Page 7 - David Devoe News Today

Career path, standards less clear in financial advice than in other fields Professionals in any trade “have a sacred obligation to the client and society as a whole,” Blaine Aikin, founder of Fiduciary Insights, said in the keynote presentation at the InvestmentNews RIA Summit. May 18, 2021 3 MINS The path to becoming a financial adviser is not as clear as the paths to other professions, like doctors and lawyers, but that is changing, and more people should be prepared...

Sequoia Financial’s latest acquisition increases its AUM to $7B. Sequoia Financial Group, an Akron, Ohio–based registered investment advisor, recently announced an agreement to acquire fellow Ohio RIA Wealthstone Advisors.  Out of the six RIA acquisitions Sequoia has made in its 30-year history, Wealthstone is its largest. The Columbus, Ohio–based firm brings $1.4 billion in assets under management to Sequoia, which had $5.75 billion in AUM at the end of March and raises its�...

Share this article NEWPORT BEACH, Calif., April 20, 2021 /PRNewswire/ --  Beacon Pointe Advisors ("Beacon Pointe") acquires its second Dallas based firm this month, adding $230M D.R. Saur Financial ("D.R. Saur") to its expanding DFW metroplex footprint. Matt Cooper, President of Beacon Pointe Advisors shares, "Beacon Pointe is focused on building scale in the Dallas/Fort Worth metroplex. The transaction with D.R. Saur is another step toward that goal. Dan and Lisa Saur are two of the nicest ...

RIA consolidation returns to pre-Covid levels The surge in activity following the pandemic-induced lull is winding down as M&A returns to normal, according to DeVoe & Co. April 20, 2021 Despite another record quarter for RIA consolidation, M&A tracker DeVoe & Co. claims the pace of deal activity is in the final stage of the post-Covid surge. The record-setting 58 deals announced in the first three months of 2021 followed a record 159 transactions in 2020, including 48 in the fourth quarter, but...

Sequoia Financial to acquire $1.4 billion Wealthstone Advisors The deal, which is expected to close this summer, pushes Akron, Ohio-based Sequoias assets under management over the $7 billion mark. April 20, 2021 Akron, Ohio-based Sequoia Financial Group is beefing up its Midwest footprint with the acquisition of Wealthstone Advisors, a $1.4 billion Columbus, Ohio-based advisory firm. The cash and stock deal, which is expected to close by the end of June, will push Sequoia’s assets under manag...

Peter Mallouks Employees Take Equity in Creative Planning Some 10% now have a stake in the fast-growing RIA. We anticipate that the percentage that’s owned by employees should increase every year from now and ongoing, Mallouk said. Creative Planning Chief Executive Peter Mallouk opened equity to employees inside the fast-growing registered investment advisory firm, with 10% of the workforce, or some 86 people, now partial owners, according to a company announcement. Mallouk would...

The unquenchable thirst for wealth management With M&A in the RIA space setting records, the focus turns naturally to the seemingly irreversible influence of private equity money. February 22, 2021 8 MINS With $5 billion in assets under management and nine acquisitions under its belt, some might assume Merit Financial Advisors is hitting all the right notes for building scale in the modern wealth management industry. In reality, the 22-year-old advisory firm has reached th...

The acquisition furthers Captrusts hold in the retirement plan space, now at over $600B AUA. Captrust continues to deepen its hold in the institutional retirement services market.  Captrust announced Tuesday that it acquired Cammack Retirement Group, a 50-year-old company with $154 billion in assets under administration, bringing Captrusts total retirement plan assets under administration to over $600 billion. “CAPTRUST is coming out of the gates strong in 2021,” said David DeVoe o...

Universe Apart Folksy and earnest, Duran, 53, is a unique emissary for the investment bank. His Horatio Alger-esque background — something the company likes to highlight — is a universe apart from the typical resume of a Goldman managing director. After a hardscrabble upbringing in what he describes as a broken family, Duran arrived in the U.S. at 19 with $200 to his name. He went on to found and sell first an investment firm and then United, which he was estimated to own about 10% of at...

MAI Capital Buys $700M HW Financial Advisors MAI Capital was one of the most active RIA acquirers in 2020, leading a charge for mid-size firms. Cleveland, Ohio–based MAI Capital is acquiring HW Financial Advisors, an affiliate of accounting firm Howard, Wershbale & Co (HW&Co) in Beachwood, Ohio. MAI Capital made the announcement Wednesday.   HWFA will continue its relationship with HW&Co but under the new management of MAI Capital, according to the announcement. HWFA is a 20-year-ol...