PWD IntelligenceThe Wealth Teams & Advisor M&A WeeklyWeek of Nov 9
Advisor moves, the week
18
down 2411 team moves, 3 breakaways
Source for Advisor moves, the week
Source: Private Wealth Daily Moves Wire (editor-reviewed movement records)Qualifying advisor moves fall to 18 from 42 in week to Nov. 13
RIA and wealth deals also fell, to 85, as closings outnumbered announcements for the first week in the 12-week series.
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By PWD Intelligence9 min read
Reported book in motion
$25.5B
As reported, for 12 of 18 moves
Source for Reported book in motion
Source: Private Wealth Daily Moves Wire (editor-reviewed movement records)RIA deals, the week
85
down 56.5Change vs the four-week average
Source for RIA deals, the week
Source: Private Wealth Daily deal records (transactions reported in our published coverage)Wirehouse departures to independence
21.1%
4 of 23 classified, four weeks
Source for Wirehouse departures to independence
Source: Private Wealth Daily Moves Wire (editor-reviewed movement records); channels from fixed firm-name rules and Form ADV registrationDeals naming a PE sponsor
9.7%
Twelve weeks
Source for Deals naming a PE sponsor
Source: Private Wealth Daily deal records (transactions reported in our published coverage); private-equity sponsor named among the partiesWhat matters
- Qualifying advisor moves fell to 18 in the week to Nov 13 from 42 the week before, according to the Private Wealth Daily Moves Wire.
- Total RIA and wealth deals fell to 85 in the week to Nov 13, 41 announced and 44 closed, against a four-week average of 141.5, according to Private Wealth Daily deal records.
- Only four of 23 wirehouse departures over the four weeks to Nov 13 went to RIA or independent channels, or 21.1%, according to the Private Wealth Daily Moves Wire.
Chart 1
Where advisor moves went, by origin channel
Four weeks of moves with both firms classified
- Wirehouse
- Regional & bank
- Independent broker-dealer
- RIA & independent
- From wirehouses11 moves
- From independent BDs7 moves
- From regional & bank firms9 moves
- From RIAs2 moves
Show as table
| Label | Wirehouse | Regional & bank | Independent broker-dealer | RIA & independent | Total |
|---|---|---|---|---|---|
| From wirehouses | 0 moves | 7 moves | 0 moves | 4 moves | 11 moves |
| From independent BDs | 0 moves | 1 moves | 0 moves | 6 moves | 7 moves |
| From regional & bank firms | 3 moves | 0 moves | 3 moves | 3 moves | 9 moves |
| From RIAs | 0 moves | 1 moves | 1 moves | 0 moves | 2 moves |
Qualifying advisor moves fell to 18 in the week to Nov. 13 from 42 the week before, according to Private Wealth Daily's Moves Wire. Moves to RIA and independent firms dropped to six from 18, and moves to wirehouses fell to one from nine. The Moves Wire classes 11 of the 18 as team moves and three as breakaways.
The 42 moves in the week to Nov. 6 were the most of the eight weeks the Moves Wire shows, against 28 in the next-busiest week, to Oct. 16. The week to Oct. 30 also had 18 moves. This week's six RIA-bound moves fall within the range of four to six recorded in the three weeks from Oct. 16 to Oct. 30. The week to Nov. 6, with 18 RIA-bound moves, is the outlier.
For RIAs recruiting, independent broker-dealers supplied more RIA-bound moves than wirehouses over the four weeks to Nov. 13, six against four, according to the Moves Wire. Only four of 23 wirehouse departures in that period went to RIA or independent channels, 21.1%. Seven went to regional and bank firms. This week's one wirehouse-to-RIA move was the LegacyCoast Private Wealth breakaway: two UBS advisors with a reported $480 million, according to InvestmentNews and Private Wealth Daily. The Moves Wire classified 62 moves by channel over the four weeks and left 39 unclassified.
Chart 2
Advisor moves by destination channel, by week
- Wirehouse
- Regional & bank
- Independent broker-dealer
- RIA & independent
Show as table
| Label | Wirehouse | Regional & bank | Independent broker-dealer | RIA & independent | Total |
|---|---|---|---|---|---|
| Sep 25 | 3 moves | 4 moves | 4 moves | 8 moves | 19 moves |
| Oct 2 | 0 moves | 0 moves | 5 moves | 13 moves | 18 moves |
| Oct 9 | 0 moves | 0 moves | 7 moves | 13 moves | 20 moves |
| Oct 16 | 3 moves | 4 moves | 8 moves | 6 moves | 21 moves |
| Oct 23 | 2 moves | 3 moves | 5 moves | 4 moves | 14 moves |
| Oct 30 | 0 moves | 4 moves | 3 moves | 5 moves | 12 moves |
| Nov 6 | 9 moves | 4 moves | 4 moves | 18 moves | 35 moves |
| Nov 13 | 1 moves | 2 moves | 6 moves | 6 moves | 15 moves |
Morgan Stanley took three of the eight largest books in four weeks
The largest reported team move of the four weeks was about 70 Synovus Securities advisors joining Pinnacle Asset Management with $18.7 billion, according to InvestmentNews. That is more than three times the next-largest reported book: $5.9 billion for the Barnett, Coon, Armitage, Leach and Moore Group's move from Merrill Lynch to Morgan Stanley, according to AdvisorHub. The Moves Wire records $25 billion in reported books across 12 of this week's moves, so the Synovus team accounts for most of the week's disclosed total. Book sizes are as stated in the cited coverage and are not verified figures or net flows.
