Advisory M&A News – 9/30/24

Commonwealth Adds Advisers at Aegis Consulting

Commonwealth Financial Network welcomed Jacksonville, Florida-based Aegis Consulting to its network of affiliated advisers in 2023. Eighteen months later, Aegis has nearly doubled its client assets to almost $2 billion and has grown its adviser team to 17 from nine, including its newest additions, Mark O’Sickey and Paul Solorzano.

“We are committed to supporting fast-growing enterprises and are honored to now include Aegis offices led by Mark O’Sickey and Paul Solorzano,” Becca Hajjar, managing principal and chief business development officer, said in a statement. “When Aegis joined us last year, we were thrilled to start providing the enterprise-level support they sought to help fulfill their national growth strategy. Whether advisers want to join us directly or as part of an existing Commonwealth affiliate, we’re honored to help support their transition.”

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Like most of the Aegis team, O’Sickey and Solorzano were formerly affiliated with Osaic and its predecessor, Lincoln Financial Advisors, for a combined 31 years. O’Sickey is based in Cleveland, and Solorzano is based in San Francisco. Together, they brought nearly $600 million in client assets to Aegis.

Cerity Partners Welcomes Touchdown Ventures

Cerity Partners, an independent wealth management firm, announced it is merging with Touchdown Ventures, a provider of advisory services for corporate venture programs. Following the closing, anticipated in the coming weeks, Touchdown will operate as Cerity Partners Ventures and integrate into the firm alongside Cerity Partners’ broader service offerings.

Partnering with Touchdown will expand Cerity Partners’ offerings to corporations and businesses, including Venture Capital-as-a-Service, which provides access to external innovation through tailored venture capital solutions.

The merger will also broaden access to innovative startups, while enhancing Cerity Partners’ offerings to its private clients. The move will expand its footprint in key, growth-oriented markets, including Philadelphia, Chicago, Los Angeles and San Francisco.

“Our partnership with Touchdown Ventures comes during a period of significant growth for Cerity Partners and will be instrumental in deepening our offering to corporate partners,” said Kurt Miscinski, CEO of Cerity Partners, in a statement. “Touchdown’s best-in-industry VC professionals, coupled with our shared fiduciary commitment to deliver exceptional service in our clients’ best interest, make them an ideal partner.”

The Retirement Planning Group Acquires Parrott Wealth Management

Cetera Holdings, the parent company of Cetera Financial Group, announced that Cetera’s employee-based registered investment adviser, the Retirement Planning Group, has acquired Parrott Wealth Management LLC.

Led by William Parrott, the firm manages approximately $185 million in assets under management, as of December 31, 2023, and is based in Austin, Texas. Through the acquisition, three full-time professionals will become TRPG/Cetera employees.

“Bill and his team are welcome additions to TRPG, where they will be well positioned to serve their clients first and foremost,” Kevin Conard, TRPG’s CEO, said in a statement. “The Parrott Wealth team is the latest example of successful client-centric advisers looking to make a change to benefit their clients and their business by joining us.”

The acquisition marks the fourth for TRPG since being acquired by Cetera in 2023. TRPG now oversees more than $2.6 billion in assets under management.

Avantax Acquires SEP Financial Services

Avantax Inc., a unique community within Cetera Holdings, has acquired SEP Financial Services, founded by independent financial adviser Stephen Plain, who has been affiliated with Avantax for 25 years.

Plain has decided to transition his practice and clients to Avantax Planning Partners, the employee-based model of Avantax. Plain, who has approximately $40 million in client assets under administration, said his long-standing relationship with Avantax’s home office team helped make his succession plan decision.

“I’ve been a CPA for 40 years, so when I was looking at succession planning, what was most important to me was that my clients continued to receive comprehensive, tax-focused financial planning and that the transition would be as smooth and easy as possible for my clients,” Plain said in a statement. “I talked with other advisers who transitioned to APP, and they said it was very smooth. Plus, because APP is a bigger organization with more people, there are instances where APP can provide clients with even more services than an advisor can as a sole proprietor, and that’s good for my clients.”

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