Advisory M&A News – 2/12/24

Former Goldman Sachs Wealth Adviser Launches RIA for Small Businesses, Executives

A former Goldman Sachs Group Inc. wealth adviser has launched Denver-based ALFA Advisory, a registered investment adviser focused on entrepreneurs, business owners and executives.

Anthony Englert, founder and managing director, will lead ALFA Advisory as it seeks to “protect their personal wealth, optimize the growth and value of their business, and create a meaningful personal and professional legacy,” according to an announcement. “To do so, the firm is structured to provide clear and coordinated advice, robust and personalized services, and essential insights and resources through a single point of contact.”

Prior to creating ALFA, Englert spent more than 14 years at Goldman Sachs, most recently serving as vice president and wealth adviser working with families, private business owners and public executives.

ALFA, which stands for abundance, leadership and freedom accelerated, offers financial planning and investment services, including investment management, retirement planning, tax and estate planning, insurance and risk management and philanthropic strategies.

The firm will be partnering with Sanctuary Wealth, a technology and support platform for independent advisers, according to the announcement.

Private Advisor Group Adds $120M Wealth Advisory

Private Advisor Group, an independent wealth manager based in Morristown, New Jersey, has added a four-person wealth team with $120 million in assets under management.

Poterack Capital Advisory is based in Charlotte, North Carolina, and led by CEO Ryan Poterack. The firm offers asset management, life and long-term-care insurance, tax-efficient investment strategies and income, retirement and wealth protection to clients. The firm operates nationally via virtual services, according to the announcement.

Poterack will be part of Private Advisor Group’s Alignment and Equity Program, a jointly owned growth partnership entity that provides partners with direct economic interest in the Private Advisor Group.

Private Advisor Group is actively recruiting “entrepreneurial financial advisers” who are looking to grow while maintaining independence, according to the firm, which had $28.5 billion in AUM as of June 30, 2023.

CBIZ Adds Accounting, Tax Services Provider

CBIZ Inc., a financial, insurance and retirement plan and wealth advisory, has added tax and accounting service provider Erickson, Brown & Kloster LLC to its organization, as of February 1.

Colorado Springs, Colorado-based EBK was founded in 1984 and provides tax and accounting services to businesses across automotive, wholesale, medical services, real estate, manufacturing and nonprofits, according to the announcement. It has 50 employees and recorded $8.9 million in revenue in 2023; terms of the transaction were not disclosed.

Phil Erickson, co-managing partner of EBK, said in a statement: “Our team of dedicated professionals now has immediate access to enhanced tools, resources and expertise that would have taken decades of time and countless dollars for us to develop on our own.”

Cleveland-based CBIZ has more than 120 offices in 33 states.