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Fidelity 2016
Wealth Management M&A
Transaction Report
Insights into Large RIA Acquirer Models
and Strategies
2
What’s inside
About Fidelity’s M&A
Leaders Forum
2016 M&A Trends:
Role of RIA Acquirers
How Large RIA Firms are
making acquisitions
Appendix
3
What’s inside
About Fidelity’s M&A
Leaders Forum
2016 M&A Trends:
Role of RIA Acquirers
How Large RIA Firms are
making acquisitions
Appendix
4
About Fidelity’s M&A Leaders Forum
Recognizing the growing importance of M&A strategies to the
future of the wealth management industry and individual advisory
firms, Fidelity created the M&A Leaders Forum in 2015.1
Comprised of influential leaders actively executing M&A strategies, the
Forum community seeks to:
• Increase M&A transaction transparency by identifying individual
deals.
• Raise advisor understanding and preparedness to engage in M&A
through increased education on key M&A trends and issues.
1. The Fidelity M&A Leaders Forum is a community of Wealth Management M&A Industry Leaders including leading strategic and financial acquirers, large RIA firms which have created a range of
business models focused on growth and sustainability, and Broker Dealers. Members of the Fidelity M&A Leaders Forum can be found in the following pages of this report.
5
Highlights from Fidelity's November 2016 M&A Leaders Forum meeting
In November 2016, Forum members gathered in Boston for their annual
meeting. Noteworthy takeaways from the Forum’s discussion include:
Acquirers are increasingly prepared, well capitalized, and
sophisticated, yet are experiencing increased competition
for a relatively small pool of attractive target firms.
Unlike in the past when AUM “rollup” was the primary M&A
objective, acquirers today are using M&A as means to
pursue strategies such as talent acquisition, scale,
improved advisor productivity, and growth.
The advisor community is largely unprepared for M&A and lacks
awareness on the right time to sell. Too many desire to maintain
independence and lifestyle elements while failing to see the
forces driving increased industry consolidation.
Acquirers demonstrate greater interest today in
understanding and addressing seller motivation as well
as understanding the specific challenges each advisory firm
seeks to solve through M&A.
Dynasty Financial Partners
Ed Swenson
Atlanta Capital Group
Joseph P. Young, Jr.
6
About Fidelity’s M&A Leaders Forum
AMG Wealth Partners
John Copeland
AMG Wealth Partners
Rich Gill
Beacon Pointe Advisors
Matt Cooper
Cambridge Investment
Research, Inc.
Jeff Vivacqua
Cambridge Investment
Research, Inc.
Amy Webber
CAPTRUST Financial Advisors
Rush Benton
Exencial Wealth Advisors
John Burns
Fiduciary Network
Mark Hurley
FP Transitions
Brad Bueermann
Atlantic Trust
Eric Propper
Berkshire Capital
Bruce Cameron
Colchester Partners
Frank Kettle
EP Wealth Advisors
Patrick Goshtigian
All photographs used with permission. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or
endorsement by Fidelity Investments.
Silver Lane Advisors
Liz Nesvold
Kestra Financial
Mark Schoenbeck
7
About Fidelity’s M&A Leaders Forum
Ladenburg Thalmann
Richard Lampen
Ladenburg Thalmann
Adam Malamed
Ladenburg Thalmann
Mark Zeitchick
Mariner Holdings
Marty Bicknell
United Capital
Matt Brinker
Park Sutton Advisors
Steve Levitt
Savant Capital Management
Brent R. Brodeski
Wealth Enhancement Group
Jeff Dekko
Wescott Financial Advisory
Group
Grant Rawdin
Hilliard Lyons
Karl Heckenberg
All photographs used with permission. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or
endorsement by Fidelity Investments.
HighTower Advisors
Matthias Kuhlmey
8
What’s inside
About Fidelity’s M&A
Leaders Forum
2016 M&A Trends:
Role of RIA Acquirers
How Large RIA Firms are
making acquisitions
Appendix
9
2016 M&A Trends: Role of RIA Acquirers
In 2016, we continued to see
healthy M&A activity, with
104 transactions representing
nearly $67.1 billion in AUM.
