Deals & People February 26, 2024

Advisory M&A News – 2/26/24

The Retirement Planning Group acquires Dightman Capital Group; Marsh McLennan Agency to acquire Querbes & Nelson and Louisiana Companies; and Stratos Wealth Partners welcomes Pettinelli Financial Partners

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The Retirement Planning Group Acquires Dightman Capital Group

Cetera Holdings announced that The Retirement Planning Group LLC has acquired Dightman Capital Group Inc., a registered investment adviser based in Overland Park, Kansas. TRPG, which has offices in Leawood, Kansas and both Chesterfield and Springfield in Missouri, has acquired 100% of the assets of Dightman Capital Group, owned and operated by Brian Dightman. 

“I closely evaluated and considered nearly two dozen options and firms across the country,” Dightman said in a statement. “From the moment I met Kevin and his team, I knew this was the right fit.”

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Dightman is now a W-2 adviser at TRPG, which will provide him with office support, technology, marketing, insurance and employee benefits as he continues to serve his existing clients.

“This acquisition represents a continuation of TRPG’s successful M&A strategy, and the first of more to come with the support of Cetera,” Kevin Conard, TRPG’s CEO, said in a statement. In May 2023, Cetera Holdings acquired TRPG, which oversees approximately $1.8 billion in assets as of January 31.

Marsh McLennan Agency to Acquire Querbes & Nelson and Louisiana Companies

Marsh McLennan Agency announced that it signed agreements to acquire two Louisiana-based middle-market agencies, Querbes & Nelson and Louisiana Companies, doubling the firm’s presence in the state.

Based in Shreveport, Q&N was founded in 1914 and offers business insurance, employee benefits and alternative risk financing consulting to a variety of businesses, with specific expertise in energy services, commercial contractors and transportation.

Based in Baton Rouge, Louisiana Companies was founded in 1890 and provides business and personal lines of insurance to businesses and individuals with specific expertise serving the construction, manufacturing, distributor, health care and hospitality industries.

“Louisiana is home to a diverse and resilient economy that these two organizations will help us serve with impactful solutions to minimize risk,” said Matt Stadler, CEO of MMA’s Southwest region, in a statement.

Stratos Wealth Partners Welcomes Pettinelli Financial Partners of California

Stratos Wealth Partners Ltd. announced it has successfully recruited Pettinelli Financial Partners of Redwood City, California, which brings $700 million in total client assets.

Founder and Firm Ambassador Dennis Pettinelli, President Jon Pettinelli and their team of 20, which includes advisers and support members, will join Stratos. The firm was formerly affiliated with Osaic’s Royal Alliance.

Dennis Pettinelli launched Pettinelli Financial Partners after a long career at John Hancock. Jon Pettinelli joined the firm in 2001, became the director of operations in 2005 and president in 2020. Stratos will help complete Pettinelli Financial Partners’ transition of its leadership from Dennis to a management team led by Jon.

“Dennis, Jon and their team have built an incredible business helping multi-generational clients achieve financial goals and preserve wealth for future generations,” said Charles Shapiro, a Stratos founding partner, in a statement. “We look forward to supporting their needs in practice management, recruiting and investment management strategies.”

Client Service February 26, 2024

What Advisers Should Know About ABLE

As ABLE accounts surpass a billion dollars in assets, advisers can use the program to help those with disabilities, Vestwell recommends.

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With a billion dollars in assets in ABLE accounts, and growing, advisers should pay closer attention to the program to financially support Americans with disabilities, Michael Parker, senior vice president at Vestwell, said on a webinar with clients Thursday.

“I talk with a lot of advisers about [ABLE] and we see there’s one big thing that parents with kids who have disabilities worry about, and that’s what’s going to happen when I’m gone,” Parker said. “Who’s going to take care of my child with a disability when he or she is 32 years old and I have passed on […] ABLE really is a game changer for these families.”

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ABLE is a savings vehicle much like a 529 plan, where families can put away money for kids with disabilities, even adults with disabilities, he explained. The law allows them to put money away and not lose their federal benefits. Additionally, individuals with a disability working a part-time or full-time job can save more money if they have taxable income in an ABLE account.

“I tell advisers all the time, ‘look, just have a basic understanding of ABLE,’” Parker said. “Have a basic understanding of special needs trusts, Social Security benefits and basic federal regulations because they have been changing.”

He says an adviser can consider combining an ABLE account with a special needs trust, along with other vehicles such as life insurance. Advisers can then work with a family on retirement, or maybe they’re already working with a family on retirement and can introduce an ABLE account.

“We really tell a lot of advisers and other folks that we work with and even employers you might want to offer ABLE as a benefit just like 529s, just like Gradifi [a financial wellness program], just like retirement,” he said. “Offer this because you probably have workers with kids with disabilities, you just may not realize it.”

He also noted of the ABLE Age Adjustment Act coming around in 2026, when people will be able to take advantage of ABLE up to the disability starting prior to their 46th birthday, an increase from the current age threshold of 26. This can be especially beneficial for veterans who may have been injured while overseas.

Parker added that many advisers that he’s spoken to work with organizations that support people with disabilities and help manage the ABLE accounts for their clients.

“It’s a great way to actually provide value to a local organization that works to help people with disabilities,” he said. “Then you are engaging with these families, engaging with adults with disabilities and building relationships there in addition to helping them with retirement or with other saving vehicles that they might be looking at.”

The webinar, sponsored by Vestwell, also covered SECURE 2.0, HSAs, and emergency savings.

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