Morgan Stanley was the destination for three of the eight largest books, together $10.4 billion, according to AdvisorHub. Besides the Barnett group, they were the Bell Coast Group, with $3.0 billion from RBC Wealth Management-U.S., and the Steelman Aguirre Private Wealth Management Group, with $1.5 billion from Merrill Lynch. Two of the three came from Merrill Lynch.
Andy Harris's breakaway from Commonwealth Financial Network to Kintra Wealth, LLC carried a reported $4.3 billion, according to WealthManagement.com. ICG left LPL Financial for Osaic with a reported $2.3 billion, according to IREI, the Osaic newsroom and Private Wealth Daily. KKM Wealth Partners moved from PNC Private Bank to Raymond James & Associates/Alex. Brown with a reported $1.5 billion, according to WealthManagement.com.
Chart 3
Largest team moves by reported book, four weeks
Book as reported in coverage, not verified
- Approximately 70 Synovus Securities adv…$18.7B
- The Barnett, Coon, Armitage, Leach and…$5.9B
- Andy Harris$4.3B
- The Bell Coast Group$3B
- ICG next$2.3B
- Marietta Wealth Management$1.6B
- KKM Wealth Partners$1.5B
- Steelman Aguirre Private Wealth Managem…$1.5B
Show as table
| Item | Value ($) |
|---|---|
| Approximately 70 Synovus Securities adv… | $18.7B |
| The Barnett, Coon, Armitage, Leach and… | $5.9B |
| Andy Harris | $4.3B |
| The Bell Coast Group | $3B |
| ICG next | $2.3B |
| Marietta Wealth Management | $1.6B |
| KKM Wealth Partners | $1.5B |
| Steelman Aguirre Private Wealth Managem… | $1.5B |
RIA and wealth deals fell to 85 as closings passed announcements
RIA and wealth deals fell to 85 in the week to Nov. 13, against a four-week average of 141.5, according to Private Wealth Daily's tally of deals reported in its coverage. Closings outnumbered announcements, 44 to 41, the first week in the 12-week series with more closed deals than announced. Because the tally counts reported transactions, it reflects what was reported as well as what was signed.
Announcements fell from 237 in the week to Aug. 28 to 41 this week. Closings peaked at 165 in the week to Oct. 2. Closings follow announcements, so the thinner announcement counts of recent weeks would likely mean fewer closings in the weeks ahead, though that is an inference, not a reported figure.
KKR was the most frequent named acquirer over the 12 weeks, with eight deals, followed by Hightower with seven and Apella Wealth and BKM Capital Partners with six each, according to the same tally. Acquirers are as named in the coverage, and the list includes non-RIA buyers such as Kayne Anderson Real Estate, with five. Beacon Pointe Advisors, also with five deals, brought in Brennan Cross and Daniel Archer from ACT Wealth Management with a reported $637 million, according to WealthManagement.com.
Chart 4
RIA and wealth deals by week
Announced and closed, twelve weeks
- Announced
- Closed
Show as table
| Label | Announced | Closed | Total |
|---|---|---|---|
| Aug 28 | 237 deals | 75 deals | 312 deals |
| Sep 4 | 170 deals | 68 deals | 238 deals |
| Sep 11 | 139 deals | 84 deals | 223 deals |
| Sep 18 | 143 deals | 134 deals | 277 deals |
| Sep 25 | 160 deals | 143 deals | 303 deals |
| Oct 2 | 169 deals | 165 deals | 334 deals |
| Oct 9 | 123 deals | 109 deals | 232 deals |
| Oct 16 | 107 deals | 89 deals | 196 deals |
| Oct 23 | 102 deals | 90 deals | 192 deals |
| Oct 30 | 76 deals | 62 deals | 138 deals |
| Nov 6 | 83 deals | 68 deals | 151 deals |
| Nov 13 | 41 deals | 44 deals | 85 deals |
Chart 5
Most active acquirers, twelve weeks
- KKR8 deals
- Hightower7 deals
- Apella Wealth6 deals
- BKM Capital Partners6 deals
- Beacon Pointe Advisors5 deals
- Everview Partners5 deals
- Kayne Anderson Real Estate5 deals
- Modern Wealth Management5 deals
Show as table
| Item | Value (deals) |
|---|---|
| KKR | 8 deals |
| Hightower | 7 deals |
| Apella Wealth | 6 deals |
| BKM Capital Partners | 6 deals |
| Beacon Pointe Advisors | 5 deals |
| Everview Partners | 5 deals |
| Kayne Anderson Real Estate | 5 deals |
| Modern Wealth Management | 5 deals |
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