37
31
9
27
67
46
4
21
2016
2015
Strategic Acquirers
Wealth Management RIA Acquirers
Banks
Others
Wealth Management RIA
Wealth Management Breakaways
2016
2015
62
47
57 76
Buyers Sellers
See the Appendix for a definition of the types of transactions that are reflected in this report and a detailed list of the transactions. Fidelity compiled the data from publicly available information. Data for this
research covers the time periof 1/1/15 – 12/31/15 and 1/1/16-12/31/16od. All statistics quoted are from this research for the report unless otherwise indicated.
10
What’s inside
How Large RIA Firms are
making acquisitions
Appendix
2016 M&A Trends:
Role of RIA Acquirers
About Fidelity’s M&A
Leaders Forum
11
Large RIA Acquirers: A growing and critical industry player
Last summer, we developed The Fidelity 1H 2016 Wealth Management M&A Transaction Report,
which provided insights into how Strategic Acquirers executed a significant portion of transactions and are
helping to shape M&A in the Wealth Management Industry.
In this report, we introduce a second segment that’s also becoming a critical force in our industry as it
continues to mature: the large, standalone $1B+ wealth management RIA with strong management
and a track record of executing a well-defined acquisition strategy (“Large RIA Acquirer”).
Interviews were conducted with some members of Fidelity’s M&A Leaders Forum to gain insights into how
Large RIA Acquirers are becoming larger businesses through a thoughtful M&A strategy, as well as what
these firms have learned over the past several years by executing deals.
Interviews with members of the Fidelity M&A Leaders Forum for the insights shared in this report were conducted during the period of November 1, 2016 – November 15, 2016 by Excella, Inc., an independent
third-party consulting firm. The appendix of this report includes the names of those Forum members contributing to the report findings. The views and opinions expressed herein by the interviewed Forum
members are not necessarily the opinions or recommendations of Fidelity Investments.
12
Large RIA Acquirers: Focused on building strong, enduring businesses
These Large RIA Acquirers recognize the complexities of building a strong , successful, and
enduring business. They also recognize that in order to compete effectively in the M&A space, they
must communicate a strong value proposition to potential target firms who are interested in shaping
their future as part of a healthy, scalable, and focused organization.
z Business
development process
13
Large RIA Acquirers: The Attraction for Advisors
For advisors with successful, growing businesses,
Large RIA Acquirers may be a business strategy
that could help them grow faster and bigger than
they otherwise could if they remain independent.
Compliance, operations,
and technology
Investment solutions
and comprehensive
financial planning
Often these advisors possess proven-quality talent, yet
are seeking additional support in key business
functions and access to greater resources.
Another reason advisors find Large RIA Acquirers
attractive may be the potential to have greater
influence on the future direction of the combined entity
than might be possible with many multi-acquisition
strategic acquirers
Large RIA Acquirers: Selective in Their Targeting
Large RIA Acquirers are discerning.
The firms interviewed report that they’re less interested in advisors
who run a business with any one of the following attributes:
History of
limited AUM
growth
Aging
client base
Lack of
talent
An immediate
succession of
the advisor
Spotty or tainted
compliance
record
14
15
Six characteristics demonstrated by Large RIA Acquirers
In contrast to the Strategic Acquirers we profiled in
The Fidelity 1H 2016 Wealth Management M&A Transaction Report , Large RIA Acquirers have generally
completed fewer transactions, often by design. The firms interviewed for this report have, for the most part, completed
between two and five deals.
Their often opportunistic initial deal experience and subsequent challenging implementation lessons leads them to
develop a more deliberate and thoughtful acquisition strategy. We have identified six distinct characteristics of their
approaches to acquisition that other acquirers and advisors can learn from.
In general, Large RIA Acquirers:
Seek to boost
growth and
increase scale 1
Readily access
capital through
multiple sources 2
Take a strategic and
deliberate approach
to pursuing targets 3
Place a high importance
on creating a well-
defined shared vision 4
Structure the deal to
reinforce shared
vision 5
Make integration
a priority and
competitive differentiator 6
16
1. Seek to boost growth and increase scale
While M&A itself is often considered to be the strategy, several of the firms interviewed identified higher level
strategies of growth, talent acquisition, and operating productivity which lead to M&A as the means of execution of
the strategy. As a result, they are more deliberate, intentional, and patient in executing their M&A strategy.
