Deals & People July 10, 2023

Advisory M&A

Hub International acquires Golden Corner Wealth Advisors; Marsh McLennan Agency adds Integrity HR Inc.; Day & Ennis joins Mercer Advisors; and more.

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Hub International Acquires Golden Corner Wealth Advisors

Hub International Ltd announced it has acquired the assets of Golden Green Inc., doing business as Golden Corner Wealth Advisors.

Located in Seneca, South Carolina, Golden Corner is a financial advisory firm specializing in wealth management and retirement. Founder Jim Charbonneau and the Golden Corner team will join Hub Carolinas. 

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“We are excited to welcome the Golden Corner team to Hub Carolinas and look forward to further expanding our retirement consulting services in the region,” Tommy Suggs, president and CEO of Hub Carolinas, said in a statement.

Marsh McLennan Agency Announces Acquisition of Integrity HR Inc.

Marsh McLennan Agency, a subsidiary of Marsh, announced the acquisition of Integrity HR Inc., a human resources consulting firm based in Louisville, Kentucky.

Founded in 2007, Integrity HR will join Marsh McLennan Agency’s national employee health and benefits division. The firm will expand its offerings to include compensation consulting, executive succession planning and talent acquisition. Integrity HR’s 13 employees, including Amy Letke, founder and CEO, will join Marsh McLennan Agency.

“By bringing Integrity HR on board, we are elevating our national Employee Health & Benefits offerings to provide midsize clients with a full suite of benefits and HR services,” Kate Moher, president of national employee health and benefits at Marsh McLennan Agency, said in a statement.

Day & Ennis Joins Mercer Advisors

Mercer Global Advisors Inc. announced the acquisition of Day & Ennis LLC, which serves approximately 250 clients with assets under management of approximately $400 million.

Day & Ennis is a comprehensive wealth management firm headquartered in Macon, Georgia. The firm was founded in 1998 by John Day, and he was later joined by partners William Ennis and Matthew Heller.

“Day & Ennis has built their firm the right way by putting their clients’ interests first,” said Dave Welling, CEO of Mercer Advisors, in a statement. “We are excited to have them join our team and expand our significant presence in Georgia.”

Wealth Enhancement Group Adds Ryan Financial

The Wealth Enhancement Group announced the acquisition of Ryan Financial Inc., a hybrid registered investment adviser located in Denver.

The team at Ryan Financial, led by Robert Ryan, founder and CEO, and Erik Anderson, president, oversees more than $200 million in client assets. Founded in 2000, the firm focuses on offering qualified retirement plan support, financial planning and asset management. 

“After 23 years as a private, independent firm, the partners and advisers at Ryan Financial Inc. are eager to join forces with Wealth Enhancement Group,” Ryan said in a statement. “We are aligned with the firm’s values, and this partnership will allow us to offer our clients additional services through Wealth Enhancement Group’s Roundtable team of specialists.”

Mission Financial Planners Join Kestra Financial

Kestra Financial announced the addition of Mission Financial Planners, whose financial professionals oversee $120 million in client assets.

Located in San Antonio, the firm’s team specializes in developing personalized financial plans. The firm is led by managing members Kenneth Hamilton, Jason Duffaut and Matt Donaghue.

“We needed a partner that would let us be independent and enhance our entrepreneurial spirit while supporting our growth initiatives through competitive marketing, business consulting, and compliance resources to help us grow,” Donaghue said in a statement. “With Kestra Financial, we found the exact balance we were looking for.”

Data & Research July 10, 2023

Wealth Management M&A Dips Slightly in Q2

The second quarter decline mimics similar drops in 2020 and 2022, even as the industry went on to strong dealmaking for the full calendar year.

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Wealth management mergers and acquisitions activity marginally declined in the second quarter of 2023, mirroring a Q2 trend from 2020 through 2022, according to Echelon Partners’ “2Q23 RIA M&A Deal Report.”

There were 65 transactions in the wealth management sector during 2Q 2023, a moderate decline compared to previous quarters, according to the M&A consultancy.

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“In 2Q23, quarterly deal volume fell to its lowest point since 2Q [2021],” the report stated. “This is partially driven by macroeconomic uncertainty affecting all industries but is also largely due to the seasonality in wealth management M&A activity. Buyers and sellers tend to close more deals at the beginning and end of the year which leads to a seasonality in deal announcements.”

The overall M&A transaction value for all industries in the United States decreased by 44% in the first half of 2023 compared to the first half in 2022, based on information from the S&P Global. However, during the same time frame, the wealth management industry experienced a notable increase of 38.4% in total transacted assets under management, a proxy for transaction value, Echelon noted.

Echelon found the increase in transacted AUM encouraging, considering the higher cost of capital and the activity seen in other industries. The overall data indicated that wealth management M&A remains resilient.

“In the second quarter, buyers announced 65 transactions, dipping below the 75 announced in 1Q [2023],” the report stated. “The relatively low volume this quarter is consistent with historical trends as the second quarter is typically the least active quarter of the year in terms of deal announcements.”

Some of the biggest dealmakers were in asset management and private equity, including Bain Capital LP, Flexpoint Ford LLC, Ares Management Corp., Leonard Green & Partners LP, Stone Point Capital LLC and Atlas Partners.

Retirement and employee benefits aggregator OneDigital ranked ninth among the top buyers in part due to its acquisition of Huntington Bank’s $5.6 billion retirement advisory business. SageView Advisory Group ranked 10th in part due to its acquisition of the lead partners of Retirement Benefits Group, a retirement plan consulting firm with $5.2 billion AUM.

Echelon’s report also highlighted that significant investments were made in large registered investment advisers during Q2. Almost half of all transactions in 2023 involved RIA targets with more than $1 billion in AUM. Furthermore, Q2 outperformed the reported count of 33 transactions in Q1 by 9%.

The deals tracked and identified in the report included any transaction involving an RIA with more than $100 million of assets under management, according to Echelon.

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