Advisory M&A News – 8/19/24

NewEdge Wealth Adds RIA Coverage in Florida, Pennsylvania

NewEdge Wealth, a division of NewEdge Capital Group LLC, has added to its network of more than 400 financial advisers serving households, family office and institutions.

The Stamford, Connecticut-based firm announced it had brought on a team of eight from Merrill Lynch in Florida; the registered investment advisers will bring clients and skill in ultra-high-net-worth families, family offices and institutional clients, according to the announcement.

The new office serving Boca Raton and Delray Beach will be led by joining partners Blaine Minton and Kirsten Tuzzo, among others. Minton was formerly a managing director at Merrill Lynch and a senior vice president at Morgan Stanley; Tuzzo formerly managed the Rockefeller Foundation Endowment portfolio and worked in the private banking and wealth management groups at J.P. Morgan Chase and Bank of America.

In addition, NewEdge hired an RIA specializing in ultra-high-net-worth families, family offices and institutional clients in Allentown, Pennsylvania.

The firm is led by Paul Emrick, who will join the firm along with vice president and portfolio strategist Matt Mongon, both of which were previously advisers with Morgan Stanley.

Emrick had led a private wealth management team at Morgan Stanley for more than a decade; Mongon joined Morgan Stanley in 2018 after a senior role in managing Lehigh University’s $1.6 billion endowment fund. Goldman Sachs Custody Solutions will be the team’s primary custodian.

NewEdge Wealth was founded in December 2020 and has grown to 13 offices, including locations in Atlanta, Miami, Nashville and San Francisco.

Summit Trail Advisors Adds California-Based RIA

Summit Trail Advisors LLC, a wealth management firm with $18 billion in assets under management, has hired an adviser with $500 million in client assets to add to its California presence.

Paul Hoskin will join the firm as a partner and adviser in Newport Beach, California. He was previously part of the Key Client Group of BNP Paribas/Bank of the West, which was acquired by BMO in 2023; Summit Trail Advisors announced it had brought on 10 other financial professionals from that firm.

Hoskin specializes in helping business owners with capital needs, succession planning and managing their personal generational wealth. Previously, he worked at Citibank and U.S. Trust.

The addition of the Newport Beach location brings Sumit Trail’s locations to 10 across the U.S. It is a member of the Dynasty Network of independent advisory firms.

Avantax Adds $60M Financial Adviser Ali Kazemi

Avantax Inc., part of Cetera Holdings, has added financial adviser Ali Kazemi, based near San Francisco, to its network.

Kazemi, an independent financial professional since 2009, was previously affiliated with LPL Financial, where he had approximately $60 million in client assets under administration.

Kazemi is joining Avantax for its technology and “active and collaborative community” of financial professionals, according to the announcement.

“I thoroughly enjoy being an independent broker, but have missed being part of a team and see great value in it,” said Kazemi in a statement. “Through the entire process, Avantax was incredibly supportive. The onboarding and marketing teams really listened to what I wanted. Based on the experience so far, I know I’m not going to be disappointed with Avantax.”

Avantax, which specializes in tax-focused financial planning and wealth management, has $92.8 billion in AUM as of the end of 2023.