Deals & People October 2, 2023

Advisory M&A News – 10/2/23

DPL Financial Partners acquires AnnuityFix; Wealthspire Advisors to acquire GM Advisory Group; Carson Group adds FAI Wealth Management; and more.

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DPL Financial Partners Acquires AnnuityFix

DPL Financial Partners LLC, a commission-free insurance platform for RIAs, announced it is acquiring AnnuityFix and affiliated broker/dealer Johnstone Brokerage Services LLC.

The acquisition enhances DPL’s Breakaway Accelerator program, which allows financial advisers to transition their legacy annuity business to a fee-based business model, enabling many to go completely independent. DPL appointed Grant Johnstone, founder of Center, Texas-based AnnuityFix, as chief compliance officer and chief legal officer.

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“Since launching our Breakaway Accelerator late last year, we’ve begun working with scores of breakaway teams and rollups to transition annuity books,” David Lau, DPL’s founder and CEO, said in a statement. “It’s exciting to welcome Grant and his deep experience serving the unique needs of the RIA industry and to create expanded capacity with Grant’s team and process.”

Additionally, DPL’s Breakaway Accelerator provides advisers with a process and technology to evaluate each client’s annuity holdings. Advisers can use it to determine whether it is beneficial for the client to exchange current holdings for one of the commission-free products on the DPL platform. 

Wealthspire Advisors to Acquire GM Advisory Group

Wealthspire Advisors LLC, an NFP Corp. company and independent RIA, announced a signed agreement to purchase GM Advisory Group Inc.

GMAG manages approximately $3 billion in assets, advises on an additional $3.3 billion in assets and maintains a presence in Boca Raton, Florida; New York City; and Melville, New York. Frank Marzano, the founder and managing principal of GMAG, started the firm in 2004 to serve high-net-worth individuals and families. 

“We are delighted to welcome the exceptionally talented team at GM Advisory Group to Wealthspire,” Mike LaMena, Wealthspire’s CEO, said in a statement. “I have personally known Frank Marzano for many years, and his passion for serving clients and his relentless commitment to his people are reflected in the tremendous success they have experienced over nearly two decades.”

Among its entities, Wealthspire has a national footprint with 21 locations across 12 states. With this acquisition, the firm will oversee approximately $24.4 billion in assets and add more than 40 professionals to its team.

Carson Group Adds FAI Wealth Management

Carson Group announced its latest partnership with FAI Wealth Management, an advisory firm based in Columbia, Maryland.

Founded in 1987, FAI currently manages $300 million in client assets nationwide. The team of seven will continue to be led by managing director and wealth adviser Mark Stinson.

FAI specializes in providing financial planning and investment management services for individuals, families and businesses. The partnership will rebrand FAI Wealth Management as Carson Wealth.

“Carson Group was the partner we were seeking,” said Stinson in a statement. “Throughout our due diligence process, it became clear that the firm not only shares our unwavering commitment for always putting clients first, but also our passion for being at the forefront of the wealth management profession.”

Symonds Wealth Management Joins Kestra Financial

Kestra Financial announced the addition to its network of Symonds Wealth Management, whose financial professionals oversee $1.7 billion in assets. Fort Worth, Texas-based Symonds is led by Dax Symonds.

“Dax and his team bring a practice with a strong foundation that aligns with our values,” Daniel Schwamb, executive vice president of business development at Kestra Financial, said in a statement. “We’re eager to partner with them and excited to help the business scale so they can focus on what they do best—helping clients reach their long-term financial goals.”

Symonds focuses on managing large corporate retirement plans for large organizations. The firm brings to Kestra five producers and six operations personnel.

“We found a trusted partner in Kestra Financial, as they can deliver on our technology needs and provide consulting support that will round out our ensemble practice,” said Symonds in a statement. “Financial strength and stability were also criteria we evaluated when considering prospective partners, and Kestra’s private ownership, strong foundation, and solid financial footing gave us the confidence to move forward.”

