Industry Moves

$350M Team Breaks Away from Ameriprise

Beacon Bridge Wealth Partners is based in Conshohocken, Pennsylvania.

Ameriprise Financial Services has lost a $350 million team outside of Philadelphia to the RIA channel.

Beacon Bridge Wealth Partners, which is based in Conshohocken, Pennsylvania, announced last week that it had left the broker-dealer and registered as an investment advisor.

The firm includes chief executive Steven Krzywicki Jr., and advisors Christopher Chaves, James Schmidt and John D. Jim, according to a press release from the firm.

In all, the firm has nine employees, the press release states. Jim and Krzywicki had been with Ameriprise since 1994 and 2000, respectively, according to their BrokerCheck records. Schmidt and Chaves had been with the firm since 2015 and 2016, according to BrokerCheck.

Megan Scott, chief vision officer and partner at the firm, said that the new structure will allow for “expanded services” to clients.

Beacon Bridge’s Form ADV indicates that the firm will use Charles Schwab as its primary custodian. The disclosures show that Schwab may provide a total of $142,500 for marketing, technology, consulting, research and other services needed to set up during the first 12 months of operation. Schwab also will reimburse $237,000 in termination fees associated with the change, disclosures show.

In a statement announcing the move, Krzywicki promoted Beacon's Total Wellness management style. “To help our clients make better decisions, we explore the effect money has on every part of their lives. We address not only their finances, but also the impact their financial decisions can have on personal relationships, health, lifestyle, and purpose.”

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Kestra Nabs Merrill Team

The Florida-based duo will operate as Eagle Harbor Advisors.

Kestra Private Wealth Services announced that it has expanded its presence in Florida, adding a pair of Merrill Lynch alums.

Durgesh Rajawat, CPFA and Jose “Joe” Vidueira will join Eagle Harbor Advisors, a Kestra affiliate. The duo brings about $104 million in client assets to the Boca Raton, Florida-based practice.

Before joining Kestra Financial, Rajawat spent 10 years at Merrill Lynch in Palm Beach, Florida.

Vidueira also came from Merrill Lynch, having spent about three years with the company at its office in Boca Raton. In 2006, Vidueira joined Citigroup. He later worked for about five years at Morgan Stanley in West Palm Beach.

In a statement about the move, Rajawat cited Eagle Harbor’s “independent environment free of corporate interests and pressures.”

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Wealth Enhancement Group Adds RIA, Pushing Assets to $56B

Pinnacle Private Wealth is Wealth Enhancement’s second acquisition in two months.

Wealth Enhancement Group announced the addition of hybrid registered investment advisor group Pinnacle Private Wealth. Pinnacle, based in Burlington, Massachusetts, comprises eight advisors and two supporting staff members. The company manages $663 million in client assets and is led by founders Daniel Cotton and Myles Dudley, according to a Wealth Enhancement announcement

“Pinnacle’s holistic approach aligns perfectly with our Roundtable model, in which each one of our advisors can tap into an expansive network of specialists to simplify our clients’ financial lives,” said Jim Cahn, Wealth Enhancement’s chief investments and business development officer, in a release announcing the move.

Wealth Enhancement, based in Plymouth, Minnesota, says it oversaw $55.7 billion in client assets as of June 30, 2022. In mid-July, the firm announced the acquisition of Titus Wealth Management, another RIA group that manages $776 million in client assets, according to FA-IQ sister-publication FundFire.

Cotton’s financial services career began in 1991 at Home Life Insurance Company, according to his BrokerCheck record. He and Dudley founded Pinnacle in 2009. Dudley entered the financial services business in 2003, at Quick & Reilly, according to BrokerCheck.

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Contact the reporter: agonzalez@money-media.com