ECHELON’s RIA M&A Deal Report › wp-content › uploads › 2013 › 03 › ECHE… · breakaway activity remained heightened as recent fears of increased litigation risk have

ECHELON’s RIA M&A Deal ReportUS Wealth Management | Q2 2018

Key Trends and HighlightsIntroduction

• Semi-Annual Deal Volume Surges by 24%: Another

record-setting second quarter of deals was realized in

Q2 2018 with 48 transactions consummated. The deal

volume witnessed in the first half of 2018 poises the

industry for a sixth straight record setting year of M&A

activity.

• Average Deal Size on Pace to Exceed $1 BN for the

Third Straight Year: The second quarter of 2018

achieved an average transaction size of over $1.3 BN,

an increase of 34% over 2017’s $1.0 BN average deal

size.

• Consolidators Maintain Control of RIA Deal Activity: In

search of growth platforms and scale, well-capitalized,

strategic buyers, and consolidators accounted for 46%

of RIA purchases in Q2 2018, consummating 22 deals.

• RIA Breakaways Rally as Broker Protocol Fears

Subside: Q2 2018 saw activity decrease 4% relative to

Q1 2018, with 123 breakaways. With that said,

breakaway activity remained heightened as recent fears

of increased litigation risk have proven to be

overstated.

• $1 BN+ AUM Deal Making Continues to Surge: $1 BN+

AUM wealth manager M&A is projected to surpass the

5-year average of 20 transactions by approximately 30%

in 2018E – with 26 wealth manager M&A transactions –

as buyers seek out these ideal, lower-risk platforms.

™

As predicted in the Q1 2018 edition of the ECHELON RIAM&A Deal Report, 2018 continued its feverish pace of dealvolume in Q2, achieving a record quarterly count of 48. Anaccelerated level of RIA deal activity this year, with a record94 deals consummated in the first two quarters, lendssupport to ECHELON’s forecast of a total deal count of 189for the full year of 2018. The Q1 & Q2 transactions involvingRIAs were a substantial 24% higher than the 76 deals in Q3& Q4 2017. As the yield curve threatens to invert and thiseconomic cycle presses towards record length, it is possiblesome business owners are seeking liquidity while valuationsare attractive and buyers are plentiful. This late cycleconsolidation can be expected to continue as RIAs remainattractive assets for buyers. Interestingly, after four years oflow Q2 deal flow, 2017 & 2018 have proven Q2 to be anuncharacteristically strong period for M&A activity in theindustry. The second quarter of 2017 & 2018 haverepresented two of the highest quarterly deal counts overthe past six years. The heightened deal activity hascoincided with a revitalized interest from consolidators andprivate equity buyers, as these firms increasingly are seekingand finding established businesses that fit their investmentcriteria. In Q2 2018, this activity was marked by Hellman &Friedman’s and Edelman Financial Services’ acquisition ofFinancial Engines’ $169 BN AUM. Breakaway activitypersisted in Q2 2018 as fears of an impending end to thebroker protocol subsided. This, in conjunction withsustained liquidity in the marketplace and an aging marketcycle, has served to extend a period of heightenedbreakaway activity in the industry.

Exhibit 1. Record Q2 RIA M&A Deal Volume Pushes 2018 to Pace for 6th Record Year in a Row

Source: Company Reports, SEC IARD, ECHELON Partners Analysis

17 7 30 36 14 26 29 30 28 28 38 31 47 27 33 31 47 45 35 41 46 48

2013Q1 Q2

2013Q3 Q4

2014Q1 Q2

2014Q3 Q4

2015Q1 Q2

2015Q3 Q4

2016Q1 Q2

2016Q3 Q4

2017Q1 Q2

2017Q3 Q4

2018Q1 Q2

Trend Line (Logarithmic)

As Exhibit 1 shows, through Q2 2018, M&A activityamongst RIAs continues to exude strength and isprojected to reach its sixth straight record setting year in2018. The second quarter’s deal volume of 48 is thefourth highest quarterly count over the past five years,with five of the highest quarters occurring in either 2017or 2018. The accelerated pace witnessed at the outset of2017 has continued in the first half of 2018 as buyershave once again started the new year with a flurry ofM&A activity. The last three years have seen secondquarters with an average of 40 deals consummated,significantly higher than the average deals of third andfourth quarters over that same time period.

