Fidelity September 2019 Wealth Management M&A Transaction ...

Fidelity Wealth Management M&A Transaction Report

December 2021

M&A activity among Registered Investment Advisors (RIAs) and Independent Broker-Dealers (IBDs) for the month of December 2021

Wealth Management M&A Transactions

December 2021

At the end of what was already a recording-setting year, December had 33 RIA transactions (representing $41.0B in client AUM), which marks the highest number of transactions in any month since Fidelity began tracking in 2016. The year concluded with a record 215 RIA transactions representing $345.2B AUM, which is up from the records set in 2020 by 64% and 88%, respectfully. Large deals drove a significant share of activity: 2021 had 85 $1.0B+ deals, which is double the 42 in 2020. By contrast, there were only 36 deals in 2021 between $100-250M, indicating that capital-fueled firms are mainly pursuing large deals, likely for the scale and geographic benefits they can offer.

The proliferation of aggressive serial acquirers continued in December, with CI Financial completing three deals, MAI Capital completing four, and Mariner Capital Advisors, Wealth Enhancement Group and Hightower Advisors each completing three. Seasoned serial acquirers EP Wealth Advisors and Mercer Advisors also each completed two transactions in December.

The more consolidated broker-dealer channel completed its seventh transaction of the year during December, adding to a combined total of $67.6B AUA.

Former Firm

Former Firm Seller Type

New Firm

1

Southwestern Family of Companies/Southwestern Investment Group

RIA Southwestern Investment Group

2 Matrix Capital Advisors

RIA CI Financial

3 RTS Private Wealth Management

RIA Mariner Wealth Advisors

4 Precipio Wealth Management

RIA Mercer Advisors

5 20/20 Financial Advisers

RIA Prime Capital Investment Advisors

6 Cardan Capital Partners

RIA Wealth Enhancement Group

7 Thompson Wealth Management

RIA Hightower Advisors/Lexington Wealth Management

8 Financial Network Limited

IBD Prime Capital Investment Advisors

9 Mirsky Financial Management

RIA Mercer Advisors

10 Hochman Cole Investment Advisors

RIA MAI Capital Management

Approx. Transaction Date

12/01/2021 12/01/2021 12/01/2021 12/01/2021 12/02/2021 12/02/2021 12/02/2021 12/02/2021 12/02/2021 12/03/2021

Approx. AUM/A ($M)

5,500 615 393 250

1,100 1,000

340 325 320 495

Location Franklin, TN Chicago, IL Phoenix, AZ McLean, VA Costa Mesa, CA Denver, CO Concord, MA Milford, CT Rochester, NY Deerfield, IL

Acquirer Model1 Large RIA Acquirer Strategic Aggregator Branded Acquirer Branded Acquirer Large RIA Acquirer Branded Acquirer Branded Acquirer Large RIA Acquirer Branded Acquirer Branded Acquirer

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

2 independent advisory firm are reviewed for inclusion. This data covers the period from December 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

Wealth Management M&A Transactions

December 2021 (cont.)

Former Firm 11 RegentAtlantic 12 Cassaday & Company 13 RINET Company 14 Capital Planning Advisors 15 Vivid Financial Management 16 Sivel Capital Management 17 Queens Oak Advisors 18 6 Meridian 19 Asset Planning Services 20 Columbia Pacific Wealth Management 21 Cascadia Advisory Services 22 Pacific Edge Advisors 23 Pettyjohn, Wood, & White 24 The Gensler Group 25 Baker & Associates

Former Firm Seller Type

RIA

CI Financial

New Firm

IBD/RIA Focus Financial Partners/Cassaday & Company

RIA

CAPTRUST Financial Advisors

RIA

Kestra Financial/Bluespring Wealth Partners

RIA

Wealth Enhancement Group

RIA

Mariner Wealth Advisors

RIA

MAI Capital Management

RIA

Hightower Advisors

RIA

Wescott Financial Advisory Group

RIA

CI Financial

RIA

Mariner Wealth Advisors

RIA

Beacon Pointe Advisors

RIA

Bank of the James Financial Group

RIA

Wealth Enhancement Group

RIA

Perigon Wealth Management

Approx. Transaction Date

12/06/2021 12/08/2021 12/08/2021 12/09/2021 12/09/2021 12/09/2021 12/10/2021 12/14/2021 12/14/2021 12/15/2021 12/15/2021 12/15/2021 12/15/2021 12/16/2021 12/16/2021

