Three wealth firms complete M&A to boost assets by more than $16B

Hundreds of advisors are now with new firms following the transactions.

September has got underway with several wealth firms announcing the completion of mergers and acquisitions, involving firms with combined assets under administration or management of more than $16 billion.

The largest of the completed deals is Atria Wealth Solutions, Inc.’s acquisition of Grove Point Financial, adding $15 billion AUA and 400 independent financial advisors to its fast-growing business. Atria now has more than 2,700 financial professionals and almost $120 million AUA.

The multichannel wealth management holding company’s broker-dealer and RIA subsidiaries operate across the U.S. and provide platforms for independent financial advisors including Unio, the financial professional platform, Clear1, the client portal, and Contour, the fee-based advisory platform.

“We operate in a very complex and demanding environment and those challenges will only continue to increase in the future,” Michelle Barry, president of Grove Point, said in a statement. “It is very exciting to provide our financial professionals with a broader set of tools, solutions and peers so they can best serve their clients’ needs.”

Grove Point Financial joins CUSO Financial Services, Sorrento Pacific Financial, Cadaret Grant, NEXT Financial Group, Western International Securities and SCF Securities as an Atria subsidiary.

MODERN WEALTH MANAGEMENT

National RIA firm Modern Wealth Management has also completed an acquisition, its latest following its launch in April and $200 million in equity financing from Crestview Partners.

Midwest Financial, run by a father and son team located in Glidden, Iowa, is the Modern’s fourth full transaction following its recent acquisition of Barber Financial Group, Osiwala Financial Group, and Financial Security.

“We’re excited to be joining the Modern Wealth ecosystem, drawing from the leadership and insights provided by its executive team,” said Midwest Financial founder Brian Johnson. “We look forward to ushering in greater operational efficiencies at the firm, along with providing our clients an expanded menu of financial planning services.”

Modern Wealth Management’s president Jason Gordo added that integrating Midwest into its platform is “another key milestone in our quest to equip RIAs nationwide with top-tier wealth management resources.”

CRESTWOOD & ENDURANCE

Meanwhile, Crestwood Advisors Group has announced the completion of its merger with Endurance Wealth Management Inc. of Providence, Rhode Island.

“This partnership is a strategic leap forward for both Crestwood and Endurance,” said Michael Eckton, CEO and managing partner of Crestwood Advisors. “By combining our strengths and expertise, we are poised to deliver even more comprehensive investment and wealth management solutions and an unparalleled client experience.”

Crestwood has offices in Massachusetts and Connecticut and the merger adds Rhode Island to its footprint, along with eight advisors, more than 200 clients, and more than $1 billion in AUM. Endurance founder J. Michael Costello becomes a managing partner at Crestwood.