As Exhibit 2 shows, the pace of deal activity is expectedto rise compared to 2017, as ECHELON forecasts expect atotal of 189 deals, a 13% increase over 2017 levels.Additionally, prevailing industry forces signal acontinuation of this trend beyond 2018.

Exhibit 2. Wealth Management Transactions Year-Over-Year (Q2 and Yearly Data)

189

13%

More Deals Projected

Than in 2017

21

Deals Projected in 2018E

Increase in Deal Volume Relative to

2017

6thStraight Year of Record Setting Deal Volume


17% 18%More Deals

Than in Q2 2014

22CAGR from Q2

2014 to Q2 2018CAGR from

2014 to 2018E

91More Deals

Than in 2014

2ECHELON Partners RIA M&A Deal Report | www.ECHELON-partners.com

RIA M&A Deal Report - Second Quarter 2018

Exhibit 2. Wealth Management Transactions Year-Over-Year (Q2 and Yearly Data)

26 28 27

45 48

Q22014

Q22015

Q22016

Q22017

Q22018

98125

138

168189

2014 2015 2016 2017 2018E

https://www.riadealbook.com/

http://www.echelon-partners.com/

42% 44% 44%31%

47% 45%39% 42%

36%27%

31% 30%23%

34%

31% 35% 42% 40%44%

47%

15%6% 18%

14%

7% 8% 6% 7% 10%12%

12%20%

16%21%

15% 12% 13% 12% 10% 14%

RIA Strategic or Consolidator Bank Other

2009 2010 2011 2012 2013 2014 2015 2016 20171H

2018

503

1,038

456540

8971,046 1,010

1,352

2011 2012 2013 2014 2015 2016 20171H

2018

Exhibit 4. Percentage Breakdown of RIA Acquirers by Firm Type

Exhibit 3. Average AUM per M&A Deal ($MM)

87

Growth in Expected Strategic Acquirer or Consolidator Deals

Relative to 2017

Expected Acquisitions by Strategics or

Consolidators in 2018E

18%

Exhibit 3 demonstrates an extending trend of average

deal sizes exceeding $1 BN AUM per transaction. Even

when excluding mega transactions ($20 BN AUM and

above), the average M&A deal size continued to trend

higher to $1.35 BN. The average size of consummated

transactions, as measured by the size of sellers’ AUM,

has increased at a compound annual growth rate of

24% since 2013.

What is driving the average AUM per deal higher?

Buyer breakdown data (Exhibit 4) shows the growing

presence of the Strategic or Consolidator category

(47% YTD). Strategic or Consolidator momentum

continued, spurred by financial sponsors’ aggressive

deal making activity. Since KKR’s purchase of

consolidator Focus Financial Partners (April 2017), the

combined entity has executed $32.3 BN across 19

transactions with an average transaction size of $1.7

BN. Private Equity financial prowess combined with

industry experience can make fertile ground for deal

making and should provide a tailwind for the Average

AUM per M&A Deal. Furthermore, as Banks and Other

buyers have become more active, deal volume and

transaction size have risen to record highs.

24%

Compound Annual Growth Rate of Transaction AUM

from 2013-1H18

3rdConsecutive

Year of $1 BN+

Average AUM Transacted


3


ECHELON Partners RIA M&A Deal Report | www.ECHELON-partners.com

On point for




Exhibit 4 demonstrates that with transaction volume atall-time highs, Strategic Buyers and Consolidators arerapidly expanding their footprint by winning significantmarket share from pure RIA consolidators, covering 47%of the market with a 3% increase from 2017.

RIAs: We use this label to describe those firms that aregenerally smaller in their strategic reach, and usuallyhave more modest financial resources. This group isresponsible for 15% of RIA transactions in Q2 2018representing 7 transactions. This is a 21% decrease fromthe 36% market share that they held in 2017, and theirlowest share in over decade. This is surprising given thehigh number of RIAs who are looking to acquire. Thiserosion of RIAs making acquisitions is likely due to wellcapitalized and sophisticated Strategic Buyers orConsolidators aggressively entering the space andwinning deals.

Strategic Buyers or Consolidators: From 2012 to 2014,strategic buyers and/or consolidators accounted for anaverage of 33% of the industry’s reported deal activity.From 2015 to Q2 2018, however, average market shareof their buying activity grew significantly and pushed to44%. In the first half of 2018, these buyers accounted for47% of wealth management transactions with a dealcount of 43, nearly doubling the total deals of 2013,when they were involved in 28 transactions. It is worthnoting that the constituents of the group are not allrollup firms. Instead it primarily represents firms that a)already have a platform, b) have considerable financialresources, and c) have done more than a couple of M&Atransactions.

