Deals & People February 21, 2023

Advisory M&A

Sequoia acquires Zeke Capital Advisors; iTrustCapital integrates with Fortress Trust; Hightower invests in Bickling Financial Services; and more.

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Sequoia Financial Group Announces Acquisition of Zeke Capital Advisors

Sequoia Financial Group’s acquisition of Zeke Capital Advisors is expected to close on February 28. The transaction will create a firm with more than $15 billion in client assets.

The size of Sequoia’s Family Wealth practice is expected to double, both by assets under management and by client households. The combined team offers a full suite of services to ultra-high-net-worth families and institutions.

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“We are excited to partner with Ed Antoian, Gee Smith and their talented team,” said Thomas Haught, Sequoia’s CEO, in a statement. “Together, we will broaden and deepen Sequoia’s Family Wealth practice, add to our full-service team of Family Wealth advisors, and enhance the range of our investment offerings as we expand our role within this strategic market.”

Founded in 2008 in Berwyn, Pennsylvania, Zeke is a multi-family office firm that provides generational family wealth management. Zeke has more than $5 billion in assets and 28 employees.

“After a thorough search for the right partner, Sequoia emerged as the ideal firm to support Zeke’s mission of serving multi-generational families,” said Edward Antoian, founder of Zeke. “Joining Sequoia’s successful Family Wealth practice will help ensure our clients will be in great hands for generations to come.” 

iTrustCapital to Integrate with Fortress Trust

Self-directed IRA platform iTrustCapital Inc. announced its integration with Summerlin, Nevada-based Fortress Trust LLC, a subsidiary of Fortress Blockchain Technologies, and specializes in the custody of alternative assets.

The integration aims to improve client onboarding processes and streamline the account-opening experience. Irvine, California-based iTrustCapital also intends to improve user experience, transparency and client security in its self-directed IRA investment options.

A benefit of the integration includes the availability of alternative assets including cryptocurrencies, precious metals, fractional real estate, private equity and interest-earning cash sweeps on FBO client USD positions. Furthermore, clients of iTrustCapital can set up recurring contributions and dollar-cost averaging, expected in the second quarter of this year.

“The integration with Fortress Trust will provide iTrustCapital clients with increased benefits, making it easier and more convenient for working professionals to plan their retirement journey, with improved security and compliance features that we believe will set a precedent for the industry,” said Kevin Maloney, CEO of iTrustCapital, in a release.

Hightower Announces Strategic Investment in Bickling Financial Services

Hightower Advisors LLC has made a strategic investment in Lexington, Massachusetts-based Bickling Financial Services Inc., an RIA with approximately $625 million in assets under management. Founded in 1984 by Dorothy Bickling, the firm is now managed by her sons, Spencer Betts and Andrew Betts, co-managing principals of BFS.

“To continue achieving our growth goals, we knew we needed a strategic partner that could help us scale the business and invest in its future,” Spencer Betts said in a statement. “After speaking with several options in the marketplace, we concluded that Hightower has the right combination of resources and value-added services that will allow us to both serve clients and take the business to new heights.”

With 14 employees, including five advisers, BFS has strong ties to communities in New England and throughout the Northeast. The firm has served mostly affluent and high-net-worth client households.

Dynasty Financial Partners to acquire TruClarity Management Solutions

Dynasty Financial Partners has entered an exclusive non-binding letter of intent to acquire TruClarity Management Solutions LLC.

St. Petersburg, Florida-based Dynasty intends to acquire TruClarity’s intellectual property and add select team members, including Pamela Stross, president and CEO of TruClarity, which is also based in St. Petersburg, Florida. Stross is expected to join Dynasty as a consultant and will advocate for female advisers in the RIA space.

“I am excited for the opportunity to partner with the amazing team at Dynasty Financial Partners,” Stross said in a statement. “They have been leaders in wealth technology, platform services, capital, and business practice management offerings in the RIA space for over 12 years now. I look forward to working with them to continue to help power the independent movement, and in particular, to help inspire more female advisors to find their way to the independent side of our business.”

Basepoint Tax & Accounting Names Ron Detweiler President, Acquires Ledger Plus

Basepoint Tax & Accounting LLC, a subsidiary company of Basepoint Wealth, recently named Ron Detweiler president. The firm will also expand operations in Cedar Rapids, Iowa, with the acquisition of Ledger Plus, which has provided accounting services to individuals and businesses in the region.

Detweiler has more than 40 years of experience providing financial advisory client services, including retirement planning. After starting his career at a CPA firm, Detweiler later joined corporate H&R Block in 2005. In 2012, Ron and his firm, Detweiler & Associates, joined Honkamp Krueger as part of the Hiawatha branch.

