M and A
US Wealth Manager Acquires Michigan-Based Firm Amid Continued M&A Trend
The trend of merger and acquisition deals in the US wealth management space rolls on.
Lifetime Financial Growth, a wealth management firm headquartered in Pennsylvania, has expanded its operation to Detroit, Michigan after acquiring Lucido-Morris Wealth Management. The move is the latest in a run of M&A deals in a wealth management sector adapting to a new regulatory landscape and shifting business models.
Joseph Lucido and Michael Morris have worked in the sector within the greater Detroit area for over 40 years, the firm said in a statement.
Following the acquisition, Lucido and Morris will continue in their roles and will lead Lifetime Financial Growth of Michigan.
“This strategic expansion continues our growth as one of the preeminent wealth management firms in the Midwest,” said Sanford Aderson, president of LFG. “We are excited to add Joe Lucido and Mike Morris to the LFG leadership team along with the high-quality financial advisors that have been associated with them for several years.”
LFG is financial services provider with offices in Pittsburgh (Luttner Financial Group); Cleveland (Capital Planners), Columbus, and Cincinnati, Ohio; and Louisville, Kentucky.
There have been a number of merger and acquisition deals in recent times. Last week Mercer Advisors, a RIA which is headquartered in Santa Barbara, California, announced it had acquired Blue Moon Wealth Advisory, also a RIA, with more than $90 million of assets under management. United Capital Financial Advisers (aka United Capital), the wealth management firm, has acquired three advisory firms with combined client assets of $758 million. The acquired firms are Jensen Wealth Advisors, based in Palm Desert, California; Compass Wealth Advisors, based in Elkhart, Indiana; and Asset One, with offices in Colorado and Mandeville, Louisiana.
In another deal, for example, Peapack-Gladstone Financial Corporation, the parent company of Peapack-Gladstone Bank, recently completed the acquisition of New Jersey-based Murphy Capital Management, SEC registered investment advisor, effective August 1.