Banks: Once the largest buyers of RIAs, banks have been

on the bottom of the charts since 2012. In Q2 2018,

banks showed sustained interest in acquiring RIAs,

seizing their highest market share since 2011 with 12%

of total RIA acquisitions.

Exhibit 5. Top 10 M&A Transactions in Q2 2018

4

Demonstrated in Exhibit 5, during Q2 2018 there were seven deals of $1 BN or greater. In April 2018 Financial

Engines, which manages $169 BN, was acquired by Hellman & Friedman in a blockbuster leveraged buyout. The

acquirer paid $3.02 BN, a 41% premium over Financial Engine’s closing market cap. Several analysts said that the

$45 per share price was 20x plus 2019’s expected earnings per share forecasts. The deal highlights the strength of

the RIA M&A market and exemplifies how perennial deal makers, such as KKR, Parthenon Capital Partners, and

more recently Hellman & Friedman, have provided fuel to the fire.



Source: Company Reports, SEC IARD, ECHELON Partners Analysis. *MD Financial Management AUM is quoted in Canadian Dollars.

Seller Buyer Buyer TypeSeller AUM

($ MM)Date

Financial Engines Hellman & Friedman/Edelman Financial Services Strategic Acquirer 169,400 4/30/2018

Signator Investors Advisor Group Strategic Acquirer 50,000 6/21/2018

MD Financial Management Scotiabank/Canadian Medical Association Bank 49,000* 5/31/2018

Cadaret Grant & Co. Atria Wealth Solutions Strategic Acquirer 23,000 4/29/2018

Capital One Investing Woodbury Financial Services Strategic Acquirer 10,000 4/19/2018

Salient Private Client HighTower Advisors/Salient Private Client Strategic Consolidator 4,500 4/18/2018

M. Griffith Robert W. Baird & Co. Other 2,000 6/6/2018

Cimino Wealth Advisors Wealth Enhancement Group RIA 495 6/13/2018

Outfitter Advisors Union Bank & Trust/Old Dominion Capital Mgmt. Bank 400 4/10/2018

HNP Capital Financial Institutions Bank 334 5/8/2018



Exhibit 6. Breakaway Activity Remains Strong in Q2 2018


5

More Breakaways

Than The Quarterly

Average in 2017

17

Decrease in Breakaways During

Q2 2018 over Q1 2018

Exhibit 6 shows the quarterly breakaway volume

from the start of 2013 to Q2 2018. Breakaway

volume has remained relatively consistent

throughout this time horizon, staying within a

quarterly range of 70 and 128 breakaways, excluding

an outlier of 176 in Q2 of 2016. Readily available

financing, a potential peak in the business cycle,

reduced fear of broker protocol-related litigation,

and an aging advisor population have all contributed

to 2nd quarter breakaways exceeding the quarterly

average of 105 from 2013 to Q1 2018.

The 2nd quarter of 2018 produced breakaways of 18%

above the historic average of this time period at a

count of 123 breakaways. The last four quarters have

showed a sustained uptick in breakaway activity

following a down quarter in Q2 2017, which had only

72 breakaways. A sustained upward trend in advisory

teams leaving wirehouses over the past year has led to

a 71% increase Q2 2018 figures as compared to Q2

2017. This pace in Q2 2018 is noteworthy, as Q2

volumes have displayed an average of 115 breakaways

since 2013.

Advisors looking to break away have been met by

support, both in terms of financing and firms offering

strategic advisory, which has contributed to the

persistent pace of breakaways seen over the last four

quarters. Advisors possibly fearing broker protocol

related legal backlash have gained confidence after

witnessing successful moves by their peers, driving Q2

breakaway activity 7% higher than the historical

average for second quarter activity since 2013. As

markets remain near all-time highs, advisors

capitalizing on the opportunity presented by the

business cycle will likely cause this trend to continue.



4%



Exhibit 8. $BN+ Wealth Management Transactions and Breakaways

Exhibit 7. Top 10 Breakaways as Measured by AUM During Q2 2018

6

Exhibit 7 outlines the top 10 breakaways by AUM in Q2 2018. Average breakaway AUM thus far in 2018, including the

largest breakaway of $4.5 BN in AUM, is $382 MM, which is a 26% increase over 2017’s average breakaway AUM of

$304 MM. If breakaway activity continues as expected, we anticipate approximately 500 breakaways in 2018.

