Advisory M&A

CAPTRUST Financial Advisors Acquires Aevitas Wealth Management

CAPTRUST Financial Advisors LLC announced the addition of Aevitas Wealth Management Inc.

Wellesley Hills, Massachustts-based Aevitas is led by Michael Schreiber, the company’s president and chief investment officer. The firm brings $567 million in assets to CAPTRUST, along with four new colleagues.

“The way CAPTRUST acts as a fiduciary to its clients was an immediate draw for us,” Schreiber said in a statement. “High client contact and care is a priority for our team at Aevitas, and we saw the same priority in CAPTRUST.”

Aevitas provides financial planning and advisory services to individuals, families and small businesses. The firm also provides advice and investment services for endowments, foundations and retirement plans.

Heffernan Financial Services Acquires Ascendant Financial Solutions

Heffernan Financial Services expanded its presence in Arizona with the acquisition of Ascendant Financial Solutions. Ascendant is a registered investment adviser with offices in Flagstaff, Phoenix and Mesa, Arizona.

JD Hoyt founded Ascendant Financial Solutions in 1990 in Flagstaff. He has joined Heffernan Financial Services as an executive vice president effective May 1.

“I am excited to honor the clients, employees and associated advisors of Ascendant with our merger with Heffernan Financial services,” said Hoyt in a statement. “Their hard work and dedication to providing solutions to complex financial questions and providing excellent service will now be continued for the next generation.”

“We are thrilled to have JD and his team join the Heffernan family and bring unique, custom strategies and solutions to the group,” said Blake Thibault, managing director of Heffernan Financial Services, in a statement.

Commonwealth Financial Network Adds Pinnacle Private Wealth

Commonwealth Financial Network announced the addition of Pinnacle Private Wealth of Kimberly, Wisconsin, to its network of financial advisers.

Pinnacle’s senior partners, Todd Funk and Kelly Watzka, and their team bring $220 million in client assets.

“Going independent and taking ownership of our books of business were our main goals,” said Funk in a statement. “At Commonwealth, we found that aligning with another independent firm would allow us to choose our own path forward while also receiving the freedom and support we need to expand our retirement plan offering.”

“They have everything we need to run and grow our business in the way that works for us,” Watzka added in a statement. “Their retirement team will help us serve more small businesses. And with the added products and robust technology, it checks off all the boxes for us.”

McCay Kuznitz Hess Group Joins Ameriprise Financial

McCay Kuznitz Hess Group, a wealth management practice managing nearly $400 million in client assets, recently joined the branch channel of Ameriprise Financial Services LLC.

Ed McCay, Mark Kuznitz and Larry Hess, managing directors of McCay Kuznitz Hess Group, made the decision to move their practice to Ameriprise from Merrill Lynch. In a statement, they said Ameriprise offers greater support, technology and sophisticated investment solutions.

McCay and Hess were previously affiliated with the Ameriprise independent channel but left the firm for Merrill Lynch in 2017. 

“We already knew and trusted Ameriprise from our time there as independent advisors, so we started to explore the idea of coming back as employee advisors,” said McCay in a statement. “The support and direction from Ameriprise leaders have been everything we were looking for and more.”

Wealth Enhancement Groups Announces Acquisition of Infinity Wealth Alliance

Wealth Enhancement Group announced the acquisition of Infinity Wealth Alliance, a hybrid RIA located in Apple Valley, MN. 

“My team and I are excited to join Wealth Enhancement Group and benefit from the opportunities this provides to enhance our services, while establishing business continuity for our clients,” said Luther Hagen, founder of Infinity Wealth Alliance, in a statement.

Infinity Wealth Alliance oversees more than $238 million in client assets. Founded in 2002, the firm specializes in providing financial planning, wealth management and retirement plan support.

“I look forward to working with Luther and his colleagues to expand their client offerings and drive further success and growth for their business,” said Jeff Dekko, Wealth Enhancement Group’s CEO, in a statement.

Delich Wealth Management Joins Advisor Group Network

Advisor Group announced that Delich Wealth Management Group has joined Financial Dimensions Group, which manages more than $4.2 billion in total client assets and is one of the largest groups affiliated with Advisor Group.

Tom Delich and his team, including wealth adviser Ben Freeby and registered client associate Mary Farnham, bring $250 million in client assets to the Advisor Group network. The Shoreview, Minnesota-based team joins Advisor Group from RBC Wealth Management.

“We are excited to partner with Financial Dimensions Group and look forward to all the benefits of being part of Advisor Group,” said Delich in a statement. “Their multitude of investment strategies broadens our current capabilities, while their advanced trading tools and state-of-the-art technology will allow us to best address our clients’ needs.”

Strongpoint Partners Announces Partnership with Retirement Planners and Administrators

Strongpoint Partners announced a new partnership with Retirement Planners and Administrators, a third-party retirement administrator headquartered in Falls Church, Virginia.

“As the industry continues to adapt to constant regulatory change, including upcoming changes to state retirement mandates in RPA’s home state of Virginia, our reach, size, and concentration of experience will ensure we’re better prepared than anyone to serve the needs of small and medium-sized businesses,” said Danny Hest, Strongpoint’s CEO, in a statement.

Strongpoint focuses on third-party administration of retirement plans, recordkeeping, payroll and HR solutions for small and medium-sized businesses. With the addition of RPA, Chicago-based Strongpoint has more than 3,200 plans under administration and manages more than $6 billion in total assets under administration.

“My father, our talented team and I have spent the past 54 years putting our all into building this business, and joining the Strongpoint family is a monumental step for us,” said Richard Banziger, RPA’s CEO, in a statement.