Apollon Holdings, a Mount Nice, S.C.-based wealth administration agency with about $9 billion in belongings below administration, has merged in CIC Wealth, a Maryland-based RIA with about $900 million in advisory and brokerage belongings. The deal was not structured as an acquisition, however relatively a partnership that enables CIC to make use of Apollon’s back-office companies.
Apollon and CIC first met in 2018 by means of a mutual associate, Service provider Funding Administration, which owns a minority stake in each companies.
“CIC was, I believe, the third or fourth funding that Service provider ever made in partnership that they’d,” mentioned Michael Dolberg, founding associate and CEO of Apollon. “We have been the very subsequent partnership after CIC. I’ve identified them for nearly so long as we have been an RIA. We have talked for a really very long time, and so it was simply tremendous straightforward for us to come back collectively due to that.”
Dolberg additionally mentioned Apollon had wished so as to add an workplace within the Washington, D.C. space. CIC has places of work in Rockville, Md. and Owings Mills, Md.
CIC, which is led by President Michael Fein, CEO Ryan Wibberley and CCO Frank Cappadora, has introduced over 12 staff members in whole, together with eight advisors. They count on to wind down their RIA in November.
Fein mentioned his staff determined to pursue the partnership after realizing that they have been good advisors however had nothing particular to supply potential recruits.
“We had good methods in place for ourselves, and we simply did not plug and play nicely,” he mentioned.
They’ve joined Apollon Wealth Administration, considered one of two Apollon RIAs. Each CIC and Apollon use PKS Investments for legacy trails, Schwab for custody and Orion for efficiency reporting. Apollon Wealth additionally makes use of Constancy, Pershing and Raymond James. It additionally just lately added Goldman Sachs Advisor Options.
The agency’s different RIA, Apollon Monetary can also be multi-custodial, but it surely makes use of LPL Monetary because the dealer/vendor and serves extra conventional hybrid advisors. That agency makes use of LPL, Constancy, and Schwab for custody.
To this point this 12 months, Apollon has added seven groups and 18 new advisors. The agency now has 180 staff, together with 85 advisors. It has shoppers in all 50 states being served out of 30 places of work. Dolberg expects to complete the 12 months with about $10 billion in whole belongings.
Along with CIC, Apollon Monetary just lately added Martin Beck from Granite Monetary in Chicago, Fran Gutrich in Chicago and Jim McGowan in Pennsylvania. David Haggard, an advisor in Atlanta, joined Apollon Wealth. All 4 advisors had a mixed $400 million in belongings.
In some cases, Apollon will purchase an RIA outright, because it just lately did with the acquisition of DeHollander Monetary Group over the summer season. The corporate will try this when the principals of the agency are nearing retirement and are searching for an excellent residence for his or her shoppers. With CIC, the house owners have a for much longer runway, so they’re merging, and the agency can develop collectively. Apollon will even recruit new advisors into present places.
In Could, Apollon employed Ryan Shanks, CEO and co-founder of FA Match, to steer its recruiting efforts as chief progress officer.
“Our mannequin is a really wholesome interdependence of what we do from a central infrastructure standpoint, in order that our places of work have much more time and capability to go and ship that Ritz-Carlton white-glove service,” Dolberg mentioned. “And all people is available in below one set of methods, processes, expertise, which is, I believe, somewhat bit totally different than some and really a lot the identical as others.”
