Advisory M&A

Atria Wealth Adds $1.1B Wealth Team From Flagstar 

Atria Wealth Solutions Inc. has recruited financial advisers Edwin Milner, Laura Palacios and Jason Kurz from Flagstar Bank NA (formerly Signature Bank) to join Atria subsidiary Cadaret Grant & Co. Inc.

The advisers will be an independent wealth management firm managing nearly $1.1 billion in client assets in association with Cadaret Grant’s largest branch—American Investment Planners, based in Jericho, New York.

Bill Morrissey, head of Atria’s independent channel and president of Cadaret Grant, said in the announcement: “We congratulate Ed, Laura and Jason on their successful transition to independence, as well as AIP, which has consistently been one of our most successful Cadaret Grant branches. This transition further underscores Atria’s broader value proposition to growth-oriented financial professionals from the independent and employee channels who are seeking to reach the next level of success as wealth management business owners.”

Atria, based in New York City, and its subsidiaries together support nearly 2,300 financial professionals and approximately $100 billion of assets under administration.

Mercer Advisors Acquires RMR Wealth Advisors

Mercer Global Advisors, Inc. announced the acquisition of RMR Wealth Advisors, LLC.

RMR was founded in 2009 by Erik Mikkelson, Doug Giageos and Lisa Sowls. The firm serves more than 150 clients with approximately $350 million in assets under management.

“We realized we had hit a growth inflection point and had to either significantly reinvest in the company or join a firm that had already successfully created the scale and leverage, as well as the expanded service offering, we were looking for,” said Mikkelson in a statement. “We were introduced to David Barton, vice chairman at Mercer Advisors, who heads up the company’s merger and acquisition activity. As Dave described their company history and in-house family office service offering, including estate planning, tax consulting and return preparation, and corporate trustee services, we knew Mercer Advisors was right for our clients, staff and for ownership.”

BG Group Joins UBS in New York City

UBS announced that the BG Group has joined the firm in New York City. The BG Group manages more than $2.5 billion in client assets for high-net-worth individuals and families.

The firm includes financial advisers Michael Bromberg, Daniel Gerschel, Joshua Ellner, Rob Mancino and Craig Weinstein. They join the UBS Manhattan Wealth Management Market, managed by market director Kellie Brady.

“We’re proud to welcome Michael, Daniel, Joshua, Rob and Craig to UBS,” said Brady in a statement. “We believe we have the strongest platform for financial advisers in the Americas, and with our suite of high-net-worth capabilities and truly global offering, advisers like The BG Group will be able to deliver the full power of UBS to their clients.”

Hightower Makes Strategic Investment in Vigilant Wealth Management

Hightower Advisors LLC announced it has made a strategic investment in Vigilant Wealth Management, which has offices in Portland, Maine, and Portsmouth, New Hampshire. Chicago-based Hightower manages approximately $2.3 billion in client assets across 500 households.

Founded in 2002, Vigilant currently has 31 employees, including 11 wealth advisers, and is led by its three co-founding principals: Jeffrey Carlisle, Daniel Mulkern and Scott Sorensen.

“We chose to align with Hightower because of their partnership approach—providing scaling and strategic planning resources to our firm, while leaving us with the entrepreneurial freedom to control the identity, culture and strategic direction of Vigilant,” said Carlisle in a statement.

Gill Joins Snowden Lane Partners With $420 Million in Client Assets

Wealth advisory firm Snowden Lane Partners announced that Douglas Gill has joined the firm with $420 million in assets under management. His arrival takes Snowden Lane’s total client assets to more than $10 billion.

Gill will be based in Snowden Lane’s Bethesda, Maryland, office and serve as a partner and managing director. He joins Snowden Lane with more than 30 years of experience in financial services. Gill also previously spent 17 years as a private wealth adviser at Goldman Sachs and Morgan Stanley.

“I’ve been fortunate to work for a range of firms across the wealth management industry, each of which applied their own approaches, but the emphasis Snowden Lane places on personalized client service made the firm a clear choice as I continue my career in the independent advisory space,” said Gill in a statement.