Given robust economic activity, a favorablebusiness environment, the increased number ofadvisors over age 60 looking to secure theirliquidity events, and the cash reserves of Banks,Consolidators, and Private Equity firms enteringthe marketplace, ECHELON remains confident that$1 BN+ deal activity will continue to increase.

With more than 500 wealth managers over the $1BN AUM threshold, the deal volumes of recentyears would suggest that close to 10% of thesefirms have conducted a transaction. $1 BN+ firmshave proven to be superior targets for large buyersin recent years and we do not expect this tochange.Source: Company Reports, SEC IARD, ECHELON Partners Analysis

There is more buyer interest in these $1 BN+ AUM targets than in smaller firms, for the following reasons:

1. They Are Ideal Platforms: Most firms with $1 BN in AUM or more are believed to possess the ideal mix of sizeand development.

2. They Are Established Businesses: Firms over $1 BN in AUM often have more infrastructure, systems,management, protective redundancy, and financial wherewithal.

3. Most Have Over $3 MM in EBITDA: Private equity buyers seek this as a cushion to protect financial performancein the event of a market downturn.



Firm Joining Team Size Firm Leaving AUM ($MM) Date

First Republic Securities 6 Bank of America Merrill Lynch 4,500 4/20/2018

Purshe Kaplan Sterling 3 UBS Financial Services 2,000 4/6/2018

JPMorgan Chase & Co. 1 Wells Fargo Advisors 1,400 4/27/2018

Raymond James 2 Wells Fargo Advisors 1,000 4/23/2018

RBC Wealth Management 3 Wells Fargo Advisors 925 4/17/2018

First Republic Securities 3 Wells Fargo Advisors 850 6/1/2018

Prospera Financial Services 4 M Holdings Securities 840 4/30/2018

JPMorgan Chase & Co. 1 Bank of America Merrill Lynch 800 5/11/2018

Purshe Kaplan Sterling 3 Bank of America Merrill Lynch 800 5/18/2018

Triad Advisors 7 LPL Financial 750 5/31/2018




About ECHELON Partners:

ECHELON Partners is a Los Angeles-based investment bank andconsulting firm focused exclusively on the Wealth andInvestment Management industries.ECHELON was formed to:

► Address the needs of an underserved subset of the

financial services industry—investment product

developers, distributors, and technology providers

► Provide objective, unbiased advice void of conflicts

emblematic of larger institutions

► Help entrepreneurs working at companies of all sizes

navigate the numerous complex decisions that come

with attaining growth and liquidity`

Our Expertise

ECHELON’s service offerings fall into three categories:

► INVESTMENT BANKING

► MANAGEMENT CONSULTING

► VALUATIONS

ECHELON’s comprehensive range of services help its clients makethe tough decisions with respect to: acquisitions,sales/divestitures, investments, mergers, valuation, M&Astrategy, new ventures, management buyouts, capital raising,equity sharing, and succession planning.

ECHELON’s business is making companies more valuable throughits visionary advice and execution excellence. Accordingly,ECHELON measures its success by the enterprise value it createsfor its clients. With an unparalleled quantity and quality ofinvestment banking experience in the wealth and investmentmanagement industries, no other investment bank can matchthe caliber of advice or financial results delivered by theprofessionals of ECHELON Partners.

Our History

ECHELON Partners was founded in 2001 by Dan Seivert, thefirm’s current CEO and Managing Partner.

Over the past 17 years, the firm’s principals have completedmore M&A advisory assignments, valuations, and strategicconsulting engagements for its three target industries than anyother investment bank. In that time, hundreds of executiveteams and boards have chosen ECHELON Partners to help themenvision, initiate, and execute a diversity of complex businessstrategies and transactions.

How ECHELON Can Help

Conduct a Valuation: Managers need to know firm value and,more importantly, the key drivers of value. ECHELON hasemerged as the leader in delivering high quality valuation reportsthat cut through irrelevant information and tell managers exactlywhat drives value and how their firm is performing.

Provide Transaction Assistance (Mergers, Sales, Acquisitions,Capital Raising): Valuation and transactions go hand-in-handwhether buying, selling, raising capital, divesting, investingand/or restructuring. The professionals at ECHELON haveextensive experience with these transactions and matching theappropriate deal processes to meet the many objectives of thestakeholders involved.

