Advisory M&A News – 7/29/24

Cetera Adds Southshore Wealth Management to Summit Financial Networks

Cetera Financial Group announced that Mike McCormick, doing business as Southshore Wealth Management, has joined Cetera Advisor Networks via Summit Financial Networks.

“I was initially interested in Cetera because I was looking for a large firm that played in the independent space and that could provide world-class marketing and technology,” said McCormick in a statement. “Finding the Summit community was really the cherry on top.”

Southshore Wealth Management provides comprehensive financial planning and investment advice to clients based primarily in Sun City Center, Florida. The firm had more than $151 million in assets under administration as of May 1.

“I’m proud to welcome an experienced and respected advisor like Mike to our community,” said Marshall Leeds, president of Summit, in a statement. “I am confident he will continue to grow his already thriving practice under our unique model to the betterment of his clients.”

cAdvisors Acquires River Capital Advisors

Waverly Advisors LLC, a federally registered investment adviser, has acquired River Capital Advisors LC, an investment advisory business based in Jacksonville, Florida. River Capital was founded in 1998 as a subsidiary of Smoak, Davis & Nixon LLP and is led by its president, Robert Simon.

“River Capital was established out of the desire to help clients with all aspects of their financial lives,” said Simon in a statement. “Joining Waverly means we are now able to utilize a stronger infrastructure and provide even greater resources to our clients.”

Waverly specializes in investment management, financial planning and wealth management solutions for high-net-worth individuals, corporate retirement plans and institutional clients. The acquisition of River Capital marks Waverly’s 15th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.

“Rob and his team are a dynamic group, hungry to grow and dedicated to their clients’ financial well-being,” said Justin Russell, president of Waverly, in a statement. “We are thrilled to welcome them to the Waverly family.”

Brad Morgan Joins Savvy Advisors

Savvy Advisors Inc., an RIA affiliated with Savvy Wealth Inc., announced the hiring of wealth manager Brad Morgan, who specializes in serving current and former Procter & Gamble employees. He joins Savvy from Mariner Wealth Advisors, where his team managed more than $300 million in client assets.

Bringing his practice to Savvy, he reunites with former Mariner colleague Nate Kunkel. According to Savvy, the duo has vast experience in solving various tax, charitable, stock option, estate, income and investment planning needs of P&G employees. They will continue to serve P&G executives and staff. Prior to his decade-long tenure as an adviser, Morgan was a senior engineer at P&G.

“Savvy is truly a client-first advisory firm, and I’m thrilled to be a part of the talented team that’s forging the future of wealth management,” said Morgan in a statement. “Savvy enables me to excel in guiding my clients through myriad complex financial decisions.”

As part of the announcement of Morgan’s hiring, Savvy also stated the firm is adding Alex Austin, Brian Boswell, Colin Farr, J. Nick McLaughlin and Michaela Sullivan as wealth managers.