Advisory M&A News – 10/2/23

DPL Financial Partners Acquires AnnuityFix

DPL Financial Partners LLC, a commission-free insurance platform for RIAs, announced it is acquiring AnnuityFix and affiliated broker/dealer Johnstone Brokerage Services LLC.

The acquisition enhances DPL’s Breakaway Accelerator program, which allows financial advisers to transition their legacy annuity business to a fee-based business model, enabling many to go completely independent. DPL appointed Grant Johnstone, founder of Center, Texas-based AnnuityFix, as chief compliance officer and chief legal officer.

“Since launching our Breakaway Accelerator late last year, we’ve begun working with scores of breakaway teams and rollups to transition annuity books,” David Lau, DPL’s founder and CEO, said in a statement. “It’s exciting to welcome Grant and his deep experience serving the unique needs of the RIA industry and to create expanded capacity with Grant’s team and process.”

Additionally, DPL’s Breakaway Accelerator provides advisers with a process and technology to evaluate each client’s annuity holdings. Advisers can use it to determine whether it is beneficial for the client to exchange current holdings for one of the commission-free products on the DPL platform. 

Wealthspire Advisors to Acquire GM Advisory Group

Wealthspire Advisors LLC, an NFP Corp. company and independent RIA, announced a signed agreement to purchase GM Advisory Group Inc.

GMAG manages approximately $3 billion in assets, advises on an additional $3.3 billion in assets and maintains a presence in Boca Raton, Florida; New York City; and Melville, New York. Frank Marzano, the founder and managing principal of GMAG, started the firm in 2004 to serve high-net-worth individuals and families. 

“We are delighted to welcome the exceptionally talented team at GM Advisory Group to Wealthspire,” Mike LaMena, Wealthspire’s CEO, said in a statement. “I have personally known Frank Marzano for many years, and his passion for serving clients and his relentless commitment to his people are reflected in the tremendous success they have experienced over nearly two decades.”

Among its entities, Wealthspire has a national footprint with 21 locations across 12 states. With this acquisition, the firm will oversee approximately $24.4 billion in assets and add more than 40 professionals to its team.

Carson Group Adds FAI Wealth Management

Carson Group announced its latest partnership with FAI Wealth Management, an advisory firm based in Columbia, Maryland.

Founded in 1987, FAI currently manages $300 million in client assets nationwide. The team of seven will continue to be led by managing director and wealth adviser Mark Stinson.

FAI specializes in providing financial planning and investment management services for individuals, families and businesses. The partnership will rebrand FAI Wealth Management as Carson Wealth.

“Carson Group was the partner we were seeking,” said Stinson in a statement. “Throughout our due diligence process, it became clear that the firm not only shares our unwavering commitment for always putting clients first, but also our passion for being at the forefront of the wealth management profession.”

Symonds Wealth Management Joins Kestra Financial

Kestra Financial announced the addition to its network of Symonds Wealth Management, whose financial professionals oversee $1.7 billion in assets. Fort Worth, Texas-based Symonds is led by Dax Symonds.

“Dax and his team bring a practice with a strong foundation that aligns with our values,” Daniel Schwamb, executive vice president of business development at Kestra Financial, said in a statement. “We’re eager to partner with them and excited to help the business scale so they can focus on what they do best—helping clients reach their long-term financial goals.”

Symonds focuses on managing large corporate retirement plans for large organizations. The firm brings to Kestra five producers and six operations personnel.

“We found a trusted partner in Kestra Financial, as they can deliver on our technology needs and provide consulting support that will round out our ensemble practice,” said Symonds in a statement. “Financial strength and stability were also criteria we evaluated when considering prospective partners, and Kestra’s private ownership, strong foundation, and solid financial footing gave us the confidence to move forward.”