Approx. AUM/A ($M)

6,000 4,700 2,200 1,100

674 118 558 1,854 816 6,400 775 678 650 512 200

Location Morristown, NJ

McLean, VA Boston, MA Roseville, CA Orcutt, CA New Tripoli, PA Charlotte, NC Wichita, KS Harleysville, PA Seattle, WA Portland, OR Corona Del Mar, CA Lynchburg, VA Coronado, CA Irvine, CA

Acquirer Model1 Strategic Aggregator Strategic Aggregator Branded Acquirer Branded Acquirer Branded Acquirer Branded Acquirer Branded Acquirer Branded Acquirer Large RIA Acquirer Strategic Aggregator Branded Acquirer Branded Acquirer Bank Branded Acquirer Large RIA Acquirer

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

3 independent advisory firm are reviewed for inclusion. This data covers the period from December 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

Wealth Management M&A Transactions

December 2021 (cont.)

Former Firm 26 Investment Planning Associates

Former Firm Seller Type

New Firm

RIA

MAI Capital Management

27 Monarch Business & Wealth Management

RIA

MAI Capital Management

28 Eugenias Advisory Group

RIA

The Mather Group (TMG)

29 Empowerment Financial Group

RIA

Alpha Cubed Investments

30 TC Wealth Partners

RIA

Hightower Advisors

31 Soundmark Wealth Management

RIA

EP Wealth Advisors

32 Mindful Money

RIA

EP Wealth Advisors

33 Berno Financial Management

RIA

Creative Planning

34 Dorsey & Company

IBD

Prospera Financial Services

Approx. Transaction Date

12/17/2021 12/17/2021 12/22/2021 12/23/2021 12/31/2021 12/31/2021 12/31/2021 12/31/2021 12/13/2021

Approx. AUM/A ($M)

235 163 162 160 1,650 435 360 300 1,400

Location Rockville, MD New York, NY Brentwood, TN Scottsdale, AZ Downers Grove, IL Kirkland, WA Berkeley, CA Cincinati, OH New Orleans, LA

Acquirer Model1 Branded Acquirer Branded Acquirer Branded Acquirer Large RIA Acquirer Branded Acquirer Branded Acquirer Branded Acquirer Branded Acquirer IBD

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

4 independent advisory firm are reviewed for inclusion. This data covers the period from December 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

Wealth Management M&A Transactions

Year to date 2021

Former Firm

1 Boston Private Bank & Trust Company

2

Fiera Capital/Bel Air Investment Advisors

3 Associated Banc-Corp./Whitnell & Co.

4 Trent Capital Management

5 RZ Wealth

6 MRA Associates

7 Independence Advisors 8 Marcus Financial Advisors 9 CDA Group 10 Essex Asset Management 11 Reby Advisors 12 Hill Investment Group 13 NewFocus Financial Group 14 Pinnacle Wealth Solutions 15 One Advocate Group

Former Firm Seller Type

RIA

Silicon Valley Bank

New Firm

RIA

Hightower Advisors

RIA

Rockefeller Capital Management

RIA

Legacy Capital Wealth Partners

RIA

Diversified Lifelong Advisors

RIA

CAPTRUST Financial Advisors

RIA

Modera Wealth Management

RIA

Hightower Advisors/Lexington Wealth Management

RIA

Beacon Pointe Advisors

RIA

Beacon Pointe Advisors

RIA

Wealth Enhancement Group

RIA

Focus Financial Partners/Hill Investment Group

RIA

EP Wealth Advisors

RIA

Mercer Advisors

RIA

Covenant Multifamily Offices

Approx. Transaction Date

01/04/2021 01/04/2021 01/05/2021 01/05/2021 01/06/2021

01/07/2021

01/12/2021 01/12/2021 01/13/2021 01/13/2021 01/14/2021 01/15/2021 01/19/2021 01/19/2021 01/20/2021

