Deals & People July 11, 2011

HighTower Expands With Virginia-Based Addition

HighTower, a national financial services company serving high net worth and institutional clients, has acquired VWG Wealth Management, located in Vienna, Virginia.  
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“VWG Wealth Management has more than 45 years of experience and knowledge working closely with high-net-worth clients to help them meet their financial goals at every stage,” said Mike Papedis, HighTower’s Managing Director of Business Development. “The group will be an excellent addition to HighTower’s prestigious partnership of elite advisers.”

VWG Wealth Management is led by John Verfurth, Richard Weeks, and Jeff Grinspoon, who will be serving as Managing Directors and Partners at HighTower. The three partners were included in the Winner’s Circle of Top Advisors in the state of Virginia for three consecutive years (2006-2008), which was published in the Virginia Business magazine.

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Verfurth has 16 years experience in the financial services industry, all of them at Morgan Stanley Smith Barney. Weeks has 17 years of financial service experience, beginning his career with Legg Mason in 1994 before joining Morgan Stanley Smith Barney in 2001. Grinspoon spent three years at Legg Mason before also joining Morgan Stanley Smith Barney in 2001.

Deals & People July 11, 2011

Sentinel Benefits Acquires Schloss & Company

Eugene Schloss, founder of Schloss & Company, is retiring after 39 years of providing retirement planning solutions to clients in Long Island, New York.
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Sentinel  Benefits & Financial Group (Sentinel), a Focus Financial partner firm, announced the acquisition of Schloss & Company. Schloss’ existing management team, whose members have served an average of 20 years at the firm, will continue to provide consultation services to its clients.

“We selected Schloss because of the team’s long-standing record of excellent client service and delivery.  In addition, the firm’s in-depth knowledge of the local market will help us continue our growth in this geographic area and provide an excellent complement to Sentinel’s already existing New York City offices,” said John Carnevale, President and CEO of Sentinel Benefits & Financial Group.

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With this acquisition, Sentinel serves 4,300 clients. As an independent provider, the firm does not represent specific products, and often shares fiduciary responsibility with clients. Sentinel’s proprietary technology platform was internally developed by experts in the benefits industry to ensure the highest level of client service, the company said.

“Sentinel Benefits & Financial Group is seeking to expand nationally as a leading retirement and benefit provider in the independent marketplace,” added Carnevale. “We believe that as regulations continue to level the playing field through fee disclosure and as access to technology makes most providers look the same, the only real differentiator will be the local experts that serve clients. To that end, Sentinel seeks to define value to clients as independent, expert service, delivered at a reasonable price.”

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