Retirement Plans See Major Shakeup

Several wealth management firms have announced acquisitions and key hires. Savant has absorbed Richard Brothers Financial Advisors, a move that brings $240.4 million in assets under management to it. Richard Brothers, founded in 1996, will see its leaders Randall and Neal Richard, along with key directors, join Savant as member-owners.

Savant operates with approximately $55.7 billion in assets under management and $1.5 billion in assets under advisement. The acquisition closed on June 30, integrating the team into Savant’s existing operations.

Additionally, Wealth Enhancement Group will acquire Shufro-Glass Group, which manages $760 million in client assets. The deal is set to close in August.

Shufro-Glass operates within Shufro Rose, a New York-based firm founded in 1938. The advisory team includes Gregory Shufro and Steven Glass, who will become equity holders of Wealth Enhancement upon the acquisition’s completion.

Wealth Enhancement had $156.3 billion in client assets as of May 31. This total includes $5.3 billion in brokerage assets managed by the brokerage services arm.

Meanwhile, Osaic has added a team managing $575 million in assets under advisement via its Empowered Independence W-2 channel. Tri-State Financial Group, based in Cincinnati, will transition to Osaic. The team includes Michael George, Michelle Metzger, Rhonda Matarese, and Michael Metzger. They serve individuals, families, and businesses with financial planning and wealth management services.

Tri-State has been affiliated with Osaic through its legacy Lincoln business since 1981. This latest addition signifies the firm’s ongoing growth and strategic expansion.

In a separate move, McCormick Private Wealth launched via Linsco. The firm is led by Wayne McCormick, who reported serving approximately $340 million in advisory, brokerage, and retirement plan assets. McCormick Private Wealth is based in Manchester, New Hampshire, and includes Advisers Michelle Lauder and Bo Denniston. They joined from Steward Partners, selecting the platform for its independence and integrated technology support.

LPL Financial Holdings supports more than 32,000 financial advisers and services approximately $2.3 trillion in brokerage and advisory assets. The firm’s continuing growth reflects a trend of consolidation in the wealth management industry.

Horizon Investments has completed its acquisition of Anfield Capital Management, an asset management firm with decades of experience in fixed-income investing. With the acquisition, Anfield’s team and its mutual funds, ETFs, and OCIO practice will operate under Horizon. The deal shows Horizon’s strategic focus on expanding the firm’s investment capabilities.

Balefire Wealth, a registered investment adviser, announced that David Serposs joined the firm as a senior corporate solutions adviser. Serposs brings over 15 years of experience serving employers, retirement plan sponsors, and nonprofit organizations. He previously held leadership roles with Principal Financial Group and Securian Financial, where he advised organizations on retirement plans among other areas.

Element Wealth Advisors has partnered with Bluespring Wealth Management. The firm, founded by Todd Mitman and Jeremy Reese, provides financial planning services to a diverse client base. Through this partnership, the group will gain access to Bluespring’s operational, strategic, and technology resources, continuing operations under its existing name.

The wealth management industry continues to see significant movements as firms consolidate and expand their services. These acquisitions and key hires highlight the competitive setting and the strategic efforts to enhance client offerings and operational efficiency.