The Wire

November 1, 2021

Op-ed: A succession plan benefits advisory firms and their clients

In a time of record mergers-and-acquisitions activity for financial advisory firms, designing and implementing a succession plan has become a critical element for success.

This volume and breadth of M&A activity has increased the pressure on, and options for, firm owners.

October 21, 2021

This Start-Up Wants to Shake Up How Investors Pay for Financial Advice. Can It Succeed?

Will Anders Jones upend the financial advisory business?

The jury’s out and the odds may be long, but so far the 34-year-old CEO and co-founder of Facet Wealth is checking all the right boxes.

October 18, 2021

$1.9bn Dakota adds Virginia practice to bolster divorce chops

Peter Raimondi’s Dakota Wealth Management has turned his acquisitive eyes towards a Virginia RIA which specializes in complex planning.

The $1.9bn firm has acquired American Capital Planning, a Leesburg-based practice which manages roughly $66m in client assets for 35 clients. Specific financial terms of the transaction — which closed on October 1 —were not disclosed.

October 7, 2021

Savant chief executive Brent Brodeski is retaining control of the RIA and its board of directors, and Cynosure is maintaining its minority stake.

Private equity firm Kelso & Company has taken a minority stake in RIA giant Savant Wealth Management, the companies revealed on Thursday.

Savant’s existing private equity backer, the Cynosure Group, is maintaining its minority stake in the company, while Savant chief executive Brent Brodeski (pictured) will retain control of the RIA and its board of directors.

October 5, 2021

Hightower Makes Strategic Investment in Landsberg Bennett Private Wealth Management

Hightower today announced it has made a strategic investment in Landsberg Bennett Private Wealth Management (“Landsberg Bennett”), a $1 billion wealth management firm based in Punta Gorda, Fla. Landsberg Bennett will leverage Hightower’s growth-oriented resources, operational, value-added and business acceleration services to further scale the business.

October 5, 2021

Hightower takes stake in $1bn Florida RIA

Hightower is taking a stake in Landsberg Bennett Private Wealth Management, a Punta Gorda, Fla.-based RIA that manages about $1bn in assets.

Specific financial terms of the deal, including the size of Hightower’s stake, were not disclosed. The transaction is expected to close in the fourth quarter.

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