Kestra Financial's current head of wealth management, John Amore, will become the firm's president starting in April. He will succeed current president Stephen Langlois, who will remain on staff as a senior adviser until the end of the year before retiring.
Austin-based Kestra advises about $103 billion in assets and serves about 1,700 independent financial advisors. According to Amore, Kestra councilors can “expect the same level of empowerment” they had under Langlois.
“I look forward to the opportunity to build on Stephen's excellent leadership, continuing to support the needs of our advisors along with their ability to act as complete wealth managers,” said Amore.
Before joining Kestra in 2019, Amore spent more than 14 years with UBS, eventually becoming a managing director and leading the firm's wealth management business in the US, Switzerland and Latin America, according to his LinkedIn profile .
Under his tenure, Kestra's wealth management capabilities included portfolio construction, investment product development, advisory services, financial and retirement planning, and alternative investments.
In a statement, Langlois said he was confident in Kestra's future and excited to remain in an advisory role until 2025 to ensure a smooth transition.
“While this marks the end of a personal chapter, Kestra Financial is at the beginning of a new one, with rapid growth ahead,” said Langlois. “The care and commitment to excellence that John and his wealth management team have shown over the past five years is truly exceptional and I know he will bring the same care to his new position.”
Kestra Financial includes Kestra Private Wealth Services and Kestra Advisory Services (its investment advisory divisions), as well as Kestra Investment Services, its broker/dealer subsidiary. Kestra is part of the wider Kestra Holdings company.
Kestra was recapitalized last fall, with private equity firm Stone Point Capital becoming the main actor of the firm for the second time. Stone Point first took a majority interest in Kestra in 2016 (when it was renamed to its current name from the previous name, NFP Advisory Services).
However, Stone Point switched to a minority stake in the company in 2019 when private equity firm Warburg Pincus became the majority owner. PE firm Oak Hill Capital took a minority stake in Stone Point in 2022. Last October, Stone Capital bought back its majority interest from Warburg Pincus, who exited its stake (Oak Hill Capital retained its minority interest after the recapitalization ).
The deal was expected to close in the first quarter of this year, but was not expected to affect Kestra's employees, advisors or operations, with no repayment of the client's account. Stone Point's capital would go toward recruiting efforts, service and technology platforms, and Bluespring Wealth Partners, Kestra Financial's buyout business.
Last week, Kestra Private Wealth Services added the $400 million Campus Private Endowment on its platform. The Arlington, Va.-based firm. specializes in generating wealth strategies for high net worth and ultra high net worth investors. In December, the firm added a $427 million Northwest Ohio-based firm previously associated with Edward Jones.