AMG makes a dramatic entry into wealth management arena, buying majority stake in $10B Veritable
Veritable LP is the first in a series of very big RIAs the giant asset management firm has its eye on
Related Moves
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 at 12:39 AM
Dan Seivert's ripping success in RIA M&A deals has odd side effect of having some sidearm staff leave for new vistas
Carolyn Armitage and Mark Bruno left to mutual benefit, while Echelon Partners roars on, feeding the beast of deal-crazed RIA buyers and sellers.
July 20, 2021 at 1:17 AM
Looking past Covid-19 pandemic, Louisiana RIA buys $1-million building after hitting $1 billion in AUM and hiring the town's mayor
Summit Financial Wealth Advisors was sold to Focus Financial in 2014, growing its assets by $400 million since then but keeping staffing about the same
December 17, 2020 at 3:02 AM
See more related moves
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran
Dynasty Financial Partners LLC
Specialized Breakaway Service, Mergers and Acquisition Firm, RIA Set-up Firm
Top Executive: Shirl Penney
Jeff Spears
John understands the wealth management business. His track record of success on Wall Street will be a huge asset to AMG and the firms they invest in. John apprciates that the client advisor is the brand.
Elmer Rich III
This is a hyper competitive market with entrenched and very well funded participants. A
“Build/buy it and they will come.” business model is relying on hope. “Hope is not a strategy.”
It is very hard (impossible?) to get a true differentiation strategy: #1 — and then successfully execute: #2, for the long term: #3.
The question to ask in M&A work ( and we do quite a bit) is always — who is the “smart money” — buyer or seller?