Approx. AUM/A ($M)

17,700 8,000 1,400 201 147

3,290

1,323 200 510 110 727 678 700 365 259

Location Boston, MA Los Angeles, CA Oak Brook, IL Little Rock, AR Wayne, PA Phoenix, AZ Wayne, PA Beverly, MA Greenville, SC Vero Beach, FL Danbury, CT St. Louis, MO Vancouver, WA Midlothian, VA San Antonio, TX

Acquirer Model1 Bank Branded Acquirer Branded Acquirer Large RIA Acquirer Large RIA Acquirer Branded Acquirer Large RIA Acquirer Branded Acquirer Branded Acquirer Branded Acquirer Branded Acquirer Strategic Aggregator Branded Acquirer Branded Acquirer Large RIA Acquirer

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

5 independent advisory firm are reviewed for inclusion. This data covers the period from January 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

Wealth Management M&A Transactions

Year to date 2021

Former Firm 16 Hart Capital Management 17 Segall Bryant & Hamill 18 Beacon Capital Management 19 Marrs Wealth Management 20 Valentine Ventures 21 HW Financial Advisors 22 Siller & Cohen Family Wealth Advisors 23 CTMA Wealth Management 24 PWA Wealth Management 25 Bainco International Investors 26 Trinity Financial Advisors 27 Advisor Investments 28 Genovese Burford & Brothers 29 HighPoint Planning Partners 30 The Berry Group

Former Firm Seller Type

RIA

Mercer Advisors

New Firm

RIA

CI Financial

RIA

Sammons Financial Group

RIA

Mercer Advisors

RIA

ASI Wealth Management

RIA

MAI Capital Management

RIA

Hightower Advisors

RIA

GSB Wealth Management

RIA

CAPTRUST Financial Advisors

RIA

Cerity Partners

RIA

The Mather Group (TMG)

RIA

Summit Partners

RIA

CAPTRUST Financial Advisors

RIA

Professional Wealth Advisors

RIA

Moneta Group Investment Advisors

Approx. Transaction Date

01/21/2021 01/25/2021 01/25/2021 01/25/2021 01/26/2021 01/26/2021 01/26/2021 01/28/2021 01/29/2021 02/02/2021 02/02/2021 02/03/2021 02/05/2021 02/16/2021 02/18/2021

Approx. AUM/A ($M)

440 6,000 3,078

215 175 700 830 198 800 1,100 187 7,000 3,130 2,267 625

Location Spokane, WA

Chicago, IL Dayton, OH

Ames, IA Bend, OR Cleveland, OH Rye Brook, NY East Haven, CT Greensburg, PA Boston, MA Chicago, IL Newton, MA Sacramento, CA Downers Grove, IL Worcester, MA

Acquirer Model1 Branded Acquirer Strategic Aggregator Other Branded Acquirer Large RIA Acquirer Branded Acquirer Branded Acquirer Bank Branded Acquirer Branded Acquirer Branded Acquirer PE Branded Acquirer Large RIA Acquirer Large RIA Acquirer

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

6 independent advisory firm are reviewed for inclusion. This data covers the period from January 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

Wealth Management M&A Transactions

Year to date 2021

Former Firm 31 Prairie Capital Management

Former Firm Seller Type

New Firm

RIA

Focus Financial Partners/Prairie Capital Management

32 Matheys Lane Capital Management

RIA

Focus Financial Partners/SCS Capital Management

33 Cornerstone Capital Group

RIA

Pathstone

34 Wealth Design

RIA

Beacon Pointe Advisors

35 Rollins Financial

RIA

Focus Financial Partners/Rollins Financial

36 North American Management Corp

RIA

Wealth Enhancement Group

37 Merrill Lynch/The Liebman Marks Group Wirehouse Dynasty Financial Partners/Amplius Wealth Advisors

38 Northwestern Mutual

Wirehouse Dynasty Financial Partners/Unique Wealth

39 Robasciotti & Philipson

RIA

Abacus Wealth Partners

40 Litman Gregory Asset Management

RIA

iM Global Partner

41 MAGIS Financial Partners

RIA

Cetera Financial Group

42 Epstein & White Financial

RIA

Mercer Advisors

43 Barrett Asset Management

RIA

CI Financial

44 Brightworth

RIA

CI Financial

45 Smith Shellnut Wilson

RIA

Business First Bancshares

Approx. Transaction Date

02/24/2021 02/25/2021 03/01/2021 03/01/2021 03/01/2021 03/02/2021 03/02/2021 03/03/2021 03/03/2021 03/09/2021 03/09/2021 03/10/2021 03/11/2021 03/15/2021 03/22/2021

