Recruitment Roundup: Kestra, EP Wealth, Concurrent, SpirePoint And More

LPL, Cetera, Kestra And Robertson Stephens Conduct Recruitments While EP Wealth Acquires 2 Firms, Concurrent Adds Lumature As Network Partner, And SpirePoint Launches As RIA Using Goldman Sachs As Its Custodian

This edition of the Weekly Recruitment Roundup features LPL Financial recruiting two teams with a combined $1.3 billion, Cetera Advisors recruiting a $327 million team through Totus Wealth Management, Kestra Private Wealth Services poaching an advisor from Edward Jones, Robertson Stephens adding a $100 million advisor in the San Francisco Bay Area, EP Wealth Advisors acquiring two firms in Arizona and California, Concurrent Investment Advisors partnering with Lumature Wealth Partners and SpirePoint Private Client launching as an RIA.

Advisor Transactions

1. LPL Recruits 2 Teams From RBC And Merrill Lynch Overseeing Combined $1.3 Billion

Scott Posner, Executive Vice President, Business Development, LPL Financial

LPL Financial recruited two teams with a combined $1.3 billion in assets. York, Pennsylvania-based Sides Wealth Advisory Group, whose advisors oversaw $900 million at RBC, affiliated with LPL Strategic Wealth Services. Fresno, California-based Jared West and Sandy Brown, who oversaw $390 million at Merrill Lynch, joined the Linsco by LPL Financial employee advisor channel.

LPL Strategic Wealth Services provides operations support through a team including a business strategist, marketing partner, CFO and administrative assistant. Linsco by LPL strives to bridge the gap between a wirehouse and the independent channel. West and Brown are the 50th team recruited to Linsco by LPL since it launched in 2021.

“As always, we are committed to delivering strategic solutions designed to meet independently-minded advisors where they are in designing the vision of their perfect practice, providing them with choice and flexibility in how they manage and evolve their business,” said Scott Posner, Executive Vice President, Business Development at LPL.

2. Cetera Recruits $327 Million Team Through Totus Wealth Management

John Pierce, Head of Business Development, Cetera

Raymond Bardoul and Brian Fox, who oversee $327 million in assets under administration (AUA), left MML Investors Services to join Cetera Advisors through Totus Wealth Management. The duo, who are launching an Atlanta office for Totus, have been partners since 2016. Bardoul has over 34 years of experience and Fox has over 20 years of experience.

Cetera anticipates that they soon will be joined in the Atlanta office by representatives Doug Stefanini, Adam Corwin and Tim Bonner. In September 2022, the $3 billion AUA team Burrows Capital Advisors joined Totus Wealth Management from Hilltop.

“The addition of such an influential team is yet another example of how top advisors today prefer the independent model with dedicated support and resources that Cetera’s communities provide,” said John Pierce, Head of Business Development at Cetera. “I look forward to seeing how Brian and Raymond’s already stellar client service grows and enhances further within Totus Wealth Management and Cetera Advisors.”

3. Kestra Poaches Advisor From Edward Jones Via $350 Million Inspired Wealth

Rob Bartenstein, CEO, Kestra PWS

Austin, Texas-based Kestra Private Wealth Services (Kestra PWS) announced that Bob McCullough, formerly of Edward Jones, joined the firm’s platform in partnership with Cordele, Georgia-based Inspired Wealth Planning, which joined Kestra PWS in March. Based in Perry, Georgia, McCullough launched Inspired’s second office as he joined his longtime friend Ricky Smith, President of Inspired.

With the addition of McCullough, who worked at Edward Jones for 27 years, Inspired Wealth Planning will oversee $350 million in client assets. Registered Associate Kathy Duke and Client Service Associate Katherine Moore joined McCullough in the move. Kestra PWS is a hybrid RIA subsidiary of Kestra Financial that supports independent advisory and professional teams with an independent RIA and affiliated broker-dealer.

“Bob brings a wealth of experience, knowledge, and value to Inspired Wealth Planning and Kestra Private Wealth Services,” said Rob Bartenstein, CEO at Kestra PWS. “This addition demonstrates the value we bring to our associated firms and financial professionals, and we are proud to empower them to evolve their businesses through this type of growth.”

