Deals Of The Day: The Latest In Wealth Management M&A - Bain, Carson, Others

Editorial Staff

4 June 2020

Bain, Carson
Bain Wealth Management, a family-owned boutique investment and financial planning firm based in Salem, Oregon, has joined the Carson Partners network for affiliating advisors.

Carson Partners said on its website that Bain has been part of its network since June; Bain also had a similar reference to its membership of the network.

The wealth manager, which reportedly was formerly with Cetera Advisor Networks, was founded by Frank L Bain and managing partner Mark L Bain, leading a team of nine who managed $100 million in assets for more than 500 clients in Oregon and across the US.

Carson Group was founded by Ron Carson, a prominent figure in the North American wealth management sector.

To date, since last year other joiners to the Carson network include Abaris Financial Group; Albritton Financial Services; Barnes Wealth Management Group; Bender Financial Services; BMY Wealth Mangement; a number of Carson Wealth operations in different states of the US, such as Texas and Colorado; Chessman Wealth Strategies; Driven Wealth Strategies; Diamond Wealth Management; Jon Baker Financial Group; Lions Gate Wealth Management; Lund Wealth Management; Morgan Wealth; Navion Financial Advisors; Olivier Group; Parish Wealth; Parsons Wealth Management; SRQ Wealth; Washington Financial; Waymaker Wealth Advisors; WealthCare Partners; and Yuma Investment Group.

Apollon, Podesta
Apollon Wealth Management has taken a minority stake in Chicago-based Podesta Capital Advisors. The firm has also built a partnership allowing Podesta Capital Advisors to use Apollon’s financial planning and wealth management platform.

Podesta’s investment process uses Big Data, cloud computing networks, and artificial intelligence applications. It crunches the earnings figures of more than 12,000 companies to work out which ones it wants to invest in.

“Apollon’s platform will allow us to create back-office and technology efficiencies, so we can spend more time on what we do best - focusing on our proprietary investment modeling and providing full service wealth management solutions to our clients,” Robert Foley, a co-founder of Podesta, said. Foley’s background is in capital markets, with decades of experience in using algorithmic, discretionary, and arbitrage strategies on global exchanges. He leads Podesta's stock analysis and investment modeling.

Industry veteran Jeff Bischoff of Old Greenwich Consultants brought the two firms together, the statement from the organizations said.

Apollon has offices in North and South Carolina, Georgia, Florida, Connecticut, Illinois, and Oregon and “continues to look for strategic partners nationwide”, according to its statement.