Sequoia Monetary Group to Add Particular Wants Experience with Affinia


Sequoia Monetary Group is predicted to finish its acquisition of Affinia Monetary Group this month, including round $418 million in shopper belongings and a apply with experience in serving particular wants households.

On the similar time, Wealth Enhancement Group has made its tenth acquisition of the yr, David Sanford introduced his $110 million CPA apply again to Cetera from Securities America, and Kestra Monetary introduced the addition of 23 monetary professionals and greater than $1.6 billion in belongings throughout the second quarter of the yr.

In the meantime, Kestra Monetary dad or mum firm Kestra Holdings has employed a veteran cybersecurity exec to guide these efforts for its portfolio of companies, StraightLine Group recruited a former TIAA vice chairman to guide the expansion of its retirement plan participant enterprise and CG Monetary Companies is transitioning belongings from TD Ameritrade/Schwab to LPL Monetary and Axos Advisor Companies.

Sequoia Monetary Group to Add Particular Wants Experience with Affinia Acquisition

Sequoia Monetary Group, an Akron, Ohio-based RIA with round $15.6 billion in belongings underneath administration, agreed to purchase Affinia Monetary Group in Burlington, Mass. The deal, anticipated to shut this month, will add a group of 10 and about $418 million in shopper belongings to employee-owned and personal equity-backed Sequoia.

Led by Managing Companions Cynthia Haddad and John Nadworny, Affinia has a distinct segment serving people, households, trusts and estates with particular wants considerations—an space during which each Haddad and Nadworny have private expertise.

Haddad is certainly one of about 800 monetary providers professionals to have earned the Chartered Particular Wants Guide designation, in response to The American Faculty of Monetary Companies. With stringent necessities, the ChSNC is taken into account “a complicated designation for skilled and devoted planners,” stated Joellen Meckley, government director of the faculty’s Heart for Particular Wants.

“Affinia’s work with households who’ve members with particular wants is a crucial addition to our agency,” Sequoia founder and CEO Tom Haught stated in an announcement. “It helps Sequoia’s ‘constructed for you’ technique, which equips our advisors with the sources they should have a deep and private impact on our purchasers’ lives.”

“This is among the most gratifying offers we’ve ever labored on,” stated Peter Nesvold, associate at Republic Capital, which suggested Affinia on the deal. “By no means has the saying, ‘doing nicely by doing good,’ felt extra acceptable than it does right here. The work Affinia does for particular wants households is actually invaluable.”

Based in 1991, Sequoia had carried out a handful of small acquisitions earlier than promoting a minority stake to Kudu Funding Administration in July 2020. The next yr, the agency accomplished two offers that added round $4 billion in belongings. After taking a beat in 2022, Sequoia introduced within the fall that it was promoting one other piece to Valeas Capital Companions however would stay majority-owned by staff.

Affinia represents Sequoia’s third acquisition in 2023, for a cumulative $5.8 billion in belongings acquired this yr.

WEG Proclaims tenth Acquisition of 2023

Wealth Enhancement Group, a Minneapolis-based hybrid RIA with greater than $70.8 billion in complete shopper belongings, acquired First Capital Advisors Group in its tenth deal of the yr.

With places in Little Silver, N.J. and Blue Bell, Pa., First Capital is led by Managing Companions Jim Hiles and Jeff Schulte. The ten-person group gives wealth, funding, retirement and property planning providers to round 230 people, enterprise homeowners, executives and medical professionals with some $341 in managed belongings.

Notably, Schulte was a founding member of eMoney Advisor in 2000 and integral to its eventual acquisition by Constancy in 2015, in response to an announcement.

“In at the moment’s wealth administration house, being unbiased is a serious benefit however having state-of-the-art sources and a deep bench of expertise to attract upon is significant to offer the optimum service for our shopper,” Hiles stated in an announcement, saying that becoming a member of WEG “will enable us to be extraordinarily aggressive in our market.”

Based in 1997, WEG has turn into some of the prolific acquirers within the RIA house after taking over personal fairness companions TA Associates in 2019, Onex in 2021 and Stone Level Capital this yr. In 2023 alone, the agency has added round $4 billion in belongings by means of acquisition.

David Sanford Returns to Cetera Monetary Group 

David Sanford, an advisor and CPA with greater than $110 million in shopper belongings, has returned to Cetera Monetary Group after three years with Securities America. He has joined Cetera’s Monetary Specialists dealer/supplier, which is targeted on the intersection of tax and wealth administration. 

Sanford based his CPA and wealth administration apply, Sanford and Associates, in 1997. He used Hochman and Banker Securities for brokerage providers for a few years earlier than leaping to Cetera in 2002 and affiliating with its RIA in 2005. Sanford left for Securities America in 2020 and his return this yr comes on the heels of an enormous reorganization undertaken by its dad or mum firm Osaic (previously Advisor Group) that can unify and centralize providers throughout a community of eight subsidiaries, tons of of practices and greater than 10,000 advisors.  

Calling Sanford “a real grasp within the trade,” Cetera Monetary Specialists President Ron Kruger welcomed him again on Tuesday.

Kestra Monetary Added $1.6B in Q2

Austin-based Kestra Monetary introduced this week the addition of 13 practices, together with 23 professionals and $1.6 billion in belongings, throughout the second quarter of the yr. The announcement follows a primary quarter during which the corporate added 26 professionals and $3 billion in belongings.

