HomeWealth ManagementRIA Roundup: Congress Wealth Buys $1.1B MainLine Personal Wealth

RIA Roundup: Congress Wealth Buys $1.1B MainLine Personal Wealth


Congress Wealth Control has moved into Pennsylvania. The Boston-based company introduced this week that it has established an 8th administrative center location in as many states with the purchase of MainLine Personal Wealth, supported by way of capital from Audax Personal Fairness.

In the meantime, two Indiana corporations joined forces to support services and products and draw in ability, a $250 million AUM workforce left Ameriprise Monetary Products and services to release an impartial observe in Ohio with OneSeven and a former Wells Fargo guide has transform the second one breakaway to sign up for NewEdge Wealth’s latest administrative center. 

In previous reported information this week, LPL prolonged its acquisitive liquidity and succession program to exterior corporations and breakaway advisors, Pitcairn introduced the upcoming retirement of CEO Leslie Voth after greater than 3 many years with the company, and Wealthspire is ready to make the biggest acquisition in its historical past.

Congress Wealth Control Acquires $1.1B MainLine Personal Wealth

Congress Wealth Control, a Boston-based, registered funding advisory company now overseeing $6.7 billion in consumer property, has received MainLine Personal Wealth, a Philadelphia-area RIA with roughly $1.1 billion in controlled property.

“As we construct out our nationwide presence, MainLine’s sturdy place in Philadelphia, with a consumer base extending around the nation, is especially horny,” Congress Leader Strategic Officer Scott Dell’Orfano mentioned in a remark.

Pennsylvania is the 8th state wherein Congress has established a presence since its 2009 release. It’s the first deal finished by way of the company since CI Monetary (rebranded Corient in August) bought its minority stake to Audax Personal Fairness previous this yr, with debt financing from Bain Capital. It’s the 6th since partnering with CI in early 2020.

MainLine supplies funding recommendation and portfolio control for well off households, in addition to retirement plan advisory services and products for company certified and non-qualified deferred repayment plans, in step with federal filings.

 “Congress supplies a scaled platform and a shared collaborative and original philosophy,” mentioned Gary Droz, MainLine co-founder and managing director. “Because the business at huge gravitates clear of commission-based fashions, this means must lend a hand us draw in and retain new trade, whilst offering the perceptive advisory and attentive carrier shoppers have come to be expecting.”

Two Indiana Companies Mix to Create Wellington Wealth Methods

The Wellington Staff and TrustWealth Methods have merged beneath TrustWealth’s federal registration and rebranded as Wellington Wealth Methods in a deal that closed previous this month.

Wellington Staff used to be based in 1996 by way of Tony Bonanno, who’s now managing spouse of Wellington Wealth. Greg Freeman and Joe Hillman, who introduced TrustWealth in 2019, will likely be companions along Wellington Staff’s Max Moritz and Tom Cates. Nate Miller will function the company’s leader working officer.

“The evolution into Wellington Wealth Methods used to be a thoughtfully deliberated transfer,” Bonanno mentioned in a remark. “Greg and Joe’s workforce seamlessly align with our ethics and core values.”

With a mixed $750 million in property throughout about 450 shoppers in 40 states, Wellington has 20 monetary advisors and 3 places in Indiana—its Indianapolis headquarters and satellite tv for pc places of work in Citadel Wayne and Crown Level. The company gives funding control, retirement making plans, property making plans and get admission to to selection investments, in addition to retirement source of revenue and tax making plans services and products.

“Collaboratively, we liberate a realm of versatile and complicated funding alternatives, enhanced by way of a large spectrum of state-of-the-art applied sciences, catering to a various clientele,” mentioned Freeman. “This permits seasoned and new advisors to sign up for our ranks, shaping custom designed funding methods that truly prioritize shoppers’ perfect pursuits.”

Feldmeyer Monetary Staff Jumps to OneSeven from Ameriprise

OneSeven, a Cleveland-based RIA that just lately handed $4 billion in controlled property, has partnered with a 10-person workforce from Ameriprise Monetary Products and services to release Feldmeyer Monetary Staff as an impartial observe in Dayton, Ohio.

Created by way of Ben Feldmeyer in 1994, Feldmeyer Monetary is becoming a member of OneSeven with $250 million in consumer property after virtually 3 many years with Ameriprise to “enrich its carrier choices, operations, era, advertising, and communications features,” in step with a press release.

OneSeven supported Feldmeyer in the course of the transition procedure, serving to to release the company’s new website online and determine further carrier features, together with increasing their small trade and go out making plans services and products with OneSeven’s 401(okay) platform.

“The partnership with OneSeven is a vital milestone in our enlargement adventure,” Feldmeyer mentioned in a remark. “This transfer and its improvements beef up our dedication to very good consumer carrier for generations.”

Subsidized by way of Service provider Funding Control, OneSeven used to be created closing summer season in the course of the merger of MGO Funding Advisors and One Seven, with a collective $2.4 billion in property. The company now helps greater than a dozen advisory groups representing 45 monetary advisors throughout six Ohio places of work, 3 each and every in Florida and Park Town, Utah, and places in Georgia and Michigan.

“This partnership with Feldmeyer Monetary Staff is a testomony to our shared values of consumer dedication, innovation, and enlargement,” mentioned OneSeven President Todd Resnick. “We stay up for supporting their endured luck.”

NewEdge Wealth Provides Former Wells Fargo Marketing consultant to Bay Space Workplace

NewEdge Wealth, a boutique, Stamford, Conn.-based RIA owned by way of NewEdge Capital Staff, introduced Friday that Dale Schroeder has joined its new San Francisco administrative center from Wells Fargo.

As a managing director, Schroeder will serve shoppers within the Bay Space together with John Froley, a former First Republic guide who established the administrative center location in June.

“We have now observed important pastime in our carrier providing within the San Francisco Bay Space since opening our administrative center early this summer season, and we’re extremely joyful to toughen this call for with the addition of Dale to our workforce,” NewEdge Wealth CEO Rob Sechan mentioned in a remark. “We’re extremely joyful to leverage Dale’s intensity of revel in within the business and area as we give a boost to our native features in Northern California.” 

Schroeder spent greater than a decade with Wells Fargo, the place he equipped possibility research and making plans round retirement, legacy and philanthropy for ultra-wealthy households, circle of relatives places of work and establishments as a senior monetary guide and managing director of investments. Previous to that he used to be an fairness choices specialist at the Pacific Inventory Trade.

“NewEdge Wealth represents the long run for prime internet price circle of relatives wealth control services and products, and I stay up for being a part of the rising workforce at the West Coast,” Schroeder mentioned.

3 years outdated on the finish of the yr, NewEdge Wealth has observed important enlargement in 2023, including places of work in San Francisco, Nashville and Northwest Arkansas, and recruiting Josh Gully from Morgan Stanley. The company now has greater than 30 advisors serving a choose crew of ultra-high-net price households, circle of relatives places of work and establishments.

Subsidized by way of non-public fairness corporations Parthenon Capital Companions and Waterfall Asset Control, NewEdge Capital Staff contains two RIAs—NewEdge Wealth and NewEdge Advisors, its platform partnership fashion—and dealer/broker NewEdge Securities. In combination, they constitute greater than 300 advisors overseeing roughly $40 billion in property for greater than 75,000 shoppers. Sechan informed WealthManagement.com in June that NewEdge Wealth accounts for approximately a 3rd of the company’s collective property.

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