Cetera Financial Institutions (CFI), part of Cetera Financial Group, says it has added the wealth management program of Marquette Bank of Chicago to its platform. The wealth business includes 12 financial professionals with about $382 million in assets.
“The team at Marquette Bank told us they chose to affiliate with us for the same reasons so many other banks and credit unions have — they appreciated our focus on supporting bank- and credit union-based investment programs, our first-rate technology resources and our delivery of an advice-centric experience for advisors and their clients to reshape the future of our industry,” said CFI President LeAnn Rummel, in a statement.
Earlier, the bank’s wealth unit worked with National Planning Holdings-owned INVEST Financial. (LPL Financial acquired the assets of NPH’s broker-dealers in February).
“We’re pleased to have recently completed our transition to the Cetera platform, which has been a positive experience overall,” said Carol Steele, first vice president and director of bank sales for Marquette Bank, in a statement.
Raymond James’ employee channel says it has recruited an advisor from Wells Fargo, who managed more than $170 million in client assets and had about $1 million in yearly fees and commissions.
Jason Hemeon, CFP, joins Raymond James & Associates in Vienna, Virginia, according to Tom Galvin, North Atlantic regional director for RJA.
“We’re proud that Raymond James’ unique combination of culture and support continues to be a gravitating factor for successful and next-generation advisors like Jason,” said Galvin, in a statement. “We’re pleased to welcome him to the firm, and we look forward to supporting him and his clients as he continues to grow his practice.”
Hemeon has more than 15 years of industry experience, having worked at BB&T Investment Services and most recently Wells Fargo.
“I spent a year and a half exploring firms, and found that instead of homogenizing the client experience, Raymond James focuses on enhancing the advisor’s individual relationship with clients,” he said in a statement.
“When I joined the firm, I was surprised yet pleased to receive a personal message from Tash Elwyn, the president of Raymond James & Associates, welcoming me. We proceeded to have a short email exchange. That’s a real experience and example of the management structure and culture at Raymond James,” Hemeon added.
Cetera Assists Acquisition by Affiliated Firm
Cetera Financial Group says it has facilitated affiliate Bloomfield Hills Financial’s acquisition of Thomson Financial Management.
Bloomfield Hills works with First Allied Securities, a member of the Cetera network. It is based in Michigan and has some $1.5 billion in client assets.
The firm it purchased is located in Northampton, Massachusetts and has roughly $105 million in assets. Its founder, Eva Thomson, will retire over the next year or two.
“We are delighted to have supported Bloomfield Hills Financial in its acquisition of Thomson Financial Management through our dedicated succession-planning capabilities,” explained Richard Whitworth, managing director of business consulting for Cetera, in a statement.
“Cetera is pleased to make significant funding and strategic resources available to our advisors as they seek to build their businesses organically and through acquisitions of like-minded firms,” Whitworth said.
Bloomfield Hills Financial also has named millennial advisor Nicholas Cantrell to lead its new Northampton office. Its locations are in Arizona, California, Colorado, Texas and Massachusetts, in addition to three offices in Michigan.
“My team and I have enjoyed a long and very productive partnership with First Allied Securities and Cetera Financial Group since 2013,” said Kevin VanDyke, president of Bloomfield Hills Financial, in a statement.
“Cetera’s commitment and partnership has been a key element in our consistent growth, and I believe that will continue to be the case during and after Cetera’s review of its capital structure,” Van Dyke explained.
Investacorp Launches Plaftform for Family-Owned Practices
Investacorp, a subsidiary of Ladenburg Thalmann, is launching a multigenerational consulting solutions (MCS) platform to further support family-owned practices. As part of this development, it named Chris Yarosh, MCS director, to lead the new platform.
The platform provides “the expertise and tools needed by independent advisor practices that want to be family-run on a long-term basis,” said Investacorp CEO Patrick Farrell, in a statement.
“Our launch of this new platform recognizes the rising popularity of family-based succession plans as an attractive potential solution for this industry-wide issue, while reflecting our firm’s decades of experience in this arena,” Farrell added.
Investacorp says 42% of its largest 20% independent-advisor businesses, as measured by client assets, are multi-generational family businesses. Plus, most of the remaining 58% of this segment have expressed a strong interest in potentially moving to the multigenerational structure in the future, according to the IBD.
“To support this option for our advisors, our new platform brings together the decades of expertise, learning modules, coaching resources and mentoring programs we have developed over the years into one integrated set of services, and delivers it all on a customized basis,” Yarosh said in a statement. “I’m excited to lead this newly created platform, and we’re confident it will support independent advisors at every stage of the multigenerational family business cycle.”
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