Advisory M&A
PCIA acquires Cornerstone; Creative Planning adds Telarray Advisors; Heffernan Network acquires Kettering Rose; and more.
Prime Capital Investment Advisors Acquires Cornerstone Comprehensive Wealth Management
Prime Capital Investment Advisors LLC has announced its acquisition of Cornerstone Comprehensive Wealth Management, bringing $400 million in assets under PCIA management.
Cornerstone has 10 employees, including four advisers who will continue to serve approximately 575 households in partnership with PCIA. Cornerstone is based in Reno, Nevada, which will be the first location for PCIA in the state.
“I’m excited to expand into Nevada and welcome the team at Cornerstone to the PCIA family,” said Glenn Spencer, CEO of PCIA, in a statement.
According to a statement, PCIA was impressed by Cornerstone President Christopher Abts’ expertise in marketing and generating leads via his TV show, “Redefining Retirement.” Abts is also a published author on the topic of retirement planning.
“Partnering with PCIA will enhance our client service capabilities and expand our investment management solutions for our clients and their families,” Abts said in a statement.
Creative Planning Acquires Telarray Advisors
Creative Planning LLC has acquired Telarray LLC, also known as Telarray Advisors. Telarray has $1 billion in AUM and brings 18 new employees into the Creative Planning fold.
Telarray specializes in retirement planning, estate planning, investing, tax management strategies and more. The firm has historically operated as a fee-only fiduciary.
“We were looking for a firm that aligned with us in planning philosophy, culture, employee opportunities, and that provides an immediate expansion in our service offering for both our existing and future clients. Creative is that partner, and we are excited to be a part of the team,” said Richard Paessler, Telarray president and chief compliance officer, in a statement.
With its latest acquisition, Creative Planning oversees more than $225 billion in assets across all 50 states and 65 countries.
“Creative Planning is thrilled to bring on the Telarray team who will help us break deeper into the Tennessee market,” said Peter Mallouk, CEO of Creative Planning, in a statement.
Heffernan Network Insurance Brokers Acquires Kettering Rose Insurance Services
Heffernan Network Insurance Brokers announced that it acquired Kettering Rose Insurance Services in January.
Robyn Kettering, founder and president of Kettering, and 10 of her team members joined Heffernan Network on January 1. The company will operate autonomously as a subsidiary agency of Heffernan Network.
“We are so excited to join forces with Kettering Rose, bringing Heffernan Network a solid team of insurance professionals in a new region, with big opportunities for growth,” said John Prichard Jr., president of Walnut Creek, California-based Heffernan Network, in a statement.
San Diego-based Kettering has been family-owned and operated since its founding in 2004. The firm focuses on commercial lines and personal lines clients with a specialty in the public auto sector.
“This is an exciting announcement for us that will provide important benefits to our clients. We will continue to be run by the same experienced management team that is in place today and continue to provide the best products and level of service to our clients,” Kettering said in a statement.
Hub International Acquires Glacier Insurance of Libby
Hub International Limited announced today that it has acquired the assets of Glacier Insurance of Libby, Inc.
Glacier Insurance of Libby is a full-service independent agency providing commercial and personal insurance to clients in Montana, Idaho and Washington. Owners Kevin and Kim Peck and the Glacier Insurance of Libby team, based in Libby, Montana, will join Hub’s Mountain States division.
“We are excited to have Kevin, Kim and their team join Hub,” said Brent Irving, president and CEO of Hub Mountain States, in a statement. “They will offer first-rate knowledge and personalized service as we look to continue to grow and provide significant value for clients in the region.”
“Joining Hub gives us access to additional resources and capabilities so that we can continue to provide the highest quality of service to our clients,” Kevin Peck said in a statement. “We believe the larger and diversity of experiences will provide a very attractive combination for our clients.”
ARS Investment Partners, Piton Investment Management Join SMArtX Advisory Solutions’ UMA Platform
SMArtX Advisory Solutions announced it has added 25 strategies to its UMA platform.
ARS Investment Partners LLC and Piton Investment Management LP are new to the SMArtX platform. Existing platform firms Alpha Vee, Capital Research and Management Company and Principal Global Investors all added new strategies.
ARS Investment Partners added its ETF- and equity-focused strategies, while Piton is now offering its fixed-income solutions to SMArtX clients for the first time.
Alpha Vee and Principal Global Investors each deployed one additional strategy in March, but Capital Research was the largest contributor with 17 new strategies. The new American Funds strategies encompass their class F-2 shares, joining another 17 American Funds strategies featuring class F-3 shares.