Continuity & Succession Planning: With its industry-specificexperience and focus, ECHELON Partners equips its clients withcontinuity plans and succession plans designed to mitigate riskand plan for the future. ECHELON develops continuity plans forequity owners who want to put in place a short-term plan for apreviously selected successor to take over their firm in the eventof a catastrophe, such as death or disability. ECHELON’s moreinvolved succession planning process helps equity ownersdevelop a formal plan for their retirement or known departurefrom the firm, whether they want to pursue an internal sale tocolleagues or family, or want to take steps to prepare the firm foran external sale.

Advise on Equity Compensation Structure: As firms grow andevolve, it is common for a wedge to develop between those thatcreate value and those that reap the benefits (through equityownership). This necessitates the development of equity sharingstrategies that are fair, that can foster employee retention, andat the same time minimize tax consequences and complexity.ECHELON is experienced in developing these structures for a hostof unique situations.

Equity Recycling & Management: Managers need a method ofinternal succession whereby a senior partner sells a portion of hisor her equity to either one or more junior partners currently withthe firm or incoming partners not yet with the firm.

Advise on the Buyout of an Equity Partner: A problem thatarises for most firms that remain private occurs when one ormore of the founders needs liquidity or needs to be bought out.These situations require thoughtful valuation and structuringthat corresponds to the particular situation.

ECHELON by the Numbers

20+ Years of experience valuing financial service companies

300+ investment banking advisory assignments

1,500+ valuations conducted

#1 in conducting valuations for wealth managers with $1 BN+ in AUM

400 Investment opportunities vetted and valued

2,000+ acquisition targets evaluated

15 Published reports focused on Wealth Manager M&A, Management Consulting and Valuation

Follow us on Twitter:@echelon_group

1500 Rosecrans Avenue, Suite 416 Manhattan Beach, CA 90266 888.560.9027 | www.ECHELON-partners.com

https://twitter.com/echelon_group



ECHELON’s Leadership

DAN SEIVERT | CEO AND MANAGING PARTNER

CAROLYN ARMITAGE, CFP®, CIMA® | MANAGING DIRECTOR

MIKE WUNDERLI | MANAGING DIRECTOR

Dan Seivert is the CEO and founder of ECHELON Partners. Prior to starting ECHELONPartners, Mr. Seivert was one of the initial principals of Lovell Minnick Partners,where he helped invest over $100 MM in venture capital across 15 companies.Before his involvement in private equity, Mr. Seivert was a buy-side analyst at TheCapital Group (American Funds) where he valued firms in the asset management andsecurities brokerage industries. Mr. Seivert has helped ECHELON’s clients make thetough decisions with respect to acquisitions, sales/divestitures, investments,mergers, valuation, M&A strategy, new ventures, management buyouts, capitalraising, equity sharing, and succession planning. In his various roles, Mr. Seivert hasconducted detailed valuations on over 500 companies, evaluated more than 2,000acquisition targets, and authored 25 reports dealing with the wealth and investmentmanagement industries. Mr. Seivert has an Advanced Bachelor’s degree inEconomics from Occidental College and a Master of Business Administration fromUCLA’s Anderson School of Management.

Carolyn Armitage is a Managing Director at ECHELON Partners and has more than30 years of experience being a change management catalyst. She improves marketshare, profitability, people, processes and team dynamics for RIAs, Broker Dealersand Hybrid RIAs. Over her financial services career, Ms. Armitage was an OSJ branchmanager, a sales and marketing manager for HD Vest Financial Services, a managingdirector for Western International Securities, head of advisory services for INGAdvisors Network (Cetera & Voya) and head of large enterprise businessmanagement consulting for LPL Financial. Ms. Armitage is devoted to continuouslearning and improvement. She is LEAN Certified, a Six Sigma Green Belt, a CA Lifeand Variable Contracts Agent and holds numerous FINRA licenses. She is a CFP®,CIMA®, and ChFC. She has a Bachelor of Science in Business Administration from theUniversity of Minnesota and a Masters in Management from The American College.

