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Wentworth Buys Indie Broker-Dealer

December 7, 2017

Wentworth Management Services has bought independent broker-dealer Purshe Kaplan Sterling Investments, Wentworth says in a press release.

PKS is an Albany, N.Y.-based broker-dealer and financial services company founded in 1993 as a regional brokerage, according to the press release. The firm now has 485 branches across all 50 states, Wentworth says. As part of the deal, PKS’s core executive suite will stay on and its business model, which is rooted in an open-architecture approach, as well as its operations will remain the same, according to the press release. Partnering with Wentworth will let PKS support its growth plans and deliver “human capital enhancements,” Wentworth says.

Primarily, Wentworth works with small to mid-sized indie broker-dealers looking for a strategic partner for support and expansion.

The acquisition marks the first major deal for Wentworth, a holding company that functions as a long-term owner as well as operating partner for broker-dealers and other independent wealth management practices, the company claims, and will pave the way for more deals, Wentworth CEO Ryan Morfin says.

The company didn’t disclose the terms of the deal, which closed Nov. 30.

Separately, RBC Wealth Management has nabbed a team of experienced advisors from UBS. Mark Santia and Edmund (Ned) Foster, who oversaw around $366 million at UBS, join RBC as Santia Foster Wealth Management Group in Pittsburgh, according to a press release from RBC. Santia has been in the industry for 32 years and Foster for 22 years, according to the press release. The two say in a statement that they were looking for a firm with a global presence but a “smaller firm culture.”

(Getty)

Meanwhile, Wealth Enhancement Group has acquired CPA Retirement Planning, a Jacksonville, Fla.-based independent financial advice practice affiliated with National Planning Holdings, according to a press release from WEG. The companies did not disclose the terms of the deal. John Linge, managing principal and senior financial advisor at CPA, will now lead WEG’s Jacksonville office, according to the press release.

LPL Financial acquired NPH from Jackson National Life this summer. Some of the advisors working at Wealth Enhancement Advisory Services, WEG’s RIA arm, are affiliated with LPL, WEG says in the press release.

By Alex Padalka