Advisory M&A

Hub International acquires Red Rock Financial; Hightower makes Strategic Investment in Ten Capital Wealth Advisors; Wealth Enhancement Group adds Heacock & Jones; and more.

Hub International Acquires Red Rock Financial

Hub International Ltd. announced it has acquired the assets of Red Rock Financial Inc.

Founded in 2004, Red Rock Financial provides specialty insurance products and services to financial institutions nationwide.

“Hub gives us the size, scope, and additional resources of being part of a larger specialty focused organization,” said Jeff Stuepfert, president of Red Rock Financial, in a statement. “By joining forces, we will be able to offer our clients an expanded range of products and services, while still providing the same level of expertise and customer service that they have come to expect from us.”

Red Rock Financial will join Hub Financial Services, Hub’s banking financial institution division. The acquisition is part of Hub’s growth strategy to expand its presence in the financial institutions space.

Hightower Makes Strategic Investment in TEN Capital Wealth Advisors

Hightower announced it has made a strategic investment in Ten Capital Wealth Advisors.

Ten Capital Wealth Advisors is a $1 billion firm based in Spokane, Washington and founded by Tim Mitrovich  in 2012. The name “Ten Capital” is a nod to his grandfather’s football jersey number and honors his legacy of service.

“We conducted an extensive search to find the right firm that would support our growth with a strong platform, a firm that also understood how important it was to maintain our special client experience,” said Mitrovich in a statement.

“Ten Capital has a vibrant culture that aligns perfectly with our focus on ‘well-th’ and putting relationships at the center of financial decisionmaking,” said Bob Oros, Hightower’s chairman and CEO, in a statement. “We are excited to partner with a firm focused on both legacy and forward-thinking growth.”

Summit Financial Welcomes Debut of Great Lakes Private Wealth

Summit Financial LLC is expanding its regional footprint with the launch of Great Lakes Private Wealth. 

Headquartered in Farmington Hills, Michigan, the newly established practice is led by founder and chief investment officer Daniel Murphy. He previously spent more than 10 years at Wells Fargo and more than 30 at UBS.

“Summit Financial will empower us to provide an even higher level of client service that can help our clients navigate today’s ever-changing economic environment and thus, their financial lives,” said Murphy in a statement.

“Dan has been in business for 41 years, just like Summit, and I think it’s far more than coincidence that our paths have crossed,” said Stan Gregor, Summit Financial CEO, in a statement. “Longevity like that comes from a strong culture of client service and relationship-driven financial advice, and Dan brings the highest level of experience and integrity to his work.”

Wealth Enhancement Group Adds Heacock & Jones

Wealth Enhancement Group LLC announced the acquisition of Heacock & Jones Financial Services Inc.

“After 23 years as a private, independent firm, we are excited about partnering with Wealth Enhancement Group,” said Paul Heacock, president of Heacock & Jones Financial Services, in a statement. “Our firm was built for and around our clients, and our commitment to our clients will never change.”

Founded in 2000, Heacock & Jones specializes in providing investment management, tax planning, retirement planning, estate planning and more. The independent registered investment adviser is located in Dubuque, Iowa, and oversees more than $355 million in client assets.

“By partnering with our firm, the team at Heacock & Jones Financial Services will have access to additional resources and tools, allowing for an even more elevated financial approach built around their clients’ unique goals,” said Jeff Dekko, Wealth Enhancement Group’s CEO, in a statement.