Welcome to Financial Advisor IQ

IHT to Buy U.S. Wealth Management

December 23, 2016

Chicago-based super-OSJ IHT Wealth Management is acquiring the independent wealth manager network U.S. Wealth Management, IHT says in a press release.

Under the terms of the deal, the value of which wasn’t disclosed, IHT will buy equity in U.S. Wealth in stages to ensure a smooth transition, according to the press release. The two firms currently oversee $2 billion in client assets, according to IHT.

IHT currently counts 28 advisors, while U.S. Wealth’s network includes 30 advisors working across 10 offices nationwide, IHT says in the press release.

IHT hopes to tap into U.S. Wealth’s expertise in financial and estate planning and tax issues, the company says in the press release. Meanwhile, John Napolitano, chairman and chief executive of U.S. Wealth, says in the press release that the partnership secures a path to succession for his firm.

IHT Founder and President Steven Dudash, who’s joining U.S. Wealth Management’s executive suite as executive vice president of recruiting and strategic development, is 20 years Napolitano’s junior, according to the press release.

Napolitano also says U.S. Wealth will begin implementing IHT’s “wirehouse lite” model, which provides some independence to brokers but also offers benefits while not requiring them to set up their own office, according to the press release.