Advisory M&A News – 12/2/24

Avantax Welcomes Independent Financial Adviser Andrew Erickson

Avantax Inc., a community within Cetera Holdings and a leader in tax-focused financial planning and wealth management, added Andrew Erickson, an independent financial adviser and founder of ClearGuide Wealth LLC.

Based in Chicago area, Erickson transferred to Avantax after eight years with Edward Jones, where he had approximately $143 million in client assets under administration as of July 30.

According to the Avantax announcement, Erickson joined the firm because of its commitment to tax-focused financial planning and so he could offer his clients a wider array of investment products and services.

“Having more tools and flexibility and being able to give my clients a better experience compared to where I was before, that was my main reason for switching to Avantax,” Erickson said in a statement. “What sealed the deal for me is the relationship Avantax has with CPAs and Avantax’s deep understanding of how to work seamlessly with tax professionals including knowing what information is most valuable to them. I found that very compelling.”

Hexure, Luma Expand Partnership to Offer Integrated Life Insurance and Annuity Solutions

Luma Financial Technologies LLC, which delivers structured products and insurance solutions, announced the expansion of its long-standing collaboration with Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry.

This partnership expands Luma’s platform to include Hexure’s FireLight life insurance capabilities, enabling financial advisers to manage both life insurance and annuity products in one system.

“We are happy to leverage our technology capabilities and carrier network to expand our four-year partnership with Luma to include life insurance, offering streamlined access to a diverse range of products from multiple carriers within a single, centralized solution,” said Kevin Pohmer, president of Hexure, in a statement.

By leveraging FireLight for life insurance, Luma strengthens its ability to deliver end-to-end process for learning, comparing and managing both life insurance and annuities.

NorthStar Insurance Services Joins World Insurance Associates

World Insurance Associates LLC announced that it acquired the business of NorthStar Insurance Services Inc. of Needham, Massachusetts, on July 1.

NorthStar was founded in 1995 and is one of New England’s largest insurance agencies, providing business and personal insurance. In 2014, it acquired The Insurance Center agency, in Claremont, New Hampshire, and in 2022, it acquired McCrillis & Eldredge Insurance, a 125-year-old P&C agency in Newport, New Hampshire.

“We take a local, hands-on approach in servicing our clients while leveraging the resources and expertise of our size to deliver the tailored solutions they need to protect their assets, reputation, people, and customers,” Edward B. Pierce, Jr., founder and president of NorthStar Insurance Services, said in a statement.

Giordano, Halleran & Ciesla P.C. provided legal counsel, and MarshBerry advised World on the transaction. Satin and Lee Law P.C. provided legal counsel, and Sica Fletcher LLC advised NorthStar on the transaction.