Kestra Monetary, the unbiased dealer/seller subsidiary of Kestra Holdings, has recruited a Boca Raton, Fla.-based workforce managing $1.4 billion in consumer belongings. Wealth Empowerment Monetary Methods joins from B. Riley Wealth Administration.
In September, Reuters reported that B. Riley was in talks to promote its beleaguered wealth administration unit to Stifel Monetary, citing a supply conversant in the deal talks.
The Wealth Empowerment workforce is led by Senior Managing Director and founder Eric Lyon and Senior Managing Director Tom Holly. Beforehand, Lyon and Holly spent 18 years with Nationwide Securities, a Boca Raton-based dealer/seller acquired by B. Riley in 2021. Previous to that, they have been with Summit Brokerage.
“After a protracted technique of interviews and due diligence, the choice to maneuver ahead with Kestra Monetary was a pure one,” stated Lyon. “We have been impressed with all the things Kestra Monetary needed to supply—from its govt administration workforce and know-how platform to its back-office tech and sources—and knew this might assist the expansion of our agency down the road.”
Lyon and Holly are joined by a workforce of 29 advisors and employees members. The agency was based in 2006, and it focuses on property planning, 401(ok) choices and money stability methods.
Kestra Holdings just lately recapitalized, with personal fairness agency Stone Level Capital returning to take a majority stake within the firm. Because of this, personal fairness agency Warburg Pincus exited its majority funding, which it made originally of 2019. Oak Hill Capital, one other personal fairness agency, will retain its minority stake.
Based in 1997, Kestra Holdings, which features a belief firm, RIAs, dealer/sellers and funding corporations, at present oversees $117 billion in belongings beneath administration via 1,700 monetary professionals.
