Advisory Services Network, which rounded out $7 billion in assets in 2024, just added two more teams, while Avantax picked up a pair in Texas and SageView Advisory Group expanded its leadership team.
In the news reported earlier, Kestra accumulated a $600m firm in NYC, a CPA firm in California GOING is a wealth management division in partnership with Integrated, Wealth Enhancement Group nearly 80 billion dollars in assets and former State Street and JPMorgan executives set up shop on the Mariner platform.
In related news, a new Dynasty Strategy Study/F2 the partnership's found independence can provide better financial results for firms with less than $2 billion in AUM.
Advisory Services Network adds teams in Florida, Kentucky
Atlanta-based Advisory Services Network, a platform supporting small and independent RIAs, surpassed $7 billion in assets and added three firms in 2024.
Most recently, the platform supported the launch of Bruce Wealth Group in Vero Beach, Fla., a $35 million firm led by Nicholas Bruce, a CFP and real estate attorney who spent more than three years at UBS.
ASN also welcomed ACUITY Wealth Management, in Lexington, Ken., an independent three-person team led by CEO Nathan Slyh, along with his partner and CPA Tammy Farley, overseeing approximately $100 million in client assets.
Earlier this year, ASN helped launch Ohio Valley Wealth Management, a West Virginia-based trio that oversees $130 million. Led by Scott Molina, a former banking advisor, Ohio Valley offers portfolio management, retirement and estate planning, financial education resources, philanthropic services and small business support.
“There are many reasons why we chose to work with the Advisory Services Network,” Molina said WealthManagement.com. “We were looking to embrace independence without the limits of contracts, as I firmly believe that these arrangements do not serve the best interests of our clients,” he said. “I was also looking to create my own methodology that would foster collaboration and support among counselors.”
“We are seeing a significant increase in the number of advisors seeking a path to independence,” said ASN co-founder, co-owner and managing partner Tom Prescott. “The ASN pipeline is not only strong; it is flourishing. We are currently working on 10 transitions representing approximately $750 million of AUM, with the expectation that a number of additional advisors currently in our pipeline will join ASN over the coming months.
With more than 135 advisory practices on its platform and over 200 advisors, ASN is focused on developing marketing tools and resources, improving technology and supporting succession planning among partner firms in 2024, according to Prescott.
Avantax adds ex-Edward Jones pair managing $250 million
Avantax, a Dallas-based tax-focused wealth management firm owned by Cetera, acquired a Texas couple managing $250 million in assets.
Half an hour south of Austin, Heidi and Nicholas Irving made the move to the Avantax Alliance Wealth Strategies subsidiary of Edward Jones, where Heidi spent nine years after joining her father's practice. Nicholas joined the family business in 2020.
They made the move for more flexibility and access to expert resources, according to a release.
“We look forward to having more in-depth, tax-focused financial planning conversations with clients,” Heidi Irwin said in a statement. “I was very impressed during our visit to the Avantax Home Office because it wasn't just a few representatives, we met department heads and felt like we were getting a lot of care from every person we spoke to.”
“Part of this move is so we can collaborate with others in the Avantax community, including CPAs, because backed by all that expertise, even complex cases become easier to talk to clients about,” added Nic Irwin. “I'll have access to more investment tools and analytical resources, and that frees up Heidi to do what she does best, which is sit down with clients and do deep, holistic financial planning.”
Bought and taken private by Cetera Holdings for $1.2 billion in the fall, Avantax has remained a separate entity within the Cetera ecosystem. Including two RIAs and one broker/dealer, the unit oversees approximately $93 billion in client assets across its W-2 and 1099 platforms.
SageView Extends the C-Suite
SageView Advisory Group, a Newport Beach, Calif.-based retirement-focused RIA that manages $156.4 billion, hired a new chief financial officer and created a new role to support continued growth.
Christina Walsh, a principal at SageView private equity owner Aquiline Capital Partners, succeeds Tony Nottermann as CFO. Before joining Aquiline, she was a vice president at Focus Financial for about a year, after three with investment banking firm Evercore.
Steve Gaven, most recently CFO for RWA Wealth Partners, joins SageView in the newly created role of chief growth officer. Prior to RWA, he spent more than 14 years with Boston Private, and more than four as CFO.
Both report directly to SageView CEO John Longley.
SageView reports serving about 2,000 plan sponsors and has a growing wealth management business. Since then, the firm has completed 10 acquisitions in partnership with Aquiline in 2021
“We are excited about all we can accomplish with Steve and Christina on our C-suite team as we continue to drive success for our retirement plan business by significantly accelerating the expansion of our wealth management business, including a strong pace of thoughtful purchases. Longley said in a statement.