Benefit Monetary Advisors is hiring a brand new chief for M&A offers, the agency introduced right this moment.
David Wahlen will be a part of the agency as vp of strategic companions from Captrust, the place he was most just lately the director of strategic development. In his new position, Wahlen would be the fundamental level of contact between the $12 billion Benefit and the companies it’s trying to purchase.
Amongst different duties, Wahlen will discover potential new offers, construct relationships with funding bankers and work with Benefit CEO Rick Kent and President Kay Lynn Mayhue to clean the onboarding course of for companies. In response to Kent, Wahlen’s “deep business data and collaborative method” could be important because the agency expands its M&A dealings.
In response to Benefit, Wahlen performed a central position in over 50 M&A offers at Captrust and helped the agency develop from $5 billion to $80 billion in property underneath administration throughout his six-year tenure.
Since its formation in 1998, Benefit has purchased greater than 40 companies, including about $10 billion in shopper property. The tempo of acquisitions jumped considerably beginning on the finish of 2020 when personal fairness agency Wealth Companions Capital Group took a minority stake within the agency (partnering with a number of strategic traders led by HGGC’s Aspire Holdings platform).
Since that deal, the Atlanta-based Benefit has added about 30 companies with greater than 40 places of work nationwide. Earlier this month, Benefit expanded its presence in Pennslyvania by buying Zimmerman Funding Administration & Planning, a $739 million New Cumberland-based agency. In doing so, Benefit gained a fourth workplace within the state.
Moreover, final month, Benefit acquired Roth Asset Administration, a $773 million agency primarily based in Lake Oswego, Ore., which boosted its presence within the Pacific Northwest, and Trinity Monetary Companions, a female-owned agency primarily based in Berwyn, Pa., which manages about $603 million in shopper property.
In late July, Benefit Monetary disaffiliated from LPL and later moved its enterprise to Purshe Kaplan Sterling Investments.
The transfer got here after an LPL July earnings name by which then-LPL CEO Dan Arnold mentioned a number of workplace of supervisory jurisdiction companies had been “strategically misaligned” with the agency’s mission and mannequin (WealthManagement.com reported that Wealth Enhancement Group was the opposite agency).
Earlier this 12 months, Brian Andrew joined Benefit as its chief funding officer from his earlier position at Johnson Funding Group. Samantha Allen, a former senior vp of built-in advertising on the Carson Group, introduced final month she was becoming a member of Benefit as govt vp of selling.
Previously 12 months, Brian Greene additionally joined from The Carson Group as managing working principal and Government vp. Doug Baxley and John Cote joined as chief compliance officer and chief development officer, respectively. Baxley was beforehand with Silver Oak Securities and Cambridge Funding Analysis, whereas Cote was previously with Wealth Enhancement Group.
