Advisory M&A News – 6/10/24

Blue Ridge Associates Acquires TSC 401(k)

Blue Ridge Associates, a portfolio company of Levine Leichtman Capital Partners, announced that it has acquired Tax Sheltered Corporation Inc., a leading provider of administration solutions for retirement plan benefits.

“After getting to know the TSC team, it was abundantly clear that they were the perfect partner to advance our strategic objectives and capitalize on the sizeable and growing qualified retirement plan market,” Bill Yoerger, CEO of Blue Ridge, said in a statement.

Established in 1966, TSC provides administration and compliance solutions for all types of employer-sponsored qualified retirement plans serving 3,100 plans covering over 152,000 participants across the small and middle-market business community. The addition of TSC strengthens Blue Ridge’s position as an independent ESOP and qualified retirement savings plan administration and recordkeeping firm.

“We are pleased to demonstrate our continued support of the Blue Ridge team with this acquisition, which reinforces their strategic combination of organic and inorganic growth initiatives,” Andrew Alexander, managing director at LLCP, said in a statement.

Generational Wealth Partners Returns to Ameriprise Financial

Private wealth adviser Kyle Rasmussen and financial adviser Nick Blasberg recently joined the independent channel of Ameriprise Financial Inc. with over $105 million in client assets. Their practice operates under the name Generational Wealth Partners and includes financial planning specialist Hunter Bell.

Rasmussen, who has nearly 15 years in the industry, returns to Ameriprise Financial after five years at LPL Financial in Reinbeck, Iowa. The team is supported locally by Ameriprise franchise field vice president Brad Sabol and Ameriprise regional vice president Michael Lawson.

“At Ameriprise, advisers are never made to feel they are going it alone,” Rasmussen said in a statement. “The firm puts advisers at the center of their business model and focuses on providing all the tools, technology, training, time and energy needed to grow and do great things for clients.”

Rasmussen cited several other benefits that influenced the team’s decision to move to Ameriprise, including integrated and streamlined technology, leadership support and coaching program as well as resources for external practice acquisitions.

Kin Wealth Joins Commonwealth

Commonwealth Financial Network announced the addition of Kin Wealth of San Antonio, Texas, to its network of independent financial advisers.

Formerly with Frost Bank, CEO and founder Rebecca Boyd, partner Collin Fabac and their support staff bring with them more than $250 million in total client assets. Boyd chose to join Commonwealth and partnered with Fabac after 24 years with Frost Bank.

“There was a boutique feel to [Commonwealth], and I saw early on that they would treat us the way we treat our clients,” Boyd said in a statement.

Kin Wealth will receive access to Commonwealth’s brand studio offering and in-house marketing consultants to help develop a name, logo and web presence for their newly independent business. Commonwealth’s menu of research and investment offerings will also help Kin Wealth match its clients with the most appropriate solutions.

Kestra Private Wealth Services Adds Attain Wealth Partners

Kestra Private Wealth Services announced the addition of the financial professional team at Attain Wealth Partners to its platform. Prior to founding Attain Wealth Partners, the team was associated with Merrill Lynch Wealth Management.

Based in Zanesville, Ohio, Attain Wealth Partners is joining Kestra PWS with co-founders Shakir Kaka and David Weinberg at the helm, bringing over 40 years of expertise to the wealth management space. Joining the two is a tenured team of five wealth advisers, including Bridget Tetak, Ross Weinberg, Sierra Brown, Nazneen Kaka and administrative partner Anissa Judd.

Overseeing $500 million in client assets, the team specializes in portfolio management, retirement strategies, risk management, estate strategies supporting ultra-high-net-worth individuals and more.

“Joining Kestra PWS allows us to develop trust and stronger, long-term relationships with our clients, working alongside like-minded partners who believe in our mission and goals,” Karka said in a statement.