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December 11, 2019 at 04:27 PM
(Credit: iStock)
Broker-dealer consolidator Wentworth Management Services of New York says it has acquired Aurora Private Wealth of Rockaway, New Jersey.
The news — announced at this week’s MarketCounsel Summit in Miami — means that Aurora should bring about $616 million of assets with its corporate RIA and $2.1 billion with its broker-dealer to Wentworth, which has about $12.3 billion in brokerage assets. (Terms were not disclosed for Wentworth’s fifth acquisition.)
“Tim Smith and his team at Aurora have built a solid firm and together we intend to grow the platform firm to the next level,” according to Wentworth CEO Ryan Morfin.
“We are deeply committed to the hybrid, open architecture model that allows breakaway brokers to build their businesses at the clearing firms that they choose,” Morfin explained, adding that Aurora works closely with Pershing.
Wentworth’s operations include the broker-dealer Purshe Kaplan Sterling, the insurance brokerage agency Independent Planners Group, and the financial services firm Cabot Lodge Securities.
“We were looking for a strategic partner to help Aurora continue to grow at a sustainable rate. It quickly became obvious that Wentworth’s business model and vision were a perfect fit,” explained Aurora CEO Tim Smith.
