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Summary Of M&A Deals In North American Wealth Management – June 2023

Editorial Staff

13 July 2023

Chicago-headquartered Hightower wrapped up three deals in June: 

It made a strategic investment in Meyer Capital Group, a $1.6 billion firm with offices in Marlton, New Jersey, and Naples, Florida. With 17 employees, including 10 advisors, Meyer Capital Group serves more than 800 clients. Gladstone Associates, LLC served as advisor to Meyer Capital Group. The size of Hightower’s investment stake was undisclosed.

Hightower also made a strategic investment in Boston Hill Advisors, a $1 billion RIA that is based in North Andover, Massachusetts. It has three offices in the state. Founded in 2006 by managing partners, Joseph Trainor, and Michael Edwards, Boston Hill Advisors serves high net worth individuals and institutional clients, primarily in the New England region. Boston Hill Advisors has 17 employees, including eight advisors serving about 1,000 client relationships. Financial terms weren’t disclosed.

The business also made an investment in Vigilant Wealth Management, a wealth management business with offices in Portland, Maine and Portsmouth, New Hampshire. It manages around $2.3 billion in client assets across 500 households. Founded in 2002, Vigilant has 31 employees, including 11 wealth advisors. It is led by its three co-founding principals: Jeffrey F Carlisle, JD, Daniel M Mulkern, MBA, and Scott D Sorensen, CFA®, ChFC®. Financial terms weren’t disclosed.

Other deals
UBS completed the acquisition of Credit Suisse. The combined entity operates as a consolidated banking group. The move left Switzerland with one universal bank. 

As announced on March 19, 2023, Credit Suisse shareholders received one UBS share for every 22.48 Credit Suisse shares held. UBS paid SFr3 billion for its rival. As part of the deal, conducted at the urging of the Swiss authorities, holders of Credit Suisse’s Additional Tier 1 bonds – forms of buffer capital created for European banks after the 2008 crash – have had their bonds written down. 

US-based tru Independence, a $10 billion national independent advisory partnership firm, added Gainline Financial Partners to its network of advisors. Gainline, based in Denver, Colorado, has become the first firm in that city to align with tru. It used to be affiliated with Wells Fargo's FiNet. Gainline looks after $200 million of client money.

Mercer Global Advisors bought RMR Wealth Advisors, a firm based in Madison, Wisconsin. RMR, founded in 2009, oversees about $350 million in client money. It was established by Erik Mikkelson, who is a co-owner of the company along with Doug Giageos, and Lisa Sowls. They serve about 150 clients. Financial terms weren’t disclosed.

Savant Wealth Management, the US RIA, bought The Relaxing Retirement Coach, an RIA with $483 million of assets under management. The Relaxing Retirement Coach, which has six employees, is located in Wellesley, Maine. This move marked Savant’s first in New England, and its fifth of the year. The terms of the deal, which was expected to close on June 30, were not released.

US-based F2 Strategy, the wealth management technology services firm, bought consulting and services provider Oakbrook Solutions as well as securing a majority investment from private equity firm Renovus Capital. Broadhaven served as exclusive financial advisor to F2 Strategy. The terms of the transaction were not disclosed.