Wentworth Buys $2.7B Wealth Firm
Meanwhile, Mercer Global Advisors says it acquired Republic Wealth Advisors of Houston.
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.
Mercer Grabs Houston-Based RIA
Meanwhile, RIA Mercer Global Advisors says it has acquired Republic Wealth Advisors of Houston. Fee-only RIA Republic Wealth also has offices in Austin, Texas, and Bartlesville, Oklahoma; it works with roughly $230 million in client assets.
Republic’s co-owners are Frederick M. Hanish, Kenneth J. Landgraf, and David H. Levy, CFP. Their team includes Patrick T. Moore, MBA and senior client advisor. Hanish has about 35 years of industry experience.
“While we danced with a lot of interested parties, at the end of the day Mercer Advisors … won our hearts and minds,” according to Hanish. “This was a good cultural fit for both parties, we couldn’t be more excited!”
Republic was advised by FP Transitions in the transaction with Mercer Advisors; Denver-based Mercer is owned by Oak Hill Capital and Genstar Capital, an RIA with some $17 billion in client assets.
“The fact that we offer in-house estate planning service (advice and documentation) to our clients, plus high-quality tax return preparation at wholesale pricing, … presented an unequaled competitive differentiator – we stood out in a crowded RIA buyer market,” said Mercer Advisors Vice Chairman David Barton, in a statement.