Deals & People March 6, 2023

Advisory M&A

Americana Partners snags Texas-based Morgan Stanley advisory; Integrated Partners nets $2.5B advisory; Hub adds to Gulf South presence with insurance and benefits firm; and more.

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Americana Partners Snags Morgan Stanley Advisory to Drive Focus on Oil and Gas Families

Americana Partners LLC has added a $715 million advisory based in Midland, Texas to drive growth among families with oil and gas wealth.

Houston-based Americana has brought on Phillip Knight, Amy Lawler, Charles Bailey and J. Tom Snelson from Morgan Stanley. Previously known as the Fidelis Wealth Management Group, the team has joined Americana to drive the creation of a new Permian Basin office in Midland, Texas.

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“While other large firms shy away from the oil and gas industry, we are a Texas-based firm that recognizes the Permian Basin’s importance to our economy and national security,” Jason Fertitta, CEO and partner of Americana Partners, said in a statement. “We know that the oil and gas industry will fuel this country’s growth far into the future, and we are excited about working with Phillip and his team to deliver a unique set of services that we offer as a fiduciary firm.”

Houston-based Americana Partners is an independent RIA with $6 billion in assets under management. Dynasty Financial Partners LLC acted as an exclusive adviser to Americana Partners on this transaction.

Integrated Partners Adds $2.25 Billion RIA Laurel Wealth Advisors

Integrated Partners, a national financial planning and registered investment advisory firm, has acquired Laurel Wealth Advisors, a California-based independent advisory firm with a holistic planning approach to financial advice.

Laurel Wealth was founded in 2011 by Lee Tripodi and Mark Welsh. The firm grew to 30 advisers overseeing more than $2.25 billion in assets and recently started to look toward scaling further, according to the La Jolla, California-based advisory.

“As we began conducting due diligence to identify potential partners, we were determined to identify a firm that would value our ethos and entrepreneurial spirit,” Tripodi, a co-founder of Laurel, said in a statement. “It quickly became clear that Integrated’s significant track record of accelerating advisers’ organic growth would provide an immediate lift, while enabling us to preserve the special culture we have built here at Laurel.”

Integrated offers advisory firms a variety of ways to accelerate growth, including minority and majority acquisition, revenue sharing and affiliation models. RIAs also get access to Integrated’s resources, which include technology, investment management, advanced planning, marketing support, succession planning and comprehensive business counsel.

Integrated found Laurel to be a strong fit because of the firm’s holistic planning focus, cultural alignment and prior broker-dealer experience, according to the Boston-based firm.

Hub Acquires Louisiana-Based Insurance, Employee Benefits Firm

Hub International Limited, a global insurance brokerage and financial services firm, has acquired the assets of Dwight W. Andrus Insurance Inc., Dwight Andrus & Richard Insurance Inc. and DAI Shreve LLC. Chicago-based Hub did not disclose terms of the transaction.

Dwight Andrus Insurance is headquartered in Lafayette, Louisiana, with six other locations in the state and 130 employees. The firm provides commercial insurance, surety and bonding, captive and alternative risk insurance, personal insurance and employee benefits.

“Joining Hub is a great move for Dwight Andrus Insurance – its employees, clients and community,” Dwight Andrus IV, CEO and president of Dwight Andrus Insurance, said in a statement. “We will continue operating in the way that has made us successful, while having access to the benefits, tools and resources that come with the fifth largest global broker.”

The firm’s leadership, including Dwight Andrus IV, Dwight Andrus III, David Andrus and Charlie Babineaux, and the Dwight Andrus Insurance team will join Hub Gulf South. 

“With the addition of Dwight Andrus Insurance, we double our commercial insurance presence in the region, while adding a significant sales force concentrated in the western half of our state,” Shaun Norris, president of Hub Gulf South, said in a statement. “This transaction represents one of the largest of its kind in Louisiana.”

Stratos Expands Stake in First Wealth After Passing of Breton Williams

Stratos Wealth Partners Ltd., a registered investment adviser of Stratos Wealth Holdings, has expanded its ownership in First Wealth Financial Group to a majority stake after the passing of founder and CEO Breton Williams. 

In partnership with minority owner Andrew Meyers, the owner and leadership transition are effective immediately, with no impact to the firm’s operations, according to Stratos. As part of the transition, Meyers has been named president of the wealth management firm after the unexpected passing of Williams.

