent Wealth Management, Shreveport, Louisiana-based Lagniappe Wealth Management and Alpharetta, Georgia-based WealthWorth. “Advisor demand for independence is not slowing down — they continue to see that taking full control of the client experience in a way uniquely afforded by the RIA space is the direction they want to take their practice,” Neil Turner, the co-CEO of NewEdge Advisors, said in a statement. “We are creating a partnership that encourages a culture of collaboration and idea sharing and welcome already-successful financial advisors to join other like-minded professionals that want to contribute to increased success for everyone.”

Cetera taps former Securities America executive to lead Mid-Atlantic recruiting

Independent wealth manager Cetera Financial Group hired Steve Dripchak, a former business development executive with rival firm Advisor Group’s Securities America, to be a senior recruiter leading the company’s outreach in the Mid-Atlantic region. Cetera has been bulking up its recruiting team over the past year. “It is clear that the Cetera business development team has great camaraderie, and I am proud to join a group of like-minded, passionate professionals,” Dripchak said in a statement. “In addition to the team dynamics, I feel fortunate to be joining an industry-leading firm with top support and resources at a critical time for the financial advice industry.”

Nationwide appoints new executive in charge of annuity distribution

Insurer Nationwide picked Richard Porter, a former divisional vice president with Prudential’s advisor channel, to lead the firm’s brokerage annuity distribution channel. In the role, Porter will lead the firm’s strategy for sales of its products among broker-dealers, wirehouses and banks. “I am thrilled to have Rich joining us at Nationwide,” Rona Guymon, the senior vice president of Nationwide Annuity Distribution, said in a statement. “His proven leadership skills along with his diverse and creative strategic abilities will allow brokerage annuity distribution to continue to grow and thrive.”