Advisory M&A

July Announces Acquisition of Turning Point Associates

July Business Services Inc., a provider of 401(k) plan services to small and mid-size employers, announced its acquisition of Turning Point Associates Inc. The transaction brings JULY to almost 7,000 plans and $8.5 billion in plan assets.

The acquisition of Swedesboro, New Jersey-based TPA is the second this year and the fourth over the past four years for Waco, Texas-based July. TPA was founded in 2001 to provide a personal, service-oriented option to small businesses for their retirement plan needs.

“JULY’s technology is what drew us to discuss a partnership. Their team is service-oriented and has built software to easily manage complex processes,” said Ron O’Connor, operations director at TPA, in a statement. “The enhanced technology will be an added benefit to our client base, providing additional tools and functionality that we cannot offer today.” 

Cetera Acquires Rohlik Financial Group and Finalizes Strategic Relationships with Mechanics Bank, UNCLE Credit Union

Cetera Financial Group announced that the advisers of Rohlik Financial Group LLC have joined Cetera Advisor Networks LLC via AdvisorNet Financial, one of the largest business units within Cetera Advisor Networks.

Minneapolis-based Rohlik Financial Group, led by Brent Rohlik and Suzanne Holt, oversees approximately $1 billion for clients, as of January 30, and was previously affiliated with Regulus Financial Group.

“As we expand our wealth management offerings and deliver more advisory business, AdvisorNet and Cetera are the right home for our close-knit team of professionals and for our clients,” Rohlik and Holt said in a statement.

San Diego-based Cetera also announced it has finalized strategic relationships with Mechanics Bank and UNCLE Credit Union.

“We are thrilled to partner with Cetera to grow and enhance our retail investment program,” said Dakota Durbin, vice president of private banking at Mansfield, Ohio-based Mechanics Bank, in a statement.

Through the partnerships, Cetera will provide insurance solutions and investment advisory services and help grow the firms’ retail investment programs.

“We look forward to many years of collaboration, support and success with Cetera,” said Dree Johnson, senior vice president at Livermore, California-based UNCLE Credit Union, in a statement.

Easy Street Insurance Joins Integrity

Integrity Marketing Group, LLC, a distributor of life and health insurance, announced it has acquired Easy Street Insurance, an independent marketing organization based in Indianapolis, Indiana.

Easy Street Insurance specializes in simplifying the Medicare process and guiding clients to optimal coverage solutions for their needs. Sandra Carrasquillo, president of Easy Street Insurance, and Jess Carrasquillo, vice president of the firm, will become managing partners in Integrity.

“Easy Street Insurance has become a highly respected and influential leader in the senior insurance market through their dedication to service and resilience in overcoming obstacles,” said Bryan Adams, CEO of Dallas-based Integrity, in a statement. “Sandra and Jess will continue doing what they do best, while gaining the growth opportunities and scale that come from joining an industry innovator. Our Integrity family just got stronger with these amazing leaders on board.”

The Standard to Acquire Life & Disability Business from Elevance Health

Standard Insurance Co. will acquire the life and disability business from Elevance Health Inc. and enter into a product distribution partnership.

The distribution agreement partners The Standard’s sales team with Indianapolis-based Elevance Health’s medical sales team, expands The Standard’s distribution network and provides a trusted life and disability partner for Elevance Health customers.

Upon closing, Portland, Oregon-based The Standard will acquire Elevance Health’s life, disability, accidental death and dismemberment, absence management and paid family leave businesses. As of December 31, 2022, Elevance Health served 4.8 million covered lives across 14 states.

“We look forward to welcoming the L&D employees to The Standard and to a mutually beneficial distribution partnership with Elevance Health as we move forward,” said Dan McMillan, The Standard’s CEO, in a statement.

Steward Partners Welcomes Prosper Wealth Advisors

Prosper Wealth Advisors LLC has joined Steward Partners Global Advisory LLC, the firms announced.

Led by managing director Brad Chumley, Fort Worth, Texas-based Prosper Wealth Advisors is a four-person independent team with approximately $200 million in assets under management, previously affiliated with Cambridge Investment Research Advisors.

“We’re very excited to have Brad Chumley and the team at Prosper Wealth Advisors as the latest partners to join our Dallas office,” said Chris Barton, managing director at New York-based Steward Partners, in a statement. “We think this region is going to be a strong growth area for Steward Partners.”

“By joining Steward Partners, we will have the ability to provide even higher levels of personal attention and service to the families we have served for so many years,” said Chumley in a statement.

Carpion Private Wealth Joins Sanctuary Wealth as Partner Firm

Sanctuary Wealth has welcomed Texas-based Carpion Private Wealth as a partner firm. The Carpion team is led by managing director Eric Cardenas.

“Eric was heavily recruited, having built such an impressive business at an early age,” said Vince Fertitta, president of wealth management at Sanctuary Wealth, in a statement. “I’m honored that after extensive due diligence, he chose Sanctuary to support him in launching Carpion.”

With $800 million in client assets under advisement, Carpion is the third wirehouse breakaway and fifth new partner firm to join Sanctuary in the first quarter of 2023 and Sanctuary’s 15th partner firm in Texas.

“Leaving the wirehouse world was a big decision for us, but we ultimately felt we could be even more successful by going independent,” Cardenas said in a statement. “We wanted to find a place where we could enhance the service, resources, and accessibility we offer our clients, that simultaneously could help our team members grow, both professionally and personally.”