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The RIA, launched earlier this year by Meketa Investment Group to provide RIAs with customized private investment opportunities, has two new owners and several new faces joining its board, while Cetera’s first pure RIA acquisition embarks on a sub-acquisition strategy, with Snowden Lane adding Mother and Son to manage $208 million.
Meanwhile, SEIA has hired former EP Wealth director of real estate, tax and financial planning to oversee the development of tax-efficient wealth transfer services.
In other news this week: Two Snowden Lane advisors leave to launch independent RIA in Florida, Southern California-based small firm launches new trust-backed RIA Dynasty Financial’s hiring of former Schwab executive Tim Oden, and Stonebridge Financial’s new RIA. Mercer Global has secured its first advisor and hired a CFO from McKinsey.
Alti Tiedemann Global also announced a $450 million investment from Allianz and Constellation Wealth Capital to support its international growth strategy, and LPL received a $160 million investment from Winfield Financial into its institutional services platform. We plan to add USD.
Meketa Capital invests in family office and acquires new board members
Meketa Capital, a subsidiary of Meketa Investment Group, which was formed earlier this year to provide customized private market investments for RIAs and other asset managers, is a subsidiary of Meketa Investment Group, which was founded earlier this year to provide customized private market investments for RIAs and other asset managers. Announcing an investment from a family office.
Ashley Widger has become the owner and growth financier of Meketa Capital and named her father and business partner, Chuck Widger, to the company’s board of directors.
“Meketa is ideal for helping individual investors access private market opportunities through the RIA channel,” she said in a statement. “I look forward to working closely with Michael Bell and the entire Meketa Capital team to expand the firm’s product offerings and further expand its relationships with RIAs.”
Chuck Widger founded and ran Brinker Capital for more than 30 years, retiring in 2020 upon the completion of its merger with Orion Advisor Solutions. Former Brinker CEO Noreen Beeman and former Chief Financial Officer Phil Green will serve as advisors to Meketa Capital’s board of directors.
Michael Bell, CEO of Meketa Capital, also purchased a stake in the company.
“These changes align with our long-term strategic plan by ensuring we have the financial strength and experienced team to be a leader in expanding private market investments for financial intermediaries and their clients,” he said. It will solidify this.”
Both deals took effect on February 1st. Meketa Capital remains majority-owned by its parent company.
Founded in 1978, Meketa Investment Group is an employee-owned, full-service investment consulting and OCIO firm that has historically focused on the institutional sector. The firm reported advising on $1.8 trillion in client assets as of the end of September.
Cetera-owned TRPG acquires Kansas advisory practice
Retirement Planning Group, a $1.8 billion RIA located in the southern suburbs of Kansas City, has made its first acquisition since becoming the first pure-play RIA to be acquired by Cetera Holdings in May.
TRPG has acquired the assets of Deitman Capital Group, a local firm that oversees approximately $61.2 million for 123 private clients as of its most recent ADV filing in March 2023. Owner Brian Dightman joined TRPG as a W-2 advisor to access employee benefits. It also includes a variety of resources such as back office support, marketing and broader technology platforms.
According to the announcement, this acquisition is the first of many as Cetera looks to bring in more RIAs under the TRPG brand.
In addition to comprehensive financial planning, TRPG also provides tax, payroll, and bookkeeping services. The company is headquartered in Leawood, Kansas, with offices in St. Louis and Denver.
Cetera claims more than $475 billion in assets under management and $190 billion in assets under management across its diverse advisor community.
Snowden Lane adds $208 million mother-son team to New York headquarters
Snowden Lane Partners, a dual-registered asset management platform primarily supporting wirehouses and bank exit advisors, has brought on a mother and son team from Laidlaw & Company.
Ornella Solomon and Brian Solomon, who have approximately $208 million in client assets, will join Snowden Lane as managing directors at the firm’s Madison Avenue headquarters in New York City. They operated as the Lewis Solomon Group and chose Charles Schwab as their custodian.
The duo is the first team to join Snowden Lane this year, following the addition of 12 advisors with total assets of more than $1 billion in 2023, the rollout of the W-2 model, and the opening of three new offices. Become.
Late last week, wealthmanagement.com A two-person team from Chicago has left Snowden Lane to form a new RIA in Florida called Coral Reef Advisors.
Snowden Lane, owned by Estancia Capital Partners since 2013, has also used debt capital through Orix Corporation since 2018 to fuel its recruitment strategy. The firm reports it currently employs 149 professionals, including 86 advisors, across 15 offices in California, Connecticut, Florida, and Illinois. , Pennsylvania, Maryland, Texas, New York, New Hampshire, and Colorado.
In November, Snowden Lane reported that client assets had reached $11 billion.
SEIA hires new director of real estate, tax and financial planning
Signature Estate & Investment Advisors, a California RIA with approximately $19 billion in client assets, has hired the former director of estate planning at EP Wealth to lead the expansion of its multigenerational financial planning services.
As SEIA’s Director of Estate, Tax and Financial Planning, April Rosenberry will lead a team that works with clients to develop tax-efficient strategies for lifetime, trust and estate wealth transfers. She is also responsible for expanding services and improving the customer experience.
According to the announcement, “The goal is to serve the same high-quality clientele that SEIA is known for in the real estate and tax planning space while taking advantage of advisor-driven financial planning built on SEIA’s proven track record.” It’s about securing service.”
“Real estate, tax and financial planning have always been part of the services we provide, and we don’t intend to rest on our laurels,” SEIA President and CEO Brian Holmes said in a statement. Ta. “Client expectations change and so must we if we are to continue to provide the excellent service, advice and care they expect.”
Owned by private equity firm Reverence Capital Partners and a group of its employees, SEIA has five offices in California, including its Century City headquarters in Los Angeles, and nine offices in eight other states. .
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