4. Robertson Stephens Recruits $100 Million Advisor In San Francisco Bay Area

Raj Bhattacharyya, CEO, Robertson Stephens

Robertson Stephens brought on San Francisco Bay Area-based advisor Joe Delaney, Founder of Lifeguard Wealth, which manages over $100 million. Delaney, who has been in financial services for more than 40 years, has served as a wealth manager, CPA, corporate executive, business owner, as well as a real estate owner and broker.

He will become a Managing Director and Principal at Robertson Stephens. The firm oversees approximately $4.6 billion and has grown its assets under management (AUM) over 10 times since inception in 2018 – with 19 teams across the country and seven of those in the Bay Area.

“We are excited to welcome Joe to Robertson Stephens. As a Registered Life Planner with a deep commitment to wealth planning and comprehensive client experience, Joe is an ideal fit for Robertson Stephens,” said Raj Bhattacharyya, CEO of Robertson Stephens. “We are also delighted to further build our client presence in the San Francisco Bay area.”

Mergers & Acquisitions

5. EP Wealth Acquires 2 Firms In Arizona And California, Adding $191 Million

Ryan Parker, CEO, EP Wealth

Torrance, California-based EP Wealth Advisors acquired Phoenix-based Foothills Financial Planning & Wealth Management and San Francisco Bay Area-based Marble Capital, bringing $191 million in combined AUM.

Kevin O’Reilly, Managing Member and Chief Compliance Officer at Foothills Financial, will join EP Wealth as a senior vice president. Harry Kirsch of Marble Capital will join as a senior wealth advisor. The deals are EP Wealth’s third and fourth acquisitions of 2023 and its 28th and 29th acquisitions since receiving a minority investment from Wealth Partners Capital Group in 2017. EP Wealth has 32 offices in 12 states, and oversaw more than $19.5 billion as of June 30.

“Both Foothills and Marble share EP’s philosophy of developing lasting relationships with clients built on trust and a true understanding of their unique, individual needs,” said Ryan Parker, CEO of EP Wealth. “These teams join existing EP Wealth regions to strengthen bonds with their respective communities and the clients we serve.”

Strategic Partnerships

6. Concurrent Brings $700 Million Lumature Into Network Of Partner Firms

Nate Lenz, CEO and Co-Founder, Concurrent

Tampa, Florida-based Concurrent Investment Advisors partnered with Lumature Wealth Partners, a team of independent advisors overseeing $700 million out of offices primarily in Alpharetta, Georgia and Charleston, South Carolina. Lumature Principals Ross Ramsey and R. Corley Watson III previously were affiliated with Raymond James.

Concurrent itself departed from Raymond James last year and has since restructured as a multi-custodial hybrid RIA. In May, Concurrent announced that it aims to surpass $17 billion in AUA by year-end by onboarding pre-existing accounts to the RIA platform. Its website lists 31 partner firms in its advisory network.

“We love to work with advisors who have a clear vision of what they need to succeed as stewards of their clients’ wealth. Ross and Corley approached us for this partnership because they wanted someone on their side who understood them, too,” said Nate Lenz, CEO and Co-Founder of Concurrent. “Earning this partnership so soon after our transition to a multi-custodial, hybrid RIA has validated our approach, and we’re excited to see Lumature succeed in the years ahead.”

7. $1.9 Billion SpirePoint Private Client Launches With tru Independence, Goldman Sachs

Craig Stuvland, Founder and CEO, tru Independence

Vero Beach, Florida-based SpirePoint Private Client launched as an RIA whose Founding Partners –Trent Leyda, Kay Campione and Jim Beindorf – formerly comprised The Leyda Group at Morgan Stanley. The team oversees approximately $1.9 billion in assets.

SpirePoint launched via tru Independence, which has $11.5 billion on its platform and whose annual advisor conference, Canvas 2023, is scheduled to occur Oct. 18 to Oct. 20 in Phoenix. The new RIA also chose Goldman Sachs Advisor Solutions (GSAS) as its custodian.

“The SpirePoint team is remarkable in their approach as fiduciaries for their clients,” said Craig Stuvland, Founder and CEO of tru Independence. “Their expertise lies in serving individuals and families with ultra-high net worth and complex portfolios and estates, while our strength at tru lies in providing a platform to enable innovation, execution and service.”


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