Deals & People September 29, 2023

Retirement Industry People Moves – 9/29/23

Thornburg names Zinkula new CEO as Brady exits; Joe Urwitz joins Crowell & Moring; Cognizant announces Dalal as CFP; and more.

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Thornburg Names Zinkula New CEO as Brady Exits

Thornburg Investment Management Inc., an investment firm overseeing $42 billion in client assets, named Mark Zinkula as its new president and CEO on Friday to replace Jason Brady, whose departure was announced in May.

Zinkula was chosen after “an extensive global search process” and will join Thornburg’s board of directors, according to the announcement. He was formerly CEO for Legal & General Investment Management, which has $1.4 trillion in assets under management.

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“Mark has strong strategic capabilities and exceptional leadership qualities,” Thornburg Chairman Garrett Thornburg said in a statement. “He has a deep understanding of investment management and an excellent record of driving organic business growth across client channels and asset classes.”

Brady’s resignation notice came after a complaint was filed by a Thornburg employee in New Mexico District Court alleging that Brady promoted a romantic partner at the firm and fired the employee when the employee raised the issue to management. The case is Troy Statczar v. Thornburg Investment Management Inc., et al.

Benefits, Compensation Lawyer Urwitz Joins Crowell & Moring

Joe Urwitz

Joe Urwitz will join law firm Crowell & Moring LLP as a partner in its tax group, guiding clients on executive compensation and employee benefits issues in M&A, private equity and capital markets transactions.

“We are focused on expanding our transactional tax practice, and Joe’s experience is key in taking our benefits practice to the next level,” Christine Lane, co-chair of the firm’s tax group, said in a statement. “Joe deepens our bench strength to handle our increasing flow of complex corporate transactional work.”

Urwitz represents a range of Fortune 50 companies in private equity, technology and health care. Urwitz also provides counsel on ERISA fiduciary and other matters: deferred compensation arrangements, equity award and bonus plan design, employment and severance arrangements, as well as compensation and benefits issues affecting tax-exempt entities.

“I was drawn to Crowell for its strong collaborative culture,” Urwitz said in a statement. “I’m excited to use my experience to continue to expand Crowell’s compensations and benefits practice.”

Cognizant Appoints Dalal as CFP

Jatin Dalal

Cognizant announced the appointment of Jatin Dalal as chief financial officer, with the appointment effective in December 2023.

Dalal will report to Ravi Kumar S, Cognizant’s CEO. Dalal will oversee Cognizant’s worldwide financial planning and analysis; accounting and controllership; tax, treasury and internal audit; corporate development; investor relations; and enterprise risk management functions. Dalal will succeed Jan Siegmund, who intends to retire in early 2024.

Dalal joins Cognizant from Wipro, a publicly traded multinational technology services and consulting company, where he had served as CFO since April 2015 and assumed additional responsibilities as president beginning in December 2019. Previously, he was CFO of Wipro’s global IT business from 2011 to 2015 in Bangalore, India.

“Jatin is a highly experienced technology services CFO with a proven track record of financial and operational success in a complex and quickly evolving industry,” Kumar S said in a statement. “We are pleased to welcome Jatin to Cognizant.”

Advisor360 Appoints Fanning to Board of Directors

Mike Fanning

has been appointed to the board of directors of Advisor360 LLC, a provider of integrated software and technology for enterprise wealth management organizations.

“We are honored that Mike has joined our Board of Directors as Advisor360 enters into an exciting new phase of growth and expansion,” Rich Napolitano, CEO of Advisor360, said in a statement.

Fanning recently completed a 17-year stint at MassMutual, where he served as the head of its domestic insurance division. As a pioneer in the insurance sector, Fanning extended MassMutual’s offering of protection and wealth management solutions and played a key role in improving the company’s technology platform to satisfy adviser and client needs.

“I experienced first-hand how Advisor360°’s wealth solutions set up MassMutual’s advisors for success—it was game-changing,” Fanning said in a statement. “The transformative power of this company’s offering to the industry is real.”

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