AmeriFlex Group and Waverly Advisors are off to a strong start in 2024, adding talent and reaching more than $11 billion in client assets. Meanwhile, Fortis Capital Advisors added a Chicago team to its growing platform.
AmeriFlex Group adds 16 advisers, $1.9 billion in first quarter
AmeriFlex Group (TAG), a registered hybrid investment advisory firm owned by Osaic-affiliated advisors, broker/dealer and supervisory jurisdiction office, added 16 advisors and nearly $2 billion in assets during the first quarter of 2024.
Now with more than $11.5 billion in total assets under advisement by more than 160 advisors, the firm has grown AUA by 1,000% since its founding in 2019.
In a statement Wednesday, TAG attributed the growth to “an innovative continuity approach, advanced financial planning platform and OSJ program, which enable advisors and their partners to take full advantage of AmeriFlex Group's scale.”
TAG advisors can join the platform through a standard connection model whereby they maintain the brand, join the firm's ADV and use Osaic for brokerage services. A succession-focused option, which Goodson said has been taken up by roughly one in 10 advisers, allows them to sell a portion of the proceeds at three times the earnings with the understanding that they will sell the rest to AmeriFlex in a future date.
A third, newer option, called TAG X, aims to partner with smaller CSOs—generally between five and 20 advisors—looking for scale, resources, money, or all three.
Goodson told WealthManagement.com in January that his goal is to add 97 new counselors and achieve gender equality by 2024.
“The dynamic AmeriFlex model represents the future of wealth management,” said Larry Roth, a noted industry veteran and TAG advisor. “Their innovative approach to the space brings tremendous value to the firm, its advisors and, most importantly, the clients they serve.”
Waverly Advisors Continues SE Expansion with $700 Million McShane Partners
Waverly Advisors landed a $700 million RIA in its third deal of the year, taking the Birmingham, Ala.-based firm. to more than $11 billion in assets under management as it continues to grow its footprint in the southeastern US.
In Charlotte, NC, Waverly has acquired McShane Partners, an 11-person team, including eight advisors, that provides wealth and investment advisory services and family financial consulting to 315 wealthy families. Led by CEO Daniele Donahoe, McShane was founded in 1985 as one of the first fee-only RIAs in Charlotte, according to Tuesday's announcement.
“We are confident that this partnership will provide increased resources and support for our customers,” Donahoe said in a statement, noting the shared values.
Including purchases of Strategic IQwith $1.5 billion in AUM, and EFP Advisorsat $250 million, Waverly has added nearly $2.5 billion in assets by 2024.
“McShane's team brings additional investment options strategy to Waverly's growing public and private market,” said Waverly President Justin Russell. “As our firm continues to grow, we remain committed to providing unwavering service and greater opportunity to clients and team members.”
The deal, which closed on April 5, represents Waverly's 13th acquisition since it took over from private equity partners Wealth Partners Capital Group and HGGC in late 2021 and began an active inorganic growth strategy that helped the firm to increase assets from about $3.5 billion to more than $11 billion. .
Founded in 1999, Waverly now has 13 offices spread across six southeastern states, four in the Midwest, and one each in Texas and Colorado.
Fortis Capital Advisors acquires ClearPath Financial
Fortis Capital Advisors, a Kansas City-area RIA platform that oversees about $331.8 million for about 435 families and 10 retirement plans in ten brand practices, acquired a Chicago-area RIA from Cetera Advisors.
ClearPath Financial, in Barrington Hills, Ill., is a four-person team led by Stan Nieminski and his daughter, Jessica Nieminski.
“This strategic alliance will bring numerous benefits to all parties involved, and we are truly excited about the opportunities that lie ahead,” Jessica Nieminski said in a statement.
Fortis CEO Robb Hagg and Stan Nieminski noted the alignment and synergies that exist between the two firms, and Hagg said he looks forward to building Fortis' presence in the Chicago market.