Top Independent Brokerage Moves of 2024 – Financial Planning
In 2024, the independent brokerage channel of wealth management saw a record-breaking year for big moves and mergers. Firms managing over $356 billion in client assets and with more than 8,783 financial advisors were involved in major transitions, marking a significant increase from the previous year’s numbers. This continued trend of growth can be attributed to consolidation, flexible affiliation models, and office moves, according to Jodie Papike, CEO of Cross-Search.
Financial advisors are not just motivated by monetary bonuses when deciding on new brokerages. Factors like company culture, product offerings, and client base play crucial roles in their decision-making process. This year saw 51 transition announcements involving firms managing at least $1 billion in assets, indicating a trend towards larger-scale moves in the industry.
The largest transitions and M&A deals in 2024 involved a variety of independent broker-dealers. For instance, Perigon Wealth Management in San Francisco received a minority investment on January 16th, with 64 advisors and $6.5 billion in client assets. Americana Partners in Houston, a hybrid RIA utilizing a brokerage platform, received a strategic investment on October 24th, showing significant growth since its launch in 2019 with $2.6 billion in assets. U.S. Capital Wealth Advisors in Houston was acquired on April 11th, further solidifying the trend towards big moves and mergers in the independent brokerage channel.
Each of these deals represents a step towards a more dynamic and evolving wealth management landscape, with firms looking to grow, expand, and adapt in the ever-changing financial industry. As the industry continues to evolve, we can expect to see more of these significant moves and deals in the future.