Led by visionary leaders and strong
management teams, these firms believe that
pursuing an inorganic growth strategy that
complements existing activities can help sustain
historical growth rates over the long term. Rising breakeven costs for people,
technology investments, and compliance are
driving acquirers to pursue acquisitions as a
means to create scale, gain efficiencies,
and increase productivity.
17
2. Readily access capital through multiple sources
Examples of capital-raising
activities relied upon by
Large RIA Acquirers:
A corporate
recapitalization
Funds from private
equity firms
A sale to a larger, but
often passive, investor
owner (e.g., bank)
One potential benefit of
greater available capital:
Increased flexibility for all
parties when structuring
deal terms.
A significant change giving
rise to this Large RIA
Acquirer segment is the
availability of substantial and
sophisticated capital.
Today, few Large RIAs are
executing transactions by
relying solely on existing
cash flow.
Instead, these acquirers are
drawing on available
capital from sophisticated
private equity firms and
parent investors who find
the wealth management
space an attractive
investment opportunity.
18
3. Take a strategic and deliberate approach to pursuing targets
Dedicating seasoned
professionals to the
M&A process
After initially executing opportunistic transactions, Large RIA
Acquirers began to take a more thoughtful and strategic approach
to subsequent acquisitions. These approaches include:
Defining their
acquisition goals
Clarifying a set of criteria
to define an ideal target
Because of this deliberate and
strategic approach, targets
seeking to maximize the value
of their firm may want to
closely match their
characteristics to the needs
and objectives of the acquirer.
19
3. Take a strategic and deliberate approach to pursuing targets
Expanding geographically
with the intent of efficiently
building a presence and brand
in a new and distant market
Building density in markets
where the acquirer has an
existing presence in order to
increase scale and gain
efficiencies and elevate their
brand profile
Acquiring next-gen
talent, who can potentially
help supercharge organic
growth by providing an
array of technical and
client-facing skills and
leadership potential
When it comes to
defining acquisition
goals, Large RIA
Acquirers typically
focus on three
priorities.
20
3. Take a strategic and deliberate approach to pursuing targets
Acquirers have learned to make an effort
to determine whether G2 talent
represents the type of professional that
can help them longer-term. They’re also
looking to see if incentives are in place to
keep this talent post-acquisition. A lack of
a deep bench in the satellite office may
put existing client relationships at risk.
Next-gen talent in the distant
location can make or break the
success of an acquisition.
Distant locations tend to
need local leadership.
Succession deals can be more challenging
than anticipated with distant targets.
Large RIA Acquirers report that they
carefully assess who will provide local
leadership (e.g., someone from their team
who plans to relocate to the satellite office
or someone who is already in place at the
target). When pursuing a target
that offers geographic
expansion, some Large
RIA Acquirers have gained
unexpected lessons
through their experience
21
3. Take a strategic and deliberate approach to pursuing targets
In order to avoid creating a long wish list of criteria that may not
be realistic to fill, Large RIA Acquirers typically prioritize the top
characteristics that they consider essential in a target advisor.
Staying true to these priorities can help them save time, realize
efficiency, and keep emotions out of the buying process.
Typical criteria to
define an ideal target
Location Firm size Fit
Once a strategy is set,
Large RIA Acquirers are
investing a meaningful
amount of time to identify a
set of criteria to define and
evaluate an ideal target.
22
3. Take a strategic and deliberate approach to pursuing targets
Large RIA Acquirers typically look for these attributes in their assessment:
Client experience . Large RIA Acquirers are attentive to the client experience. They want to
understand the details about a target's communication processes, including touch points, contact
frequency as well as offline and digital channels used.
Similar investment philosophy and capabilities such as holistic financial planning.
Common philosophy on how employees are treated. This can include philosophies regarding
compensation as well as criteria for advancement within the organization. As part of this assessment,
they’re also looking to ensure future employees possess the right skill sets (e.g., technical, emotional
intelligence, leadership) to complement or fill any gaps in their organization.
The right chemistry. Large RIA Acquirers look for compatible personalities among all partners and
associates that are part of the deal. Investing the time to have conversations with all stakeholders
can help validate whether the chemistry is right and develop a clear understanding of future roles.
