Advisory M&A News – 3/4/24

PCS Retirement Announces Investment From Lee Equity Partners

PCS Retirement LLC, a retirement plan recordkeeper, received a majority investment from funds managed by Lee Equity Partners LLC, a middle market private equity firm.

PCS Founder and CEO Mark Klein will step away from day-to-day operations and will remain a member of the board of directors. Scott David will join PCS Retirement as CEO. He previously served as the head of individual and retirement plan services and an executive committee member at T. Rowe Price and earlier as president of U.S. retirement services at Fidelity. As part of the transaction, another private equity firm, LLR Partners, will exit its investment in PCS.

“We are very appreciative of LLR’s partnership and are excited to welcome Lee Equity as our financial sponsor and Scott David as CEO,” Klein said in a statement. “Lee Equity deeply understands the value of our employee-centric business and appreciates our tremendous growth potential, and I’m confident that the addition of Scott will lead us well as we evolve into our next chapter.”

Founded in 2001, PCS Retirement delivers retirement plans to business owners, school districts, municipalities, not-for-profits and individuals.

Guthrie Rouner Group Joins Ameriprise Financial

The Guthrie Rouner Group, led by financial advisers Jim Guthrie and Stephen Rouner, joined the branch channel of Ameriprise Financial Inc. in Tacoma, Washington. The advisers join from Merrill Lynch with $320 million in client assets. The advisers are joined by registered client service associate Nick Vanderlinda.

“The coaching, training and development programs at Ameriprise provide a clear glide path to help our staff members transition from support roles to client-facing advisor roles when they’re ready for that stage of their careers,” Guthrie said in a statement.

Guthrie Rouner Group will be supported locally by Ameriprise employees, including David Cook, branch manager; Peter Groeschel, complex director; and Jamie Frisone, regional vice president. Approximately 1,700 financial advisers have joined Ameriprise Financial in the last five years, according to the announcement.

“The planning software at Ameriprise is easy to use, powerful and comprehensive,” Rouner said in a statement. “This capability will allow us to offer a more robust financial planning experience to clients with less prep time behind the scenes because of the technology integration across multiple systems.”

Robertson Stephens Wealth Management Acquires the Thrush Group

Robertson Stephens Wealth Management LLC welcomed Bill Thrush and Meghan Rump of the Thrush Group, a Connecticut-based team managing more than $180 million in advisory assets.

“I couldn’t be more excited to welcome Bill and Meghan to Robertson Stephens,” said Raj Bhattacharyya, Robertson Stephens’ CEO, in a statement. “Their two decades of experience serving families in Fairfield County make them ideal candidates for our first presence in Connecticut and the fourth office in the New York tri-state area.”

Thrush and Rump, the Thrush Group’s founders, join Robertson Stephens as managing directors and principals. With this addition, Robertson Stephens now has approximately $5.1 billion in advisory assets across 19 locations.

“After an exhaustive search, we are thrilled to join Robertson Stephens,” Thrush said in a statement. “This move allows Meghan and I to provide our clients with a differentiated approach to private investments and deliver a comprehensive wealth planning offering, and [it] puts us in a position to grow well into the future. I look forward to establishing the firm’s presence in Connecticut and working with my colleagues nationwide.”

Mission Wealth Announces Merger With Charles Carroll Financial Partners

Mission Wealth LP announced it is merging with Charles Carroll Financial Partners. The merger is Mission Wealth’s fourth integration in the past 13 months. The firm has grown to 37 shareholders with a single share class.

“We are excited to welcome Bill and Andrew, a father-son team, to the Mission Wealth family,” said Matthew Adams, CEO and managing partner of Mission Wealth, in a statement. “With the merger, Bill and Andrew will continue to provide their clients with personalized, expert guidance.”

Headquartered in Needham, Massachusetts, Charles Carroll Financial Partners specializes in providing personalized investment management and financial planning. The merger expands Mission Wealth’s services in New England.

“Our equity structure ensures that all employees of the firm have the opportunity to become a shareholder through four distinct pathways,” Adams said in a statement. “We are excited to welcome Andrew to the team and are committed to supporting him on the path to partnership along with all other employees of the firm.”