An RIA launched by Meketa Investment Group earlier this year to provide customized private investment opportunities for RIAs has two new owners and some new faces on its board, as the RIA's first pure acquisition Cetera has launched a sub-acquisition strategy and Snowden Lane added a mother. and the guy who manages $208 million.
Meanwhile, SEIA has hired a director of wealth, tax and financial planning previously with EP Wealth to oversee the development of tax-efficient wealth transfer services.
In other news this week, a pair of Snowden Lane advisers left to start an independent RIA in Florida, a small firm based in Southern California sprouted a The new RIA, backed by faithFinancial Dynasty hired former Schwab executive Tim Oden, Stonebridge Financial's new RIA scored her first advisorand Mercer Global hired a CFO away from McKinsey.
AlTi Tiedemann Global also announced an investment of 450 million dollars by Allianz and Constellation Wealth Capital to support international growth strategies, and LPL is adding $16 billion on its institution services platform from Winfield Financial.
Meketa Capital takes investment in family office, new board members
Meketa Capital, a subsidiary of Meketa Investment Group launched earlier this year to provide customized private market investments for RIAs and other asset managers, announced an investment from the Widger family office through East Bay Merchant Partners.
Ashley Widger has become owner and growth capital provider Meketa Capital, appointing her father and business partner, Chuck Widger, to the firm's board.
“Meketa is ideally suited to help individual investors access private markets opportunities through the RIA channel,” she said in a statement. “I look forward to working closely with Michael Bell and the entire Meketa Capital team to enhance the firm's product offering and further expand its RIA relationships.”
Chuck Widger founded and led Brinker Capital for more than 30 years before stepping down when a merger with Orion Advisor Solutions was completed in 2020. Former Brinker CEO Noreen Beaman and former CFO Phil Green will serve as advisors to Meketa Capital's Board.
Meketa Capital CEO Michael Bell also bought a stake in the firm.
“These changes strengthen our long-term strategic plan by ensuring the firm has the financial resources and experienced team to be a leader in expanding access to private markets investing for financial intermediaries and their clients,” he said.
Both agreements entered into force on February 1. Meketa Capital remains majority owned by its parent company.
Founded in 1978, Meketa Investment Group is an employee-owned OCIO and full-service investment consulting firm that has historically been focused in the institutional space. The firm reports advising on $1.8 trillion in client assets at the end of September.
Cetera-owned TRPG buys Kansas consulting practice
Retirement Planning Group, a $1.8 billion RIA in south suburban Kansas City, made its first acquisition since becoming the first pure RIA acquired by Cetera Holdings in May.
TRPG acquired the assets of Dightman Capital Group, a local practice overseeing approximately $61.2 million for 123 individual clients at the time of its last ADV filing in March 2023. Owner Brian Dightman joined TRPG as W-2 counsel to benefit from employee benefits. and a variety of resources such as back office support, marketing and a broader technology platform.
According to a release, the acquisition is the first of many as Cetera looks to bring more RIAs under the TRPG brand.
In addition to comprehensive financial planning, TRPG offers tax, payment and accounting services. It has offices in St. Louis and Denver, along with its headquarters in Leawood, Kan.
Cetera claims more than $475 billion in assets under administration and $190 billion in assets under management across its various advisor communities.
Snowden Lane Adds $208M Mother/Son Team to NYC HQ
Snowden Lane Partners, a dual-registered wealth management platform that primarily supports bank and breakaway bank advisors, has landed a mother/son team from Laidlaw & Company.
With approximately $208 million in client assets, Ornella and Brian Solomon are joining Snowden Lane as managing directors at the firm's Madison Avenue headquarters in New York City. They operate as the Lewis-Solomon Group and have chosen Charles Schwab as trustee.
The pair are the first team to join Snowden Lane this year, after 12 advisers were added in 2023 with more than 1 billion dollars in combined assets, issuing a W-2 form and the opening of three new ones office locations.
At the end of last week, WealthManagement.com reported a two-person team in Chicago left Snowden Lane to create a new RIA in Florida called Coral Stone Advisors.
Owned by Estancia Capital Partners since 2013, Snowden Lane has also leveraged debt capital through ORIX Corporation to facilitate its recruiting strategy since 2018. The firm currently reports hiring a total of 149 professionals, including 86 consultants, in 15 offices in California, Connecticut, Florida, Illinois, Pennsylvania, Maryland, Texas, New York, New Hampshire and Colorado.
In November, Snowden Lane reported that it has reached $11 billion in client assets.
VSM hires the new Director of Assets, Taxes and Financial Planning
Signature Estate & Investment Advisors, a California RIA with about $19 billion in client assets, brought on a former director of estate planning at EP Wealth to lead an expansion of multigenerational financial planning services.
As Director of Estates, Tax and Financial Planning at SEIA, April Rosenberry will lead a team that works with clients to develop effective tax strategies related to longevity, trust and estate transfers. She is also tasked with expanding services and improving the customer experience.
“The goal is to provide the same high caliber of client service SEIA is known for in the wealth and tax planning fields, using advisor-led financial plans built on SEIA's proven performance,” a release said. .
“Wealth, tax and financial planning have always been part of what we offer, and we will not rest on our laurels,” SEIA president and CEO Brian Holmes said in a statement. “Customer expectations change and we must change too to continue to provide the exceptional service, advice and care they have come to expect.”
Owned by private firm Reverence Capital Partners and a group of employees, SEIA has five office locations in California, including its Century City headquarters in Los Angeles, and nine additional locations in eight other states.