Mergers & Moves: Mercer grabs $1.2B firm, Morgan Stanley, LPL and others taps execs, and Ameriprise’s reverse breakaway and more

May 8, 2022 6:03 AM

Mercer acquired a dually registered wealth manager with $1.2B in client assets. Ex-Goldman Sachs and Morgan Stanley executives took positions with rival firms. The CFP Board has a new head of research.

Scroll down our cardshow to see these stories, and more on the latest mergers and moves activity in wealth management over the last week.

Ameriprise purchases advisor’s practice as part of reverse breakaway succession

Financial advisor Dr. Marvin Appel, who trained as an anesthesiologist and earned a doctorate in biomedical engineering from Harvard University prior to beginning his advisory career, sold his RIA practice to Ameriprise as part of joining its branch channel with plans to retire after a year. The Great Neck, New York-based practice founded by Appel’s father in 1973, Signalert Asset Management, will fold into the Siena Wealth Advisory Group under Matthew Mandell and Brian White. The practice has $265 million in client assets. “Siena Wealth’s focus is providing personal, first-class service to clients, and we quickly saw that their commitment mirrors our own,” Appel said in a statement. “I feel confident leaving my clients and my team in the trustful care of Ameriprise and Siena Wealth when I eventually retire.”

Mercer acquires dually registered wealth manager with $1.2B in client assets

RIA aggregator Mercer Global Advisors, a firm backed by private equity investors Oak Hill Capital and Genstar Capital, has acquired Springfield, Missouri-based HYA Advisors and its affiliated brokerage Heim, Young & Associates. The incoming wealth manager works with about 1,000 clients with $1.2 billion in assets under principals Brent Singleton, Mike Sharp and Jeff Bilberry and Partner Holly Gray. “My partners and I were at a place where the business had grown substantially, and we knew we could benefit from having the expertise of a larger firm to help take us to the next level,” Singleton said in a statement.

LPL taps ex-Morgan Stanley exec for corporate development and investor relations role

LPL Financial poached Brett Goodman, a former managing director in the wealth management unit of Morgan Stanley overseeing the firm’s integration of E-Trade, to be its executive vice president of corporate development and investor relations. In the role, Goodman reports to LPL Chief Financial Officer Matt Audette. “Brett is a seasoned executive in our industry who brings with him a command of the marketplace and proven experience gaining consensus and delivering value through enterprise-wide strategic initiatives,” Audette said in a statement. “Brett is also a dynamic leader, with a track record of building high-performing teams by inspiring confidence and curiosity.”

Ex-Goldman Sachs fintech executive named Sanctuary’s head of platform strategy

Independent wealth manager Sanctuary Wealth tapped Jene Hoosier, a former acting chief operating officer with Goldman Sachs Personal Financial Management in charge of the former United Capital’s FinLife platform, to be the firm’s head of platform strategy. “What drew me to Sanctuary Wealth was the desire to get back into a fast-growing organization with great people wanting to do great things,” Hoosier said in a statement. “I think an important part of my role here will be assessing the industry and making sure we have the best-in-class solutions from a technology perspective.”

Morgan Stanley promotes new head of wealth management innovation

Morgan Stanley agreed to sell a business that administers its alternative investment feeder funds to iCapital, a financial-technology firm run by a former Goldman Sachs banker.

David Rosen, the head of traditional investment products within Morgan Stanley’s investment solutions unit and a 15-year veteran executive of the firm, has been appointed its first-ever head of wealth management innovation, according to an email memo from Andy Saperstein, the co-president of the firm. “Morgan Stanley is a sought after partner of many of the most interesting technology and fintech companies and I want to ensure that game-changing technologies are brought to bear to support our clients, advisors and the growth of the business overall,” Saperstein said. “In his new position, David will strengthen our partnerships with emerging technology and fintech firms.”