Mike Wunderli is a Managing Director at ECHELON Partners and is integrally involvedin all aspects of the firm’s activities. Prior to joining ECHELON, Mr. Wunderlifounded Connect Capital Group (CCG) where he advised private, middle-marketcompanies on pre-transaction planning, growth financing options and thedevelopment and execution of exit strategies. Before founding CCG, Mr. Wunderlispent 12 years at Lehman Brothers and UBS as a Senior Vice President in the PrivateWealth Management (PWM) division. During his time at Lehman Brothers and UBS,Mr. Wunderli executed over $2 BN in investment-banking and private-equitytransactions for his clients, and managed over $400 MM for high-net-worth investorsand their families. Over his career, Mr. Wunderli has worked with hundreds ofprivate companies, helping their owners navigate the critical stages of growth andengineer the most appropriate and lucrative exit strategies. He has also worked withmany top investment managers, hedge funds, private-equity funds, family offices,trading desks and a variety of capital providers. Mr. Wunderli received his BA fromBrigham Young University and an MBA from The Wharton School at the University ofPennsylvania.

(e) [email protected]

(p) 888 560 9027 ext. 101


(p) 888 560 9027 ext. 303


(p) 888 560 9027 ext. 202

Sample Transactions & Advisory Assignments Executed by the ECHELON Team

Sample Transactions & Advisory Assignments Executed by the ECHELON Team

Research Methodology & Data Sources:

The ECHELON Partners RIA Deal Report is an amalgamation of all mergers, majority equity sales/purchases, acquisitions, shareholder spin-offs,capital infusions, consolidations and restructurings (“deals”) of firms that are SEC Registered Investment Advisors (“RIA”). The report is meant toprovide contextual analysis and commentary to financial advisors pertaining to the deals occurring within the wealth & investment managementindustries. The deals tracked and identified in the Deal Report include any transaction involving an RIA with over $100 MM assets undermanagement, which have also been reported by a recent data source (e.g., SEC IARD website, a press release, ECHELON Partners Deal Tracker,industry publications). This methodology aims to maintain consistency of data over time and ensure the utmost accuracy in the informationrepresented herein. Additionally, the report includes financial advisors who terminate relationships with other financial service institutions inorder to join RIAs. As with the other transactions reported in the Deal Report, the identified breakaway advisor transitions are transitioning over$100 MM assets under management to a new financial services firm. The reason for this being that transitions of this magnitude are more oftenthan not accompanied with compensation for the transition of assets. The contents of this report may not be comprehensive or up-to-date andECHELON Partners will not be responsible for updating any information contained within this Deal Report.

The ECHELON RIA M&A Deal Report: An Executive’s Guide to M&A in the Wealth Management, Breakaway, and Investment ManagementIndustries.

© Copyright 2018 ECHELON Partners. All rights reserved.No part of this publication may be reproduced or retransmitted in any form or by any means, including, but not limited to, electronic, mechanical,photocopying, recording, or any information storage retrieval system, without the prior written permission of ECHELON. Unauthorized copyingmay subject violators to criminal penalties as well as liabilities for substantial monetary damages up to $100,000 per infringement, costs andattorney’s fees. The information contained in this report has been obtained from sources believed to be reliable, and its accuracy andcompleteness is not guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness orcorrectness of the information and opinions contained herein. ECHELON can accept no responsibility for such information or for loss or damagecaused by any use thereof. The views and other information provided are subject to change without notice. This report is issued without regard tothe specific investment objectives, financial situation or particular needs of any specific recipient and is not to be construed as a solicitation or anyoffer to buy or sell any securities or related financial instruments.

11

September 12 – 13, 2018 | NEWPORT BEACH, CA

J o i n U s F o r T h e P r e m i e r E v e n t f o r D e a l m a k i n gi n W e a l t h M a n a g e m e n t

ECHELON Partners1500 Rosecrans Ave., Suite 416Manhattan Beach, CA 90266

888 560 9027www.echelon-partners.com

Member: FINRA/SIPC

I N V E S T M E N T B A N K E R S Ι M A N A G E M E N T C O N S U L T A N T S Ι V A L U A T I O N E X P E R T S

to the Wealth and Investment Management Industr ies

Carolyn Armitage, CFP®, CIMA® Managing [email protected] Ext. 303

Daniel SeivertManaging Partner & [email protected] Ext. 101

Mike Wunderli Managing [email protected] Ext. 202

Brett Mulder [email protected]

Barnaby [email protected]

Andrea PolizziVice [email protected]

Taylor [email protected]

ECHELON Partners Named TopInvestment Bank for Innovation,winning for the ECHELON RIAM&A Deal Report


Documents

ECHELON’s RIA M&A Deal Report › wp-content › uploads › 2013 › 03 › ECHE… · breakaway activity remained heightened as recent fears of increased litigation risk have