Kingswood U.S., which is a part of a community of unbiased corporations overseeing greater than $15 billion in consumer belongings, has acquired Nashville-based Eudaimonia Group, three registered funding advisory corporations managing greater than $1 billion in belongings throughout 17 advisors. The deal provides Eudaimonia Companions and Eudaimonia Advisors to Kingswood’s company RIA. It additionally brings an in-house turnkey asset administration platform, Eudaimonia Asset Administration, to Kingswood advisors.
As a part of the deal, which closed Sept. 1, Eudaimonia founder and President John Goodson will function president of his group, reporting to Michael Nessim, CEO, president and managing accomplice of Kingswood U.S.
Nessim mentioned that is Kingswood’s first acquisition of this measurement, and that the agency plans to do comparable offers sooner or later. In 2020, Kingswood acquired Chalice Wealth Advisors and Chalice Capital Companions, an RIA and unbiased dealer/vendor, respectively, setting the stage for the corporate’s development.
Within the final three years, Kingswood has grown its RIA from about $150 million to $1.6 billion, not together with Eudaimonia, primarily by natural development and advisor recruiting.
The acquisition builds Kingswood’s presence within the Nashville space, “an up-and-coming wealth heart,” Nessim mentioned. It additionally brings the RIA to a big scale, with almost $3 billion in belongings.
“It begins to deliver us to an providing the place we start to see $10 billion in our sights,” he mentioned.
Eudaimonia custodies with Raymond James and Charles Schwab, two of Kingswood’s custodians, so there can be no repapering. Kingswood additionally makes use of RBC and Apex Clearing for custody.
Goodson will assist Kingswood with recruiting and potential M&A alternatives.
“Working with Eudaimonia and increasing our presence within the more and more essential southern market positions Kingswood U.S. for extra large-scale acquisitions,” mentioned Jamie Golden, Kingswood U.S. head of acquisitions.
