Welcome to Financial Advisor IQ

Advisor Moves: JPMorgan Loses FA to Small Rival

By Alex Padalka January 28, 2019

Cypress Wealth Services has poached a JPMorgan financial advisor, Cypress says.

Brad Arave joins Cypress as a senior vice president and will work out of its new office in Tustin, Calif., according to a press release from the firm.

Arave began his financial services career at Merrill Lynch in 2008 and came to JPMorgan seven years ago, according to his BrokerCheck profile. He managed more than $90 million at JPMorgan, Cypress says.

“I am excited about this next chapter of my life,” Arave says in the press release. “Being an independent advisor allows me to offer financial advice and investment management that is free of conflict. Being a fiduciary is important to how I want to work with my clients.”

Arave’s addition is part of Cypress’s broader aims to expand its reach in Orange County, Calif., where it plans to add more advisors this year, according to the press release. The company currently has offices in Palm Desert and Tustin, Calif., as well as Anchorage, Alaska, and serves clients across the country, Cypress says.

"We feel very fortunate to attract talented advisors to Cypress Wealth Services," Mark Thatcher, a partner at the firm, says in the press release. "Brad is a Certified Financial Planner who genuinely cares for the success and well-being of his clients. His values and planning approach make him a great fit for the firm.”


Beacon Investment Acquires $750M RIA

Beacon Investment Advisory Services has signed a definitive agreement to acquire Tirschwell & Loewy, the companies say.

New York-based RIA Tirschwell & Loewy, founded in 1977, manages around $750 million for individual investors, families, endowments and foundations, according to a press release from Beacon.

After the close of the deal, expected in the second quarter, the company will operate as Tirschwell Loewy & Friedner Investments, a division of Beacon Trust, Beacon says. Jeffrey Loewy and Howard Friedner will stay on managing the firm’s investment strategy, according to the press release. The companies didn’t disclose the terms of the deal.

After the merger, the combined companies will oversee around $3 billion, Beacon says. Beacon Investment Advisory Services is a wholly owned subsidiary of Morristown, N.J.-based wealth management firm Beacon Trust Company, which is in turn a wholly owned subsidiary of Provident Bank — a subsidiary, in turn, of Provident Financial Services, according to the press release.

"We are delighted to announce our plans to become a division of Beacon Trust,” Loewy, president and CEO of Tirschwell & Loewy, says in the press release. “Our knowledge and approach to wealth management will ensure that Tirschwell & Loewy clients continue to receive the same high level of service and advice they are accustomed to. In addition, our clients will benefit from Beacon’s strength in wealth advisory services and its range of investment strategies, as well as its enhanced operating scale and extensive market insight."