Advisory M&A News – 2/5/24

Mariner Wealth to Acquire 2 Firms to Bolster Institutional Presence

Wealth advisement firm Mariner Wealth Advisors will acquire Winter Park, Florida-based AndCo Consulting and Covington, Kentucky-based Fourth Street Performance Partners in a simultaneous transaction adding 100 employees and bringing in $104 billion in assets under advisement.

The deal will “significantly bolster” Overland Park, Kansas-based Mariner’s institutional advisement presence in such areas as defined contribution and defined benefit, as it has recognized “the evolving landscape of retirement-to-wealth solutions,” according to the announcement. Terms of the transaction were not disclosed; the deal is expected to be completed by April.

The AndCo team will lead a new business vertical, Mariner Institutional, which will contribute to the firm’s advisement of both institutional and individual clients. Fourth Street will merge with AndCo after the close, with each maintaining existing teams and service of institutional clients under the Mariner Institutional brand.

“The complementary nature of our clients and services will support our joint growth and offer existing clients and prospects additional services that will help enhance the overall client outcome,” Marty Bicknell, CEO and president of Mariner Wealth Advisors, said in a statement.

The agreements were finalized on January 29, with Berkshire Global Advisors serving as financial adviser to AndCo Consulting. AndCo and Fourth Street will continue serving clients out of their locations in Covington, Winter Park, Chicago, Dallas, Detroit, Pittsburgh, Cleveland and Reno, Nevada.

Heffernan Acquires First Coast Wealth Advisors

Heffernan Insurance Brokers and Heffernan Financial Services have established their first presence in Florida with the acquisition of First Coast Wealth Advisors in St. Augustine.

First Coast Founder and CEO Jeff Helms and his team joined Heffernan Financial Services, effective January 1. Terms of the transaction were not disclosed. Helms has worked in the financial services industry for nearly 40 years, joining First Coast Wealth Advisors in 2003 and holding multiple leadership roles.

First Coast Wealth Advisors offers financial planning with consultative services, including investment strategy, tax mitigation, wealth transfer, asset preservation and charitable planning.

“With the addition of the First Coast wealth advisory team, we now have bicoastal expertise that includes team members who hold the prestigious designations of CFA and CFP,” Blake Thibault, president of Heffernan Financial Services, said in a statement. 

Heffernan’s companies include Heffernan Retirement Services, a full-service financial services firm that offers strategies and solutions for corporations, foundations and individuals. The firm is both vendor and investment neutral.

OneDigital Adds Wealth Management Firm Working in 9 States

OneDigital Investment Advisors, a wholly owned subsidiary of OneDigital, announced the addition of WealthSource Partners, bringing $2 billion in wealth management advisory assets to OneDigital’s $100 billion in assets under management.

WealthSource is a financial services company offering financial planning, investment management and insurance solutions. The 44-person team works with about 2,000 client families and brings more than 25 years of financial and M&A experience in nine states: Arizona, California, Colorado, Florida, Ohio, Oklahoma, Tennessee, Texas and Utah.

The firm was founded in 2016 by Bryan Sullivan of Vellum Financial and Eric Patton and Jon Dubravac of Avant-Garde Advisors when they combined their firms.

“We’re delighted to welcome the WealthSource team and weave their valuable expertise into our robust team of dedicated financial advisers,” Vincent Morris, president of retirement and wealth for OneDigital, said in a statement. “The wealth management industry is highly complex and demanding and, together with WealthSource, we will meet the increasing challenges with our depth of knowledge and mutual desire to put our clients’ needs first.”
 
Atlanta-based OneDigital is an insurance brokerage, financial services and HR consulting firm with more than 75,000 employees.

Carson’s $180M Partnership Starts Eastern Expansion Plans 

Carson Wealth is expanding into the East with the addition of offices in Hanover, New Hampshire, and Chester, Vermont, through a strategic partnership with Fisher Financial Advisors, which will be rebranded as Carson Wealth.

The offices will be Carson Wealth’s first in both states, which the Omaha, Nebraska-based firm intends to show its “commitment to extending its reach and impact.”

“Carson will be instrumental in elevating our client experience,” Tim Fisher, managing director and Wealth Advisor of Fisher Financial Advisors, said in a statement. “As we’ve grown, the need for additional expertise became apparent, and Carson’s expansive resources can help fill a lot of buckets for us, like portfolio management and tax and estate planning.”

The firm is also led by Fisher’s son, Nate Fisher, who noted in a statement that: “Succession planning was also a paramount consideration for us. We wanted not only to sustain our growth, but to continue expanding.”

The deal is Carson Group’s first of 2024, with FP Transitions serving as the M&A adviser for Fisher Financial Advisors.