Approx. AUM/A ($M)

5,027 1,364 2,000

350 675 1,750 1,250 400 130 4,000 490 740 2,500 4,700 3,500

Location Kansas City, MO Providence, RI New York, NY San Jose, CA

Atlanta, GA Boston, MA Blue Bell, PA Tampa, FL San Francisco, CA Walnut Creek, CA Philadelphia, PA San Diego, CA New York, NY Atlanta, GA Ridgeland, MS

Acquirer Model1 Strategic Aggregator Strategic Aggregator Large RIA acquirer Branded Acquirer Strategic Aggregator Branded Acquirer Integrated Platform Provider Integrated Platform Provider Large RIA acquirer Large RIA acquirer IBD Branded Acquirer Strategic Aggregator Strategic Aggregator Bank

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

7 independent advisory firm are reviewed for inclusion. This data covers the period from January 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

Wealth Management M&A Transactions

Year to date 2021

Former Firm 46 Ownership Advisors 47 Wealthstreet Investment Advisors 48 Investment Counsel 49 Shone Wealth Management 50 D.R. Saur Financial 51 Wealthstone Advisors 52 Callahan Financial Planning 53 Castle Wealth Advisors 54 Pillar Pacific Capital Management 55 Carolina Capital Consulting 56 Pinnacle Advisory Group 57 DMJ Wealth Advisors 58 MWM Investment Consulting 59 Paracle Advisors 60 Sullivan, Bruyette, Speros & Blayney

Former Firm Seller Type

New Firm

RIA

MAI Capital Management

RIA

Beacon Pointe Advisors

RIA

Focus Financial Partners/LaFleur & Godfrey

RIA

Allworth Financial

RIA

Beacon Pointe Advisors

RIA

Sequoia Financial Group

RIA

TS Bank

RIA

Creative Planning

RIA

Wealth Enhancement Group

RIA

Focus Financial Partners/Buckingham Strategic Wealth

RIA

CI Financial/Congress Wealth Management

RIA

Beacon Pointe Advisors

RIA

MAI Capital Management

RIA

Coldstream Wealth Management

RIA

Creative Planning

Approx. Transaction Date

03/29/2021 04/01/2021 04/01/2021 04/13/2021 04/20/2021 04/20/2021 04/21/2021 04/27/2021 04/27/2021 04/30/2021 04/30/2021 04/30/2021 04/30/2021 04/30/2021 04/30/2021

Approx. AUM/A ($M)

120 1,030

164 340 230 1,400 174 320 1,600 364 2,400 610 100 1,400 5,063

Location Cleveland, OH

Dallas, TX Petoskey, MI Walnut Creek, CA

Dallas, TX Columbus, OH

Omaha, NE Indianapolis, IN

Pacifica, CA Charlotte, NC Columbia, MD Greensboro, NC

Naples, FL Mercer Island, WA

McLean, VA

Acquirer Model1 Branded Acquirer Branded Acquirer Strategic Aggregator Branded Acquirer Branded Acquirer Large RIA Acquirer Bank Branded Acquirer Branded Acquirer Strategic Aggregator Strategic Aggregator Branded Acquirer Branded Acquirer Large RIA Acquirer Branded Acquirer

Several sources are used to create this report. M&A data is gathered from press releases, trade articles, and other secondary research sources. All publicly announced transactions involving the acquisition of an

8 independent advisory firm are reviewed for inclusion. This data covers the period from January 1, 2021?December 31, 2021.

1 Additional information on acquirer models can be found in the Appendix of the How Independent Broker-Dealers Use M&A to Build Their Businesses white paper.

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