$850M breakaway team drops UBS to go independent with Sanctuary Wealth

Financial advisors Gerry Spitzer, Richard Reyle, Michael Stabinski and Toby Sicango, along with registered operations manager Alex Davis, left UBS to go independent with Sanctuary Wealth. The Paramus, New Jersey-based team, Questar Capital, managed $850 million in client assets with its prior brokerage firm. “We've been in the business for 30 years and have built many long-term client relationships because Gerry and I are committed to always doing what's best for our clients,” Reyle said in a statement. “Being able to act as a fiduciary in a truly independent environment is really the only way to really make that happen.”

Wealth manager Rebalance appoints ex-Hightower exec as its vice president of growth

Jordi Mullor, who previously led expansion programs at Hightower and spent nine years with a large Boston-area RIA, has joined wealth manager Rebalance to be the firm’s vice president of growth. “Jordi is a mission-driven professional who has transformed the lives of clients through stellar financial planning and wealth management,” Rebalance Managing Director Scott Puritz said in a statement. “His values and commitment to helping people grow and succeed perfectly align with our mission at Rebalance, which is to help people live well and retire with more.”

CFP Board taps new head of research

Michael Kothakota, the former CEO of advisory firm WolfBridge Wealth, has joined the CFP Board as its first head of research. In the role, Kothakota reports to Chief Operating Officer Elizabeth Stewart. “This newly created position will oversee cutting-edge studies to demonstrate the value proposition of CFP certification to the public, policymakers, firms and advisors,” CFP Board CEO Kevin Keller said in a statement. “Michael’s experience as a veteran small-business entrepreneur, CFP professional and adjunct professor makes him uniquely qualified to implement a comprehensive approach to research in an age of constant data expansion.”

Beacon Pointe acquires two practices with a combined $550 million

RIA aggregator Beacon Pointe Advisors has acquired Carlsbad, California-based Duncan Financial and Indianapolis-based Goldstein Group in its two most recent expansions in Southern California and the Midwest. Financial advisors Charles Duncan, his brother Paul and Helen Goldstein, along with five other staff members joined Beacon Pointe as part of the deals. “We could not be more thrilled to have Charlie and Helen joining the Beacon Pointe family,” CEO Shannon Eusey said in a statement. “The two of them have built phenomenal practices focused wholeheartedly on going above and beyond for their clients – they will fit very well into the Beacon Pointe family.”

Raymond James hires new chief economist

With Raymond James Chief Economist Scott Brown retiring on May 6, former U.S. Department of Energy Information Administration Chief Economist Eugenio Alemán will join the firm as his successor. “Eugenio is a talented economist with a diverse background which informs his thoughtful research and economic analysis,” Raymond James Chief Investment Officer Larry Adam said in a statement. “His unique insights and thought leadership will inform advisors and clients and educate them on the interconnectedness of the global economy."

Private Wealth Asset Management adds energy and ranching experts

Independent RIA Private Wealth Management, a San Antonio-based firm with a half-dozen office locations, appointed Pedie Monta, its director of land and McKennon “Mac” Laas, its senior landman of energy asset management as part of the firm’s specialty asset division. The respective experts in the fields of energy, real estate and ranching join the team launched by the firm late last year aimed at serving high net worth clients and institutions. “It’s very rare that a wealth management firm would invest in oil and gas, ranches and farm management,” Bryan Frazier, head of energy asset management at Private Wealth, said in a statement. “This is a big differentiator, managing liquid and non-liquid assets together, and we are very pleased to expand our team offering these services to our clients in Texas and beyond.”

EP Wealth acquires $349M practice

EP Wealth Advisors, an RIA that has folded in 23 different practices over the past five years, further added to its ranks by acquiring St. George, Utah-based Vantage Advisors. The incoming firm has $349 million in client assets under CEO Gregory Kemp, President Neal Marchant and four other staff members. “EP Wealth is committed to providing comprehensive services and robust solutions for its clients,” Marchant said in a statement. “We will be able to leverage their in-house resources and tools to optimize our impact for clients and help them meet their planning goals.”