Page 30 - Investment Advisor - December 2023

Top News of 2023

orion names new Ceo and also serves on the strategic advi-
sory board of the private equity firm
Natalie Wolfsen, formerly CEO Pershing (2009-2011), Charles Genstar Capital.
of AssetMark, began serv- Schwab (1999-2009) and Orion says all of its platform servic-
ing as CEO of Orion Advisor American Express (1996-1998). es — including Redtail Technology and
Solutions in mid-October — “On behalf of Orion’s board Orion OCIO — had some $3.8 trillion in
when she also joined Orion’s … , I am thrilled to welcome assets under administration and $64.3
board of directors. Outgoing Natalie Wolfsen next month as billion of wealth management platform
CEO Eric Clarke is retiring we usher in a new era of growth assets as of June 30.
by year-end but will remain a and innovation at Orion,” “I’m enthusiastic about Natalie join-
member of Orion’s board. explained Orion Executive Board Chair ing Orion. [She] shares our vision for
Wolfsen joined AssetMark in 2014 as Charles Goldman in September. “Orion is empowering financial advisors so they
its chief commercialization officer and uniquely positioned … to meet the evolving can serve their clients more effectively,”
also served as its chief solutions officer needs of independent fiduciary advisors.” Clarke said in a statement. “She has my
before being named CEO in early 2021. Goldman — who was chairman, CEO full support, and I’m committed to man-
In addition, she has worked for financial and director of AssetMark from 2014 to aging a smooth transition for our clients
services firms like First Eagle Investment 2021 — led the firm’s search for a new and team members. I look forward to
Management (2011-2014), BNY Mellon CEO. He joined Orion’s board a year ago Natalie leading our team into the future.”

Creative Planning Buys ex-United an ideal home,” said Larry Roth, head
“It looks like [United Capital] now has
Capital Business of RLR Strategic Partners and former

CEO of Cetera Financial Group. Creative
Creative Planning and Goldman investment banking, etc.” Planning and United Capital “should
Sachs struck a deal in late August The deal is “exciting” on sev- hold together very well. … I, for one, did
for the RIA to buy the former eral levels, said industry consul- not see this deal coming.”
United Capital business from tant Alois Pirker. “Planning is at The news comes four years after
the bank for an undisclosed sum, the core” of Creative Planning Goldman bought the business for
with industry experts largely and United Capital, so it’s a great $750 million and three years after it
praising the deal. The former match, he said. “It’s not easy to changed the name of the unit to Personal
United Capital wealth business find a strategic home” for many Financial Management. When Goldman
included roughly $29 billion in assets under RIAs and other businesses being sold today, bought United Capital, the core RIA
supervision at the time, while Creative he added. “I do think [United Capital’s] business had about $23.4 billion in assets;
Planning had roughly $245 billion in total planning focus and its FinLife [practice its white-label wealth management plat-
assets — $110 billion of which are owned by management] platform are unique.” form had $25 billion.
private clients and the remainder by retire-
ment plans and institutional clients.
“It’s a good move for all three firms,” Cetera strikes $1B Avantax deal
said Mark Tibergien, a management con-
sultant and the former head of BNY Cetera Financial Group financial professionals focused
Mellon Pershing Advisor Solutions. moved to buy Avantax, for- on tax and wealth manage-
“This fits more into the [business] model merly Blucora, in an all-cash ment, as well as nearly $83.8
of Creative Planning. It makes sense.” transaction for $1.2 billion — billion in assets under admin-
Other industry watchers agree. With a move that adds Fidelity istration and $42.6 billion in
this move, Creative Planning CEO Peter as a custodial partner for assets under management.
Mallouk “has nailed it,” said Morgan Cetera. The news was announced on Currently, San Diego-based Cetera
Ranstrom, head of Trailhead Planners, Sept. 11, about a month after Cetera has more than 9,000 financial profes-
a national RIA. “A firm like the former wrapped up its purchase of Securian sionals with $341 billion in AUA and Cetera: MichaelVi - stock.adobe.com
United Capital, which puts financial plan- Financial Group’s retail wealth busi- $121 billion in AUM. Thus, the combined
ning first, was an unnatural fit for a bank ness, which it says brought it close to entity — assuming that most Avantax
like Goldman that historically has made $50 billion in assets. advisors and staff move to Cetera —
money on high-end brokerage operations, Dallas-based Avantax has some 3,075 would include 12,075 financial profes-

28 Investment AdvIsor December 2023 | ThinkAdvisor.com