Advisory M&A News – 10/14/24

Allworth Adds George McKelvey Company

Allworth Financial, a registered investment adviser based in Folsom, California, with approximately $22 billion in assets under advisement has acquired the George McKelvey Company, a Manasquan, New Jersey-based firm managing over $1.1 billion in client assets.

Led by partners Robert McKelvey, Robert Giunco Jr., and Richard Looney, George McKelvey’s team of nine advisers and eight support staff will integrate with Allworth Financial. The George McKelvey firm was founded in 1960 by George and Elizabeth McKelvey, Robert’s parents serving individuals and families. The firm was advised by Park Sutton Advisors on the transaction.

Allworth, which also advises on employer-sponsored retirement plans, has now made six acquisitions in 2024, and 37 since 2018, expanding its presence to 43 offices nationwide.

Allworth’s co-founders, Scott Hanson and Pat McClain, announced succession plans in the summer of 2023, stepping down from their roles as co-CEOs. John Bunch, a former executive at Edelman Financial Engines, assumed the CEO position late last year.

Robertson Stephens Acquires CAFG Private Wealth

Wealth and employer-sponsored retirement plan consultancy Robertson Stephens Wealth Management LLC announced the acquisition of CAFG Private Wealth, a registered investment adviser managing over $240 million in assets and specializing in comprehensive financial planning and tax preparation. 

Tom Chernesky, founder of CAFG Private Wealth, joins Robertson Stephens as managing director, principal with his colleagues John Dorn, Megan Mikusa and Dan Zarzynski.

This marks Robertson Stephens fifth acquisition of 2024 and the first in the greater Chicago area. With this addition, Robertson Stephens has now surpassed $7 billion in assets across 24 locations with focus areas including employer-sponsored retirement plans.

“CAFG has built an excellent practice by providing each client with a lifetime of financial guidance through personalized financial planning,” Raj Bhattacharyya, CEO, Robertson Stephens, said in a statement. “We are also thrilled to open our first office in the greater Chicago area. This is a key region for the firm as we continue our growth, and we look forward to Tom and the team anchoring our expansion into the Midwest.”

Cetera Announces Acquisition of Concourse Financial Group Securities

Cetera Financial Group announced that it has entered into a definitive agreement to acquire, via asset acquisition, Concourse Financial Group Securities Inc., a subsidiary of Protective Life Corporation.

Based in Birmingham, Alabama, CFGS comprises Protective’s affiliated retail distribution system, dually registered broker-dealer and registered investment adviser. The acquisition is expected to bring approximately 350 financial professionals who oversee more than $12 billion in assets under administration and $4 billion in assets under management to the Cetera Wealth Partners community.

Upon closing, CFGS financial professionals will gain immediate access to the established community resources available through Cetera Wealth Partners, which will be complemented by the CFGS team resources at deal close.

“Concourse Financial Group Securities represents a tremendous opportunity in today’s rapidly consolidating market,” Mike Durbin, CEO of Cetera Holdings, said in a statement. “This transaction will enable us to strategically align the CFGS team within the existing Cetera Wealth Partners community while increasing Cetera’s scale and creating new opportunities for growth for CFGS advisers.”