For Large RIA Acquirers,
assessing fit is a
combination of art and
science and ultimately
helps them better
understand the target
firm’s core values. Firms
devote substantial
attention to the new
relationship and assessing
potential alignment.
23
3. Take a strategic and deliberate approach to pursuing targets
While some Large RIA Acquirers have full-time staff dedicated to
pursuing a target and closing a deal, all have at least one internal leader
who is typically allocating the majority of his or her time to acquisitions.
Large RIA Acquirers
tend to dedicate
substantial
resources to
acquisition efforts.
Discussions about a combined entity typically include these topics:
How they will pursue long-term sustainable and, in several
cases, much faster combined growth
Organizational structure of the combined team including future
roles and responsibilities for key players
Potential difficult decisions and areas of conflict
Areas for potential cost savings
The type and amount of risk each party may assume
24
4. Place a high importance on creating a well-defined shared vision
Large RIA Acquirers believe that candid
discussions with the target advisor
about a future vision for the combined
entity can help build trust and clarity.
These types of constructive, forthright
conversations, which are largely focused
on expectations, tend to occur early on in
the pursuit. This timing is instrumental in
helping Large RIA Acquirers understand
how the target will contribute to creating
a stronger combined entity.
Large RIA Acquirers tell us that
succession/exit situations are
less attractive to them than a
target advisor or firm that has the
potential to grow faster and
bigger than they otherwise would
have if they remained independent.
25
4. Place a high importance on creating a well-defined shared vision
According to the firms interviewed, don’t underestimate the amount of consideration and effort
all parties to a transaction need to undertake when agreeing upon a well-defined vision.
In defining their shared vision, acquirers and targets consider the following activities:
1. Documenting their core values and know what is critical versus desired
in a post-acquisition vision.
2. Articulating what they hope to achieve from a sale.
3. Communicating their strengths and how they can add value to a
combined entity (e.g., talent, attractive client base, or additional
capabilities)
4. Fully embracing the acquiring firm’s overall approach.
While large RIA Acquirers indicate that they’re open to new ways of
running the business, they generally expect their targets to fully embrace
their practices. Few will consider making exceptions for one target or
group of clients in terms of how they are served, since such exceptions
likely defeat their goal of achieving scale.
Acquirers Target Advisor
1. Documenting and clearly articulating a well-developed value
proposition for why a target should join them, which could include:
• The acquirer’s track record for doing acquisitions
• How new business is generated
• Resources and capabilities they offer
• The types of centralized resources, including technology, that
the target advisor or firm will have access to
• Governance and decision-making processes
2. Understanding all of the commitments the target advisor or firm
has made to existing clients and employees and whether they can be
fulfilled or addressed prior to closing a deal.
3. Maintaining an open mind to adopting any best practices offered by
the target firm that can make the combined entity stronger.
This information is general in nature and should not be construed as advice of any kind. This does not reflect an advisor’s analysis for any particular situation or transaction. An advisor should conduct its own
analysis, review, and due diligence based on the factors of its own specific situation. The views and opinions expressed herein are not necessarily the opinions or recommendations of Fidelity Investments.
26
5. Structure the deal to reinforce shared vision
The combined vision increasingly drives deal structure
and terms, which are instrumental when finalizing price.
As a result, deal structures have become increasingly
sophisticated as they may address an array of issues:
Shared
risk
Specific control and
voting provisions
Timing and method
of payments
Philosophical
alignment
27
5. Structure the deal to reinforce shared vision
While all parties may agree on firm valuation, deal terms can
ultimately impact the final price agreed upon by all stakeholders.
For example:
If the target is sharing
more of the risk, an
acquirer may pay more
than the firm’s value.
If the clients are likely to remain with the
combined entity, the acquirer may consider
compensating talent if they're participating in
the growth of existing clients and assuming
the risk of it not growing.
If a target advisor only
wants cash or a short-term
note, the price can be
lower than the valuation.
If a target advisor is looking for a
succession option and does not offer a
strong bench of G2 talent, then the price
can be negatively impacted.
28
6. Make integration a priority and competitive differentiator
They learned over time that their success
requires attention to the demands of
integration: complexities, unanticipated
challenges, organizational alignment, and
resource and leadership demands.
