A former Wells Fargo Advisors Financial Network, Richard J. Calhoun Jr., has bought a stake in Collins Investment Group, a wealth group in Maryland with about $800 million in assets affiiated with FiNet. As part of the deal, Calhoun will become president of Collins. Echelon Partners facilitated the transaction.
Calhoun has been in the business for 25 years and most recently led FiNet’s Innovation & Growth operations (2013-2017), according to his LinkedIn profile. Prior to this post, he spent more than five years as the regional director of FiNet’s Northeast division. He also worked as a senior vice president and branch manager at Smith Barney, as well as an advisor with Legg Mason and Merrill Lynch.
“We are seeing more and more of these types of opportunities for existing independent wealth firms to tap into the great talent that exists in the wirehouse and captive advisor segment to continue their growth and ensure continuity,” said Echelon CEO Seivert, in a statement.
In other news, Focus Financial Partners said it has closed mergers for two partner firms: Carnick & Kubik Group and JFS Wealth Advisors.
Carnick & Kubik of Denver combined with First Houston Capital, an independent RIA in Houston. This is Carnick & Kubik’s first merger since joining the Focus partnership in 2016.
As part of the deal, Richard Leader — founder and principal of First Houston — is now an advisor with Carnick & Kubik.