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Deals Of The Day: The Latest In Wealth Management M&A – Private Advisor Group, Drake, Summit, Others

Editorial Staff January 18, 2024

Deals Of The Day: The Latest In Wealth Management M&A – Private Advisor Group, Drake, Summit, Others

The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Private Advisor Group, Drake Financial Services
Private Advisor Group has announced that Drake Financial Services, led by Robert K Drake, has joined its community of advisors.

Robert Drake, who took over the practice from his father, has worked in the wealth sector for more than three decades. His firm, Troy, Michigan-based Drake Financial Services, oversees more than $100 million in assets under management. The firm has trademarked its process, The Financial Advocate Approachâ„¢, to help clarify confusing financial decisions and deliver strategies for clients.

Founded in 1997 in Morristown, New Jersey, Private Advisor Group has more than $28.5 billion in assets under management as of June 30, 2023.

Oracle Private Wealth Advisors, Summit Financial
Oracle Private Wealth Advisors, an all-women business, has joined Summit Financial, continuing a number of firms hooking up with Summit’s business model. 

Formerly known as Oracle Capital Strategies, Oracle represented the eighth firm in 2023 to join Summit. Oracle will become an affiliate partner of Summit.

The Oracle team is based in Lutherville, Maryland and has operated for 15 years. Its team includes: Audrey Drossner, founding member; Margaret Anderson, director, private client advisory; Julia Vaughn, director, wealth planning; Diana Cooper, client manager; and Karen Sanchez, client service manager. 

Oracle has more than $300 million in assets under management.

MAI, Traverso Chambers Private Wealth Management
MAI, a registered investment advisor, has bought Traverso Chambers Private Wealth Management, a business based in Santa Rosa in Northern California’s Sonoma County.

Traverso co-founders Marc Traverso and Tim Chambers both assume the title of regional president.

The business was founded in 2009 and has more than $549 million of client assets. The deal, which represents MAI’s 34th acquisition since 2018, is an example of the brisk M&A activity taking place in North American wealth management. 
 

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