“Ron adds an incrediRble boost to both our intellectual capital and our ability to deliver seamless, coordinated tax advice to our clients,” said Kate Wallace, president of Basepoint Wealth, in a statement. “Ron is one of the hardest workers I have ever had the opportunity to lead, and his genuine care for delivering on promises to clients is unmatched. We are honored to have him join our team.”

Deals & People February 18, 2023

Retirement Industry People Moves

DCIIA votes in 2023 committee members; Aon adds personnel to pooled employer plan sales group; TIAA adds wealth distribution head; and more.

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DCIIA Confirms 2023 Executive Committee Members

The Defined Contribution Institutional Investment Association’s board has voted to confirm the 2023 DCIIA Executive Committee, with Chris Lyon of Goldman Sachs Asset Management serving as chair and Mike Raso of PineBridge Investments as vice chair.

DCIIA’s executive committee is made up of volunteers from member organizations and is the governing board and primary advisory body for the organization. It provides strategic direction, input on initiatives and leadership of DCIIA’s standing committees.

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Members serving in 2023 include industry participants such as:

  • Megan Yost of Segal Benz as communications committee chair;
  • Michael Andeberhan of State Street Global Advisors as diversity, equity and inclusion committee chair;
  • Beth Pattillo of Leidos as plan sponsor institute chair;
  • Vidya Rajappa of American Century as retirement income committee chair; and
  • Kevin Morris of Principal Financial Group as an at-large member.

The full list of DCIIA committee members is available at this link.

Aon Consulting Adds Personnel to PEP Sales

Chris Han recently started at Aon Consulting Inc. as director of pooled employer plan 401(k) sales, a company spokesperson confirmed.

Han will be responsible for Aon’s PEP go-to-market strategy, coordinating and directly participating in sales efforts for the Aon PEP, and will report to Rick Jones, a partner in Aon Wealth Solutions.

Prior to Han’s current role, he was a regional sales director at Empower, according to LinkedIn.

TIAA Hires Tara Latini to New Role as Wealth Distribution Head

TIAA has hired Tara Latini for the new position of executive vice president and head of wealth distribution, with a mandate to expand the TIAA client-facing wealth management team.

Latini, who arrives at TIAA from her role as head of wealth and personal banking at HSBC, will begin the newly created role in late April, a TIAA spokesperson confirms via email.

TIAA created the role and hired Latini because the company wants to grow market share in wealth management services outside of retirement, according to the spokesperson.

“Wealth Management is something that complements our retirement services, where we’re the No. 1 provider in the not-for-profit sector,” the TIAA spokesperson says. “We’ll be working with clients who have additional wealth management needs, helping them with a wide range of financial planning, from buying a home to sending your kids to college to saving for retirement and to leaving a legacy.” 

Latini will report to David Nason, TIAA’s chief operating officer and president of wealth management.

Pentegra Names Vice Presidents of Trust, IT

Retirement plan and fiduciary outsourcing firm Pentegra has added two new vice presidents: Paula C. Edmonds, vice president of trust services and Jeremy Lawson, vice president of head of infrastructure.

Edmonds will oversee two wholly-owned subsidiaries of Pentegra and a group trust for which Pentegra provides administrative and investment services. She will report to Eric Wietsma, Pentegra’s incoming president and CEO.

Edmonds most recently served as vice president and head of operations at Empower Retirement, where she oversaw and managed the sponsor services and operations department. Prior to that, she spent several years at MassMutual Financial Group.

Lawson will oversee Pentegra’s information technology infrastructure. He will report to Pentegra senior vice president of information technology and chief technology officer, Peter Sprague. Lawson previously served as director of global IT infrastructure and security at Crane Worldwide Logistics, where he directed the management of IT teams supporting more than 130 sites worldwide.

Vontobel Appoints Fixed Income Head for Americas

Vontobel Asset Management SA has promoted Sergey Goncharov to head of its fixed income division of the Americas, a new role to serve investors in the region.

Goncharov has spent seven years as a portfolio manager for Zürich, Switzerland-based Vontobel.

Goncharov enters the role with experience in emerging markets and sustainable fixed income investing, according to the firm. The move comes after Vontobel recently launched three emerging markets fixed-income strategies for U.S. and Canadian investors.

“I am excited to be here in the United States and to further engage with North American investors to help them achieve their long-term investment goals,” Goncharov said. “I look forward to continuing to work with our international team to build and manage solutions that provide yield and diversification and that address the unique needs of investors in this region.”

Northwestern Mutual Names David Gordon as CTO

The Northwestern Mutual Life Insurance Co. has named David Gordon to the role of chief technology officer.

Gordon will oversee all software development for the company’s customer experience, digitally enabled products and corporate solutions. He will also be responsible for software engineering for Northwestern Mutual’s business performance and customer satisfaction.

Gordon will serve on the company’s enterprise leadership team and report to Christian Mitchell, executive vice president and chief customer officer.

Gordon most recently served as chief technology and data officer with USAA Federal Savings Bank, a fully digital bank.

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