Advisory M&A
Heffernan announces acquisition of Barbary; Procyon Partners adds two senior advisers; WP Financial acquires Sage Financial Design.
Heffernan Network Insurance Brokers Acquires Barbary Insurance Brokerage
Heffernan Network Insurance Brokers has acquired Barbary Insurance Brokerage headquartered in Oakland, California.
Barbary founder and president, Jerry Becerra, joined Heffernan Network, along with five of his team members, effective May 1. Barbary was founded in 2006 in San Francisco prior to moving to Oakland. Barbary focuses on commercial lines insurance, including within a few industry specialties, as well as personal lines insurance for clients throughout the Bay Area.
“I wanted to partner with a broker that shared many of our values and could not only provide a similar level of service but enhance what Barbary has been doing,” said Becerra in a statement. “With Heffernan Network Insurance Brokers, I feel I have found the perfect partner to move forward.”
Procyon Partners Adds Two Senior Advisers From Baker Tilly Wealth Management
Procyon Partners announced that senior advisers Frank McKiernan and Jerry Sneed have joined the firm as senior vice presidents and senior private wealth advisers.
Previously, the two managed more than $600 million in assets for high-net-worth individuals and families at Baker Tilly Wealth Management. They served as executive managing directors and co-heads of the wealth division.
“Frank and I share an intense dedication to our business as we immerse ourselves in our clients’ objectives,” said Sneed in a statement. “Phil Fiore and the Procyon team embrace this passion and demonstrate the same unwavering focus.
WP Financial Acquires Sage Financial Design
Private Advisor Group announced that WP Financial, a Private Advisor Group affiliate in West Hartford, Connecticut, has acquired Sage Financial Design, $95 million financial planning firm based in Simsbury, a neighboring community.
WP Financial was approached for the acquisition, following the untimely passing of Robert Thompson, president of Sage Financial Design.
“Bob was a well-known figure in my hometown, and his work laid a solid and respected foundation for financial planning,” Bill Rabbitt, owner of WP Financial, said in a statement. “Our goal is to honor his legacy, minimize any disruption for investors, and elevate their planning support through technological advancements and innovation.”