Advisory M&A News – 11/4/24

Kestra Financial Adds Wealth Empowerment Financial Strategies

Kestra Financial Inc. announced it has added Wealth Empowerment Financial Strategies to its network of independent wealth management firms. The WEFS team joins Kestra from B. Riley Wealth Management.

The firm, led by Senior Managing Director and Founder Eric Lyon and Senior Managing Director Tom Holly, specializes in wealth management and retirement solutions. Made up of 31 independent advisers and staff members, the WEFS team oversees $1.4 billion in assets under management.

Established in 2006, WEFS plans to leverage its partnership with Kestra Financial to further streamline its financial solutions offerings. WEFS will continue its white-glove service in estate planning, 401(k) offerings, cash balance strategies and more.

“After a long process of interviews and due diligence, the decision to move forward with Kestra Financial was a natural one,” Lyon said in a statement. “We were impressed with everything Kestra Financial had to offer—from its executive management team and technology platform to its back-office tech and resources—and knew this would help the growth of our firm down the line.”

Hightower Completes Strategic Investment in Financial Planning and Information Services

Hightower Advisors LLC announced it has made a strategic investment in Financial Planning and Information Services Inc., a wealth management and financial planning team in De Pere, Wisconsin, with more than $1.1 billion in assets under management.

Led by second generation leaders, including President and CEO Ryan Wempe and Vice Presidents Dan Budinger and Rachel Brown, FPIS was founded in 1985 by Lon Mishler to provide holistic wealth management for clients.

As part of the transaction, FPIS promoted two individuals to partner: Brock Becker and Carl Ekstrom. Going forward, the 16-person team will retain its brand, investment philosophy and approach to client service in the local Green Bay community.

“FPIS built its practice on a core principle that is still its backbone nearly 40 years later,” said Hightower Chairman and CEO Bob Oros in a statement. “Their leaders’ decision to join Hightower highlights our shared dedication to community and the importance of developing long-term, generational wealth relationships. I could not be more pleased to welcome them into our community as they continue to grow their practice.”

Adviser Team With $250M Joins Ameriprise Financial From LPL

Financial Advisers Kelly France and Dan Lotts recently joined an independent Ameriprise Financial Inc. practice, Altoona, Wisconsin-based River Prairie Wealth Partners, which is led by Ameriprise Private Wealth Adviser Adam Mohr.

Together, France and Lotts have more than 30 years of experience in the industry, most recently with LPL Financial, and they join River Prairie Wealth Partners with more than $250 million in client assets. Melissa Hass-Goettl, executive assistant, also makes the transition to Ameriprise.

“We evaluated a variety of firms, and the team at River Prairie Wealth Partners rose to the top,” said France in a statement. “Our shared philosophy for helping clients comprehensively, coupled with the vast support and resources of Ameriprise, gave me confidence that we’ll continue to provide a top-of-the-line client experience.”

“Ameriprise provides impressive technology and sophisticated financial planning tools that allow us to spend less time behind the scenes and more time going deeper with our clients, offering an elevated level of service,” Lotts added in a statement.

Aspen Standard Wealth Acquires $2.8B AUM Summitry

Aspen Standard Wealth announced it has acquired Summitry LLC, a registered investment adviser with $2.8 billion in assets under management. Summitry, based in the San Francisco Bay Area, provides personalized financial planning and investment strategies.

Founded in 2003, the firm offers access to a range of investing and advisory services, including in-depth financial planning, retirement planning, estate and trust services, and equity compensation advice.

“When I met the team at Aspen, it was clear that they were different,” Colin Higgins, CEO of Summitry, said in a statement. “They care about growing our people, continuing to build on top of the foundation that our team has built, and helping us deliver more for our clients.”