Advisory M&A

Cetera Makes Minority Investment in $1.7B Prosperity Advisors

Cetera Financial Group, the country’s largest network of financial professionals, made a minority investment in Overland Park, Kansas-based Prosperity Advisors, which oversees $1.7 billion in client assets.

Los Angeles-based Cetera Advisors LLC connects further with the firm led by adviser Paul Ewing, along with more than 60 employees in four locations in Kansas, Ohio and Indiana. The network of advisers has been affiliated with Cetera since 1999, and the investment will go toward driving growth for the firm, according to the announcement. The firms did not disclose the amount of the investment.

The investment builds up Cetera’s partner practice program, which provides select advisers the option to have Cetera invest in a minority stake in their firm. In October 2022, Cetera completed a minority investment in CCR Wealth Management, which has $2.5 billion in assets under management.

“These investments put Cetera’s skin in the game to help practices grow in ways that are most meaningful and important to each adviser and their business,” Adam Antoniades, Cetera’s CEO, said in a statement. “We look forward to more of these selective investments as we continue to serve as a wealth hub to our valued advisors.”

Cetera has more than 8,000 financial professionals with about $322 billion in assets under administration and $115 billion in assets under management.

Atria Adds 2 Teams From LPL With $220M in Assets

Atria Wealth Solutions continued growing its wealth management business with the additions of Marshall Wealth Management Group and Cypress Private Wealth from LPL Financial, the firms announced. The firms, led by Brad Marshall and Dominick Ruiz, respectively, add more than $220 million in combined client assets to New York-based Atria.

Marshall and Ruiz, previously assigned to the same branch at LPL, both decided to join Atria to work from Atria’s California offices in Los Gatos, Pasadena and San Jose, while keeping their individual brands. The advisers plan to leverage Atria’s resources to scale their wealth management business beyond California, according to the announcement.

Marshall Wealth Management Group focuses on investment management, financial planning and insurance needs for small businesses, entrepreneurs, business executives and technology professionals. Joining Marshall in the move to Atria are Robert Claros, wealth adviser, and Deanna Dominguez, director of business development.

Cypress Private Wealth provides clients with financial planning; tactical and strategic asset allocation; risk management; options and alternative investing; estate planning; and trust services. Ruiz will be joined by hisco-founder, Patrick Bennett, at Atria.

All-Woman Advisory Leaves Ameriprise for Golden State Equity Partners

Arise Wealth Management LLC, an all-woman team located in Minnesota, is leaving Ameriprise to go independent under the umbrella of Golden State Equity Partners, according to an announcement.

The Arise team is led by Gina Rypkema, a private wealth adviser, and she will be joined by advisers Donna Gunderson, Shelley Lof and Nancy McCoyne. According to the announcement, greater independence will give the team greater investment product flexibility and enhanced wealth management technology.

The Golden State family of companies, comprised of Golden State Wealth Management, Golden State Equity Partners and Golden State Asset Management, have more than $3 billion in assets under care and provide succession planning, compliance oversight, dedicated transition support, a Turnkey Asset Management Program, a general brokerage agency and a mortgage program.