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Larry Roth

Industry Spotlight > Mergers and Acquisitions

Larry Roth to Take Lead Role at New Firm After SPAC Merger

By Janet Levaux

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Larry Roth, the former head of Advisor Group and Cetera Financial Group, is set to serve as executive chairman of an entity being formed by the merger of a special purpose acquisition company, Kingswood Acquisition, and a broker–dealer, Wentworth Management Services.

In its announcement on Friday, Kingswood said its planned merger with Wentworth should be wrapped up by June 30. Upon completion of the deal, the combined entity — to be named Binah Capital Group — will become a publicly traded company, according to a regulatory filing; its operations will include a wealth management platform supporting some 1,900 registered individuals at four broker‐dealers and RIAs.

Wentworth President Craig Gould will serve as Binah’s CEO, and David Shane, a former chief financial officer of Sanctuary Wealth, will be CFO. 

“I’m excited to join Binah as the firm’s executive chairman during a period of truly exceptional growth opportunities for our industry,” according to a statement from Roth, now a managing partner of RLR Strategic Partners, an investment firm focused on wealth management and M&As in association with Berkshire Global Advisors.  

“Combining [Kingswood’s] strengths with Wentworth, a fast-growing firm with significant continued expansion potential, creates a unique industry leader with a very appealing value proposition for all of its stakeholders,” added the 31-year industry veteran.

For its part, Wentworth owns and operates four broker-dealers with 535 offices, and its operations include hybrid, independent and employee business models via Purshe Kaplan Sterling Investments, an independent broker-dealer and independent RIA, as well as Cabot Lodge Securities and World Equity Group, both of which are independent BDs and corporate RIAs. 

It works with custodial and clearing firms such as Fidelity, Charles Schwab, Pershing, Raymond James and RBC.

(News of Roth’s new role was first reported by InvestmentNews.)

Janet Levaux

@Think_JanetL

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