Advisory M&A News – 1/22/24
Dynasty Network adds Steadmont Advisors; MAI Capital Management acquires Traverso Chambers Private Wealth Management; Stofan Agazzi Investments joins Stifel Independent Advisors.
MAI Capital Management Acquires Traverso Chambers Private Wealth Management
MAI Capital Management LLC, a registered investment adviser specializing in investment and financial planning for high-net-worth individuals and families, announced the acquisition of Traverso Chambers Private Wealth Management LLC.
The transaction augments MAI’s presence in Northern California as part of an ongoing nationwide growth strategy. As part of MAI, Traverso’s co-founders, Marc Traverso and Tim Chambers, will both assume the title of regional president.
Founded in 2009, Traverso Chambers is based in Santa Rosa, California and works with high-net-worth individuals, families, foundations and business owners. With more than $549 million of client assets under management, the firm offers solutions spanning investment management, insurance, retirement, financial planning and business succession planning.
“Traverso Chambers is a household name in Sonoma County, and we look forward to integrating Tim, Marc, and their colleagues into our firm as we continue to execute on our 2024 growth strategy,” Rick Buoncore, managing partner at MAI, said in a statement. “With the addition of our centralized HR, operations and marketing resources, this renowned team will continue to deliver long-term dedicated service for their clients.”
Steadmont Advisors Joins Dynasty Network
Financial advisers Taylor Hart, Mimi Dunn and Amy Drinkard announced they have engaged Dynasty Financial Partners and Fidelity Investments to launch a newly independent firm called Steadmont Advisors, based in Birmingham, Alabama.
Hart, Dunn and Drinkard previously managed $420 million in assets at Merrill, a division of Bank of America. The team includes the three advisers, as well as Tyler Decker, a senior associate client adviser. Steadmont Advisors describes its client base as business owners, lawyers, doctors, engineers and more.
“The timing is perfect for our team,” Hart said in a statement. “Now more than ever, being able to be flexible and nimble in services provided and fee structures is imperative. We believe that with our newly added technological capabilities, we will be able to manage our client relationships, assets and financial plans better and more efficiently.”
Fidelity will be the firm’s custodian, and eMoney will be its partner on financial planning.
Stofan Agazzi Investments Joins Stifel Independent Advisors
Stifel Financial Corp. announced that Stofan Agazzi Investments has joined the firm’s independent contractor broker-dealer subsidiary, Stifel Independent Advisors LLC.
Based in Joliet, Illinois, Stofan Agazzi Investments is led by President Mark Stofan. He is joined by financial advisers George Stofan, Carroll Klotz, Irene Celander, Jessica Martin, Daniel Murphy and Ron Lambert. The team was previously affiliated with LPL Financial, where it was responsible for $650 million in client assets.
Stifel is based in St. Louis and has business in banking, securities and financial services through wholly owned subsidiaries.
“Having served investors in the Joliet area since 1978, first as a standalone firm and then as independent advisers, we’re excited to begin the next chapter of Stofan Agazzi Investments,” Stofan said in a statement. “After performing extensive due diligence, it became clear that Stifel Independent Advisors offers the best platform for us to continue our growth trajectory while delivering the best possible service to our clients.”