Three practices joined Kestra’s turnkey enterprise administration platform for unbiased advisors, Kestra Personal Wealth Companies, throughout the quarter, together with Impressed Wealth Planning, Kaizen Wealth Planning and California Wealth Transitions.

Kestra added a dozen practices to its partnership platform, Kestra Advisory Companies, together with Templar Monetary Companies, Black Diamond Monetary, and Hill Wealth Administration, to call a couple of.

Kestra Holdings Hires Veteran Tech Exec to Run Cybersecurity

Kestra Holdings, the dad or mum firm of Kestra Monetary, Bluespring Wealth Companions, Grove Level Investments and Arden Belief Firm, has introduced in Jean-Luc Dupont as vice chairman, chief data safety officer and head of cybersecurity and expertise threat for Kestra and its subsidiaries.

Dupont will report back to Kestra Holdings’ Chief Data Officer Nick Harness and “collaborate throughout departments and groups to outline cybersecurity insurance policies, procedures, and tooling, guarantee sound improvement practices, and oversee the upkeep of a safe structure and sturdy monitoring protocols,” in response to an announcement.

Previous to Kestra, Dupont was a vice chairman and chief data safety officer for American Credit score Acceptance for a bit over a yr, following 5 years as international head of IT safety with IDEMIA.   

“Jean-Luc is a confirmed skilled with international expertise fortifying corporations’ infrastructure and safeguarding programs,” stated Harness.

Dupont will chair Kestra’s cybersecurity governance committee and play a big function within the firm’s “compliance and threat group,” in response to the corporate. He may also oversee schooling initiatives for workers and associates.  

Kestra Holdings’ firms collectively oversee round $122 billion in advisory, brokerage and belief belongings throughout greater than 2,400 unbiased monetary professionals nationwide.

StraightLine Faucets Former TIAA Exec to Develop Retirement Plan Enterprise

StraightLine Group, a Troy, Mich.-based RIA managing round $1 billion in belongings for some 2,600 purchasers, employed Rob Rickey to go up the agency’s strategic development initiatives as chief development officer.

Previous to becoming a member of StraightLine, Rickey spent 1 / 4 century with TIAA, most just lately as managing director and head of advisor providers, working to carry monetary schooling and recommendation to retirement plan individuals. He started his profession as an funding consultant after which monetary advisor for Dreyfus Service Company within the Nineties.

Rickey developed a relationship with StraightLine in 2008, when he helped the agency develop providers to larger schooling sponsored plan individuals. He left TIAA a yr in the past and started working with StraightLine as a strategic marketing consultant in October, becoming a member of full-time in July.

In his new function, Rickey will work to proceed increasing schooling, communication and retirement planning outreach to people in employer-sponsored plans, in response to the agency.

StraightLine presents discretionary funding providers and monetary planning for people and individuals of each retail and retirement accounts. The agency has a distinct segment give attention to managing held-away retirement accounts and maintains relationships with Schwab, TIAA and Constancy that grant entry to their purchasers’ retirement plan accounts.

“Entry to unbiased registered funding advisors for holistic recommendation is a continuation of the recommendation spectrum that plan sponsors ought to take into account making obtainable to their staff,” Rickey stated in an announcement. “I sit up for additional enhancing retirement outcomes by guaranteeing people, plans, and plan individuals have entry to high quality recommendation delivered by a fiduciary advisor.”

Rickey has turn into the thirteenth member of the StraightLine group.

CG Monetary Companies Provides Axos, LPL as Custodians

Michigan-based CG Monetary Companies, a $2.7 billion RIA platform providing W-2 and 1099 affiliation choices, is transferring belongings from TD Ameritrade/Schwab over to LPL Monetary and Axos Advisor Companies in a bid to extend custodial choices and programs integration.

The agency will maintain a small quantity of belongings with Constancy, in response to CG CEO Tony Mazzali.

“The large factor was the idea sooner or later technique that we heard from, not solely LPL, however primarily Axos,” Mazzali stated. “Them desirous to be supportive to advisors, them wanting to assist advisors construct their enterprise mannequin, their model, signify the advisors as their true shopper, and we see the place the trade’s stepping into that respect. So far as our strategic plan, that was the very best match for us.”

Mazzali defined CG has put numerous time, effort and capital into making a curated shopper expertise by means of its expertise platform and desires to associate with custodians and expertise suppliers that supply loads of API connectivity and are keen to work with the agency to maintain present elements which are working. The agency has been working towards the multi-custodial mannequin for the previous few years, growing inner capabilities to speak and combine with a number of suppliers.   

“Fairly frankly, lots of what I am going to name legacy suppliers … have not essentially constructed that bridge to the advisor outlets,” stated Mazzali. “It makes it nearly not possible for us to have these custodial relationships with our inner programs. With among the different custodians we’re , there’s extra of a willingness to acknowledge that corporations like ours have constructed the infrastructure to speak immediately with them versus, as I discussed earlier than, having not constructed their facet of the bridge.

“Particularly with Axos, they’ve been keen to speak to us about how we talk our programs collectively to protect our expertise footprint to our shopper,” he stated. “That is totally different as a result of what we’re seeing with some corporations­—not all—however primarily, they’re attempting to offer us their expertise spine, which all the time would not match what we’re attempting to do for our purchasers.”

The agency is shifting belongings beforehand held with TD Ameritrade and now at Charles Schwab as a merger between the custodians nears completion on Labor Day weekend.


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