Kestra Financial, the independent broker/dealer subsidiary of Kestra Holdings, has recruited a team based in Boca Raton, Fla. which manages $1.4 billion in client assets. Wealth Empowerment Financial Strategies is joined by B. Riley Wealth Management.
In September, Reuters reported that B. Riley was in talks to sell its wealth management unit to Stifel Financial, citing a source familiar with the deal talks.
The Wealth Empowerment team is led by Senior Managing Director and founder Eric Lyon and Senior Managing Director Tom Holly. Previously, Lyon and Holly spent 18 years with National Securities, a broker/dealer based in Boca Raton purchased by B. Riley in 2021. Before that, they were with Summit Brokerage.
“After a lengthy interview process and due diligence, the decision to move forward with Kestra Financial was a natural one,” said Lyon. “We were impressed with everything Kestra Financial had to offer—from its executive management team and technology platform to its technology and back office resources—and knew it would help grow our firm down the line. “
Lyon and Holly are joined by a team of 29 advisers and staff members. The firm was founded in 2006 and specializes in estate planning, 401(k) offerings and cash balance strategies.
Kestra Holdings has recently been recapitalized, with a private firm Stone Point Capital is returning to take a majority stake in the company. As a result, private equity firm Warburg Pincus exited its lead investment, which it was done at the beginning of 2019. Oak Hill Capital, another private equity firm, will hold its minority stake.
Founded in 1997, Kestra Holdings, which includes a trust company, RIA, broker/dealer and investment firm, currently oversees $117 billion in assets under management through 1,700 financial professionals.