“Breton was a well-respected member of the wealth management community in Iowa, who cared deeply about the well-being of his clients and community, and will be sorely missed,” Charles Shapiro, founding partner and chief development officer of Stratos, said in a statement. “We are honored to build on his legacy alongside Andrew and the First Wealth team, providing an exceptional client experience and growing the firm.”

First Wealth serves more than $348 million in combined client brokerage and advisory assets through investment management, retirement, estate, pension and tax planning. Stratos has been a non-ownership partner in the firm for the past eight years as the firm expanded to six advisers in four locations.

Beachwood, Ohio-based Stratos manages more than $9.6 billion in advisory assets and advises through LPL Financial more than $6.9 billion in brokerage and third-party-managed assets for a total of $16.5 billion, as of December 31, 2022.

In Practice March 3, 2023

529 College Savings Plans Reach Record Amid Student Loan Forgiveness Debate

529 college savings plans reach $411 billion as Supreme Court and private industry considers how to manage student loan burdens.

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The number of 529 accounts designed to help families save for the cost of higher education has surpassed 16 million for the first time, according to the College Savings Plans Network.

About $411 billion has been saved in 529 plans and 38% of accounts are currently accumulating automatic contributions, the Washington DC-based clearinghouse and 529 advocate said Thursday.

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Created over 20 years ago in the Internal Revenue Code, Section 529 was designed to help families to save for the cost of higher education.

“These statistics assure us that families trust 529 savings plans as a responsible and effective savings vehicle for educational expenses, and they are demonstrating that trust by opening new college savings accounts and continuing to contribute to their existing accounts,” said Rachel Biar, College Savings Plans Network (CSPN) chair and Nebraska assistant state treasurer, in a statement.

Consumer investment into 529s for future college payments comes as the nation continues to grapple with huge student loan bills that some research shows is weighing on people’s ability to save for retirement and feel financially secure. This week the Supreme Court is considering whether to strike down a moratorium on student loan payments being advocated for by President Joe Biden’s administration, with some analysts saying the end to that relief is likely.

Smart Investing

The record high number of accounts indicates people are increasingly invested in higher education, a trend that may be helped along by SECURE 2.0 provisions that go into effect in 2024. Next year, the legislation makes it possible for 529 savers to invest that money into Roth IRAs if it isn’t used for educational purposes.  

Meanwhile, SECURE 2.0 seeks to address student loan debt head on by allowing for company’s to make company matches in retirement plans for people paying off student loan debt.

Some employers already provide student loan reimbursement as a benefit. Companies including Staples, Live Nation, Hulu, and Google all offer some version of student loan payment assistance. Last week, Candidly announced a partnership with American Eagle Outfitters to offer employees who have been with the company for at least two years a monthly, tax-free student loan contribution. So far, Candidly said it has facilitated more than $100,000 in contributions to associates’ student loan debt.

This type of service may become more prevalent as companies seek to provide benefits that help with student loan payment. Through Candidly’s financial wellness program, employees can find best-priced borrowing options, prepare and pay for college, as well as explore forgiveness and federal student debt savings programs

“By directly addressing student debt within the workplace, AEO is recognizing the full spectrum of financial health and wellness across their associate population,” said Laurel Taylor, CEO and founder of Candidly, in a statement. “As partners, we are thrilled to serve and create greater financial freedom for their associates while positioning AEO as a highly attractive employer for college students and graduates.”

Summer Dues

If the Supreme Court decides to end the student loan forgiveness program than payments will need to resume this summer. Opponents of the plan say the White House should not have the authority to grant 400 million borrowers with debt forgiveness.

Regardless of how the court rules, the student loan pause, implemented during the start of the pandemic, will come to an end. Americans will have to be ready to make payments on their education loans, which may be increasingly difficult in the current inflationary environment, according to experts.

Full-time and part-time AEO associates based in the US, working across corporate offices, distribution centers and retail stores, are entitled to Candidly’s core offerings.

“At AEO, our people come first and we are committed to providing associates the tools and resources they need to meet their personal financial health and wellness goals,” said Jessica Catanese, SVP of total rewards at AEO Inc, in a statement. “Our partnership with Candidly has been well-received, and we are thrilled to reach this major milestone in helping our associates repay more than $100,000 of outstanding student loans.”

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