Meet the LUMINARIES Class of 2021
We’re pleased to present the first winners of our new, pioneering recognition program: the LUMINARIES. The program’s Class of 2021 members are being honored for the dynamic and inclusive ways they are driving the wealth, investment and retirement industry forward.
An evolution of our Broker-Dealers of the Year awards, the LUMINARIES program shines a spotlight on how the top-performing industry participants are producing meaningful results in the areas that matter most to advisors, rather than emphasizing asset levels, rankings or the latest industry buzz.
Mariner buys $500m Pittsburgh RIA
Mariner Wealth Advisors’ deal spree has hit Steel City.
The serial RIA acquirer said on Wednesday that it plans to acquire Commonwealth Advisory Group, a $500m firm based in Pittsburgh. The deal will give Mariner its first location in Pennsylvania’s second-largest city (Mariner’s existing locations in the state include a Philadelphia office).
Hightower acquires Farr, Miller & Washington
Hightower has acquired a $2 billion wealth management firm and added the CEO to its executive leadership team as the firm ramps up efforts to retain its position as one of the industry's top RIA consolidators.
The Chicago-based aggregator has agreed to buy Farr, Miller & Washington, based out of Washington, D.C., for an undisclosed amount. Michael Farr, CEO and president of Farr, Miller & Washington, will join Hightower as chief market strategist while retaining his current role at the RIA he co-founded. As part of the acquisition, Farr, Miller & Washington will also hold stock in Hightower.
Want to Make Partner? Now’s the Time to Ask.
A growing talent shortage and the need to retain planning firms’ best employees and attract new ones is one of the most pressing issues facing RIAs. Efforts to retain top wealth managers can be brutal, according to Charles Schwab’s latest compensation report, with half of the country’s RIAs planning to poach advisors and other staffers from competitors this year.
Not coincidentally, offering equity and laying out a path to partnership have become critical tools for advisory firms determined to attract and retain top-flight advisors, executives, and operations managers.
Is The M&A Market Heating Up or Fizzling Out?
Oklahoma bank takes stake in $4bn Exencial
Exencial Wealth Advisors is selling a stake in itself to a regional bank.
The $4bn Oklahoma City-based RIA said that First United Bank has purchased a minority stake in the firm. First United Bank, which is headquartered in Durant, Okla., has some 85 locations spread around Oklahoma and Texas, and roughly $10bn in assets.