A subsidiary of Meketa Funding Group created early this yr to supply personalized non-public funding alternatives for RIAs has two new homeowners and a few new faces on its board, whereas Cetera’s first pure RIA acquisition has launched into a sub-acquisition technique and Snowden Lane added a mom and son managing $208 million.
In the meantime, SEIA has employed a director of property, tax and monetary planning previously with EP Wealth to supervise the event of tax-efficient wealth switch companies.
In different information this week, a pair of Snowden Lane advisors left to launch an impartial RIA in Florida, a small Southern California-based agency sprouted a new, trust-backed RIA, Dynasty Monetary employed former Schwab exec Tim Oden, Stonebridge Monetary’s new RIA scored its first advisor, and Mercer World employed a CFO away from McKinsey.
AlTi Tiedemann World additionally introduced a $450 million funding from Allianz and Constellation Wealth Capital to assist worldwide development methods, and LPL is including $16 billion to its establishment companies platform from Winfield Monetary.
Meketa Capital Will get Household Workplace Funding, New Board Members
Meketa Capital, a subsidiary of Meketa Funding Group launched earlier this yr to supply personalized non-public market investments for RIAs and different asset managers, introduced an funding from the Widger household workplace by means of East Bay Service provider Companions.
Ashley Widger has develop into a Meketa Capital proprietor and development capital supplier, naming her father and enterprise companion, Chuck Widger, to the agency’s board.
“Meketa is ideally suited to assist particular person buyers entry non-public markets alternatives by way of the RIA channel,” she stated in a press release. “I stay up for working carefully with Michael Bell and the complete Meketa Capital group to develop the agency’s product providing and additional increase its RIA relationships.”
Chuck Widger based and ran Brinker Capital for greater than 30 years earlier than stepping down when it accomplished a merger with Orion Advisor Options in 2020. Former Brinker CEO Noreen Beaman and former CFO Phil Inexperienced will function advisors to the Meketa Capital Board.
Meketa Capital CEO Michael Bell additionally purchased a stake within the agency.
“These modifications solidify our long-term strategic plan by making certain the agency has the monetary sources and skilled group to be a pacesetter in increasing entry to non-public markets investing for monetary intermediaries and their purchasers,” he stated.
Each offers grew to become efficient on Feb.1. Meketa Capital stays majority owned by its father or mother firm.
Based in 1978, Meketa Funding Group is an employee-owned, full-service funding consulting and OCIO agency that has traditionally been centered on the institutional area. The corporate experiences advising on $1.8 trillion in shopper property on the finish of September.
Cetera-Owned TRPG Buys Kansas Advisory Follow
The Retirement Planning Group, a $1.8 billion RIA within the southern Kansas Metropolis suburbs, made its first acquisition because it grew to become the primary pure RIA acquired by Cetera Holdings in Might.
TRPG acquired the property of Dightman Capital Group, a neighborhood observe overseeing about $61.2 million for 123 particular person purchasers on the time of its newest ADV submitting in March 2023. Proprietor Brian Dightman joined TRPG as a W-2 advisor to reap the benefits of worker advantages, and a wide range of sources similar to back-office assist, advertising and a broader know-how platform.
Based on an announcement, the acquisition is the primary of many as Cetera seeks to deliver extra RIAs underneath the TRPG model.
Along with complete monetary planning, TRPG offers tax, payroll and bookkeeping companies. It has places of work in St. Louis and Denver, together with its headquarters in Leawood, Kan.
Cetera claims greater than $475 billion in property underneath administration and $190 billion in property underneath administration throughout its numerous advisor communities.
Snowden Lane Provides $208M Mom/Son Staff at NYC HQ
Snowden Lane Companions, a dually registered wealth administration platform supporting primarily wirehouse and financial institution breakaway advisors, landed a mom/son group from Laidlaw & Firm.
With some $208 million in shopper property, Ornella and Brian Solomon are becoming a member of Snowden Lane as managing administrators on the agency’s Madison Avenue headquarters in New York Metropolis. They’re working because the Lewis-Solomon Group and have chosen Charles Schwab as custodian.
The duo is the primary group to hitch Snowden Lane this yr, after 2023 noticed the addition of 12 advisors with greater than $1 billion in mixed property, the rollout of a W-2 mannequin and the opening of three new workplace places.
Late final week, WealthManagement.com reported a group of two in Chicago left Snowden Lane to create a brand new RIA in Florida referred to as Coral Reef Advisors.
Owned by Estancia Capital Companions since 2013, Snowden Lane has additionally leveraged debt capital by means of ORIX Company to facilitate its recruitment technique since 2018. The agency at the moment experiences using 149 whole professionals, together with 86 advisors, throughout 15 places of work in California, Connecticut, Florida, Illinois, Pennsylvania, Maryland, Texas, New York, New Hampshire and Colorado.
In November, Snowden Lane reported reaching $11 billion in shopper property.
SEIA Hires New Director of Property, Tax and Monetary Planning
Signature Property & Funding Advisors, a California RIA with about $19 billion in shopper property, introduced in a former property planning director at EP Wealth to guide an growth of multi-generational monetary planning companies.
As Director of Property, Tax, and Monetary Planning at SEIA, April Rosenberry will lead a group working with purchasers to develop tax-efficient methods concerning lifetime, belief and property transfers of wealth. She has additionally been charged with increasing companies and enhancing shopper expertise.
“The aim is to make sure the identical excessive caliber of customer support SEIA is thought for within the space of property and tax planning, whereas using advisor-led monetary plans constructed on SEIA’s confirmed efficiency,” in response to an announcement.
“Property, tax, and monetary planning have at all times been part of what we provide and we is not going to relaxation on our laurels,” SEIA President and CEO Brian Holmes stated in a press release. “Consumer expectations change and we should additionally change to proceed to ship the excellent service, recommendation, and care they’ve come to count on.”
Owned by non-public fairness agency Reverence Capital Companions and a gaggle of staff, SEIA has 5 workplace places in California, together with its Century Metropolis headquarters in Los Angeles, and 9 extra places in eight different states.
