M and A
Deals Of The Day: The Latest In Wealth Management M&A – MAI, Beacon Pointe, Savant, Mercer, Others
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
MAI Capital Management
MAI
Capital Management, an RIA, has bought Bolan Capital
Management for an undisclosed sum.
Bolan was founded in 2009 by Brian Bolan, and originally headquartered in Cincinnati, Ohio. The firm has expanded to cover markets such as those of Nashville, Tennessee.
At the time of the acquisition, BCM had $238 million in client assets under management. This is MAI’s 39th acquisition since 2018, and the third Cincinnati acquisition in the past year.
BCM will adopt MAI’s brand identity and receive the robust internal infrastructure that MAI extends to other acquired firms, including HR, operations, and marketing resources.
As part of MAI, Brian Bolan [president], will take on the title of senior wealth advisor.
Founded in 1973, MAI has a team of more than 450 people, and, as of June 30, 2024, $23.6 billion in client assets under management.
Beacon Pointe
Beacon
Pointe Advisors has acquired Bridge Advisory, a firm with
offices in Pasadena and Newport Beach, California, and Charleston
Investment Advisors in Mt Pleasant, South Carolina.
Bridge Advisory oversees about $460 million and Charleston Investment Advisors manages $140 million in client assets, bringing Beacon Pointe’s total assets under advisement to just shy of $37 billion, resulting in four total RIA transactions in 2024 thus far.
Private Advisor Group, Artemis
Private
Advisor Group has announced that its affiliate, Artemis
Wealth Advisors, co-led by Cameron Staley and Andrew Wilson, has
been selected as the successor and acquirer to Rein Investments
Advisor, led by Jeffrey Rein.
Rein formerly managed $93 million in AuM in client assets.
This acquisition brings the Artemis’ total assets under management to $270 million and strengthens Artemis Wealth Advisors' presence in Southeast Michigan.
Founded in 1997, Private Advisor Group offers access to consulting, capital, and transition support for firms looking to implement a succession or acquisition strategy. At the end of June this year, the firm had more than $35.2 billion in AuM.
Savant
Savant Wealth
Management, a US RIA, has bought Kemp Financial Management,
an RIA based in Fullerton, California, with about $255.2 million
in assets under management, and BDK Financial Services of
Brighton, Michigan, with approximately $52.4 million in
AuM.
Both acquisitions – the terms of which were not disclosed – closed September 30.
Savant’s partnership with Kemp Financial Management, a wealth planning firm founded in 1988, marks the firm’s first acquisition in California. Led by founder and CEO Robert Kemp, the Orange County-based RIA has four employees. Kemp is joining Savant as a member-owner.
BDK Financial, owned by Donald G Wylin, CFP®, provides financial planning, wealth management, and estate planning services. The firm will tuck into Savant’s existing office in Plymouth, Michigan. Wylin is also joining Savant as a member-owner.
Mercer Advisors
Denver-headquartered Mercer Advisors, a
national registered investment adviser (RIA), has just acquired
Kiely Wealth Advisory Group of North Carolina.
KWAG, with $523 million in assets under management, helps individuals and organizations plan for a secure financial future.
“For more than 25 years, we’ve focused on serving clients as a fiduciary with financial planning at the center of our service model. We were intrigued that Mercer Advisors shares our values and would help us scale,” said Joe Kiely, president, CEO and founder of the firm.
“With the union of our firms, the clients of KWAG will gain access to our suite of wealth solutions, including estate, tax, and insurance planning,” Dave Welling, CEO of Mercer Advisors, added. Cambridge International Partners served as the exclusive financial advisor to Kiely Wealth Advisory Group.