Advisory M&A News – 9/25/23

Johnson Financial Group Acquires Appleton Group

Johnson Financial Group announced it has signed an agreement to acquire the Appleton Group LLC, a registered investment adviser with $210 million in assets under management based in Appleton, Wisconsin, at the end of the month.

Founded in 2002 by Mark Scheffler, the Appleton Group is a fee-only, independent financial adviser serving private clients, employer-sponsored retirement plans, nonprofit endowments and financial institutions.

“We’re proud to become part of the largest independent RIA in the state,” Scheffler in a statement. “Johnson Financial Group offers the investment products, technology and service our clients expect.”

“Mark Scheffler and the six employees of the Appleton Group share our values and our culture of serving our clients, our employees and our communities,” Brian Andrew, CIO and president of Racine, Wisconsin-based Johnson Wealth, said in a statement. “This acquisition will expand our footprint in Northeast [Wisconsin] and complement other recent efforts to build our presence in Milwaukee, Madison and Appleton.”

Bluespring Wealth Partners Announces Acquisition of Christopher Street Financial

Bluespring Wealth Partners LLC announced the acquisition of Christopher Street Financial, a New York City-based investment firm with 15 staff members that oversees approximately $700 million in client assets nationwide.

Established more than 40 years ago, Christopher Street Financial is led by President Jen Hatch and CEO Mark Franczyk. The firm specializes in relationship-based, holistic financial planning for LGBTQ+ individuals, couples and families. According to a statement, the firm was “named to commemorate the street in Greenwich Village—a Lower Manhattan neighborhood of New York City that’s associated with events that transformed the fight for equality.”

“Our firm has a 42-year reputation of helping members of the LGBTQ+ community achieve financial well-being, and we are excited to drive this legacy forward with Bluespring’s support,” Franczyk said in a statement.

Christopher Street Financial has been associated with Bluespring Wealth Partners’ sister company, Kestra Financial, for 15 years. Bluespring plans to further support Christopher Street Financial through consulting and business development resources.

Coutant Group Joins UBS

UBS Wealth Management USA announced that a five-person team, the Coutant Group, has joined the firm. The Greenwich, Connecticut-based team manages $700 million in client assets for high-net-worth individuals and families.

The team is led by financial advisers Kevin Coutant and Keith Coutant, who bring nearly 50 years of combined industry experience. They join UBS from Merrill Lynch Wealth Management, where they spent the past 24 and 21 years, respectively.

The pair are joined by Meredith Smith and Kristen Quick, senior wealth strategy associates, and Henry Hamilton, client service associate. They join the UBS Soundview Wealth Management Market team, led by Mara Glassel, and will be based in the firm’s Greenwich office.

“On behalf of UBS, we’re excited to welcome Kevin, Keith and their entire team to the firm,” said Glassel in a statement. “Their industry experience and dedication to their clients will be a great addition to our business, and we look forward to having them help us continue to expand our client offering in this key market.”