These demands should be addressed
over an extended time period to achieve
the full potential of the combined entity.
Large RIA Acquirers recognize that M&A is
both a financial and business transaction.
An acquisition is much more than a financial transaction. Acquirers need to fully
integrate their target into their organization in order to achieve maximum value.
Closing the deal does not define success. Integration requires patience, much more
hard work, and commitment than most anticipate. Reviewing results of the integration
one year after the closing date can help gauge overall effectiveness and uncover valuable
insights and best practices to apply to the next deal.
Expectations between both parties must be established well before the close. For
example, parties should decide the sequence of events for the integration, as well as any
changes in roles, governance and decision making processes.
Both sides of the deal face challenges. Regular status meetings with leaders from both
sides, clear role definitions, establishing a way to identify points of difference, as well as a
resolution and governance process can all help streamline the integration process.
Unique individual processes or skills offered by the acquired firm can provide ways
to help integrate the combined entity. Large RIA Acquirers should maintain an open
mind to ideas offered by the target.
29
6. Make integration a priority and competitive differentiator
Based on their experiences, the Large RIA Acquirers offer the following
observations for achieving an agreed-upon vision for the combined entity:
This information is general in nature and should not be construed as advice of any kind. This does not reflect an advisor’s analysis for any particular situation or transaction. An advisor should conduct its own
analysis, review, and due diligence based on the factors of its own specific situation. The views and opinions expressed herein are not necessarily the opinions or recommendations of Fidelity Investments.
30
Conclusion
Large RIA Acquirers represent an opportunity for well-prepared advisors to work closely with firms who
demonstrate a unique mix of business management acumen and wealth management advisory experience.
Such relationships can provide a way for advisors to leverage a well-managed platform in order to achieve a potentially
higher level of growth than if they remained independent, while also contributing unique elements
of their existing business into a willing partner’s organization.
What specific management and growth
challenges are you facing that a Large RIA
Acquirer could help you to solve?
When considering how to engage with Large RIA Acquirers, advisors may want to
thoughtfully answer the following questions:
What types of attributes, skills, and
expertise do you bring to the table that
would help a Large Acquirer continue to
build a strong , successful and
enduring business?
How can you contribute to
developing a shared vision of the
future with a Large RIA Acquirer to
help long-term success?
31
Contact Your Fidelity Representative for More Information
As with any effective M&A strategy, advisors should determine their own
priorities as they consider their growth, scale, and leadership succession
options. As you explore your path forward, we encourage you to
contact your Fidelity Representative for more information.
32
2016 M&A Trends:
Role of RIA Acquirers
About Fidelity’s M&A
Leaders Forum
Appendix
How Large RIA Firms are
making acquisitions
33
Contents
M&A Transactions for 2016
Contributors to Insights on Large RIA Acquirers
Comparison of Acquisition Models
Additional Fidelity Resources
Select 2016 Broker Dealer and Other Transactions
34
M&A Transactions for 2016
This Wealth Management M&A Transaction Report
seeks to capture Merger and Acquisition deals involving:
Fidelity compiled the data for this report from public information and reviewed it with a community of Wealth
Management M&A Industry Leaders. This community included leading Strategic and Financial Acquirers, Large
RIA firms who have created a range of business models focused on growth and sustainability, and Broker
Dealers. Data for this report covers the period from January 1, 2016 - December 31, 2016.
Designation of acquirer models consistent with descriptions in this report are representative examples from
discussions with the M&A Leaders Forum members and are not inclusive of all transactions during this period.
Wealth Management firms registered with the SEC as a
Registered Investment Advisor including transactions
identified with over $100 million in assets under
management, but less than $20 billion
Breakaway advisors and/or advisory teams who are
leaving a financial institution to join a Wealth
Management RIA and who are expected to bring over at
least $100 million in AUM to the new business, as this
transition would likely include remuneration.
