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Fiduciary Network Reportedly Seeking a Buyer

July 23, 2018

The Dallas-based advice firm consolidator Fiduciary Network is out looking for someone to acquire it, InvestmentNews writes, citing published reports.

The timing for the sale is great because there is currently dry powder ready to be deployed in the space by private equity houses, Carolyn Armitage, managing director at the investment bank Echelon Partners, tells InvestmentNews.

"Our research shows that 47% of RIA acquirers have been strategic or consolidator buyers, the highest in a decade,” she tells the publication.

But there has been disagreement about the potential sale between the 11-year-old firm, founded by Mark Hurley under a succession-plan framework for advice firms seeking buyers, and Emigrant Bank, which currently owns 75% of the company, according to InvestmentNews. Neither the Fiduciary Network nor Emigrant Bank responded to the publication’s requests for comment.

And any firm that wants to buy the Fiduciary Network will need to be able to finance its underlying advice firms to stay with its succession-planning approach, David DeVoe, managing director at the investment bank DeVoe & Co., tells InvestmentNews.

The Fiduciary Network has partial ownership of 17 firms, including Brouwer & Janachowski, Evensky & Katz/Foldes Financial, Legacy Wealth Management, Regent Atlantic and Radnor Financial Advisors, according to the publication.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.