35
M&A Transactions for 2016
Former firm Former firm
seller type New firm
Approx.
transaction
date
Approx. AUM
($M) Location Acquirer model1
1 Wells Fargo Advisors Dually Registered Focus Financial/GYL Financial Synergies 8/1/2016 4,500 West Hartford, CT Strategic Aggregator
2 Douglas C. Lane & Associates Wealth Management RIA Focus Financial Partners/Douglas C. Lane & Associates 1/19/2016 4,300 New York, NY Strategic Aggregator
3 Smith Hayes Advisers Wealth Management RIA D.A. Davidson & Co 3/7/2016 4,000 Lincoln, NE Other
4 Presidio Capital Advisors RIA Tiedemann Wealth Management 8/8/2016 4,000 San Francisco, CA Large RIA Acquirer
5 Convergent Wealth Advisors RIA Pathstone Federal Street 8/25/2016 3,000 Potomac, MD Large RIA Acquirer
6 Gerstein Fisher RIA People's United Bank 7/21/2016 3,000 New York, NY Bank
7 Atherton Lane Advisers Wealth Management RIA BNY Mellon Wealth Management 4/4/2016 2,700 Menlo Park, CA Bank
8 Kovitz Investment Group Wealth Management RIA Focus Financial Partners/Kovitz Investment Group 1/11/2016 2,700 Chicago, IL Strategic Aggregator
9 Cleary Gull Advisors Wealth Management RIA Johnson Bank 5/28/2016 2,100 Milwaukee, WI Bank
10 Kanaly Trust Wealth Management RIA Mercer Advisors 3/28/2016 2,000 Houston, TX Large RIA Acquirer
11 Cordatus Wealth Management RIA Prospera Financial Services 8/9/2016 1,200 Newtown, PA Large RIA Acquirer
12 Braver Wealth Management RIA Adviser Investments 11/21/2016 1,100 Needham, MA Large RIA Acquirer
13 National Asset Management Wealth Management RIA Fortress Biotech 4/28/2016 1,005 New York, NY Other
14 HHG & Company Wealth Management RIA Wealth Enhancement Group 3/2/2016 1,000 Darien, CT Large RIA Acquirer
15 Transamerica Financial Advisors Dually Registered Kestra Financial/Wiser Financial Group 7/29/2016 1,000 Kalamazoo, MI Branded Acquirer
16 Sargent Bickham Lagudis Wealth Management RIA Colorado Financial Management 1/20/2016 957 Boulder, CO Large RIA Acquirer
17 Stanford Investment Group Dually Registered Aspiriant 12/12/2016 850 Mountain View, CA Large RIA Acquirer
18 Sterne Agee Investment Advisor Services Wealth Management RIA INTL FCStone 6/27/2016 845 Birmingham, AL Other
19 Waddell & Associates Wealth Management RIA Focus Financial Partners/Waddell & Associates 3/21/2016 750 Memphis, TN Strategic Aggregator
20 Spero-Smith Investment Advisers RIA HPM Partners 7/31/2016 750 Cleveland, OH Large RIA Acquirer
21 Lebenthal RIA Dynasty Financial Partners/YorkBridge Wealth Partners 7/1/2016 750 New York, NY Integrated Platform Provider
22 Emerson Investment Management Wealth Management RIA Boston Financial Management 5/2/2016 701 Boston, MA Large RIA Acquirer
23 SunTrust Advisory Services RIA Smith & Howard Wealth Management 8/31/2016 700 Atlanta, GA RIA Acquirer
24 SII Investments/Watermark Wealth Strategies Dually Registered Kestra Financial 8/4/2016 700 Scotsdale, AZ Branded Acquirer
25 U.S. Trust Bank of America Private Wealth Management Wealth Management Breakaway
GuideStar Private Wealth Management/Wells Fargo Advisors
Financial Network (FiNet) 3/10/2016 663 Westlake Village, CA Other
Fidelity compiled the data for this report from public information and reviewed it with a community of Wealth Management M&A Industry Leaders. This community included leading Strategic and Financial Acquirers,
Large RIA firms who have created a range of business models focused on growth and sustainability, and Broker Dealers. Data for this report covers the period from January 1, 2016 - December 31, 2016.
1. Additional information on acquirer models can be found in the Appendix of this report.
36
M&A Transactions for 2016
Former firm Former firm
seller type New firm
Approx.
transaction
date
Approx. AUM
($M) Location Acquirer model1
26 West Capital Management RIA WSFS Financial Corporation 10/17/2016 651 Philadelphia, PA Bank
27 Carnick & Kubik Wealth Management RIA Focus Financial Partners/Carnick & Kubik Group 4/5/2016 600 Denver, CO Strategic Aggregator
28 LPL Financial Dually Registered Focus Financial/XML Financial Group 10/1/2016 600 Rockville, MD Strategic Aggregator
29 Morgan Stanley Wealth Management Wirehouse
Encore Wealth Management/Wells Fargo Advisors Financial
Network (FiNet) 8/19/2016 587 Fresno, CA Other
30 WealthSource Partners RIA
WealthSource Partners/Raymond James Investment Advisors
Division 8/8/2016 568 San Luis Obispo, CA Other
31 Bank of America Merrill Lynch Wirehouse Dynasty Financial Partners/Maximai Investment Partners 9/16/2016 550 Coral Gables, FL Integrated Platform Provider
32 Summit Capital Management Wealth Management RIA Focus Financial Partners/Merriman Wealth Management 4/1/2016 520 Seattle, WA Strategic Aggregator
33 Acacia Wealth Advisors RIA HighTower Advisors/Acacia Wealth Advisors 7/14/2016 500 Beverly Hills, CA Branded Acquirer
34 Morgan Stanley Wealth Management Wirehouse HighTower Advisors/HighTower Omaha 8/18/2016 500 Omaha, NE Branded Acquirer
35 Disciplined Wealth Strategies Wealth Management RIA Efficient Advisors 2/22/2016 441 Austin, TX Large RIA Acquirer
36 UBS Financial Services Wealth Management Breakaway
Millennium Private Wealth/Wells Fargo Advisors Financial
Network (FiNet) 3/24/2016 426 Charleston, SC Other
37 Bank of America Merrill Lynch Wealth Management Breakaway Dynasty Financial Partners/Premia Global Advisors 2/15/2016 400 Coral Gables, FL Integrated Platform Provider
38 NFP Advisor Services Wealth Management Breakaway HighTower Advisors/HighTower St. Louis 6/8/2016 400 St. Louis , MO Branded Acquirer
39 Bank of America Merrill Lynch Wirehouse
Duncan-Newman Associates/Wells Fargo Advisors Financial
Network (FiNet) 7/26/2016 400 Agoura Hills, CA Other
40 HFI Wealth Management Wealth Management RIA United Capital 5/4/2016 375 Shepherdston, WV Branded Acquirer
41 Westport Resources Management (Private Client Group) RIA United Capital 8/26/2016 373 Westport, CT Branded Acquirer
42 US Wealth Management RIA IHT Wealth Management 12/21/2016 371 Braintree, MA RIA Acquirer
43 Glowacki Group Wealth Management RIA Aspiriant 2/17/2016 360 Los Angeles, CA Large RIA Acquirer
44 Bank of America Merrill Lynch Wirehouse First Republic Investment Management 8/26/2016 360 San Francisco, CA Bank
45 WNA Wealth Advisor RIA Private Vista 10/20/2016 355 Hinsdale, IL Large RIA Acquirer
46 Concannon Wealth Management RIA Dynasty Financial Partners/Concannon Wealth Management 8/16/2016 354 Bethlehem, PA Integrated Platform Provider
47 LPL Financial Wealth Management Breakaway
Harbor Lights Financial Group/Wells Fargo Advisors Financial
Network (FiNet) 5/4/2016 350 Manasquan, NJ Other
48 J.P. Morgan Securities Bank
Snowden Capital Advisors/Harbor Wealth Management
Group 9/16/2016 350 Baltimore, MD Large RIA Acquirer
49 Weaver Wealth Management Wealth Management RIA BOK Financial 3/1/2016 340 Dallas, TX Bank
50 Ironmark Advisors RIA Beacon Pointe Wealth Advisors 9/30/2016 340 Plano, TX Branded Acquirer
Fidelity compiled the data for this report from public information and reviewed it with a community of Wealth Management M&A Industry Leaders. This community included leading Strategic and Financial Acquirers,
Large RIA firms who have created a range of business models focused on growth and sustainability, and Broker Dealers. Data for this report covers the period from January 1, 2016 - December 31, 2016.
1. Additional information on acquirer models can be found in the Appendix of this report.
37
M&A Transactions for 2016
Former firm Former firm
seller type New firm
Approx.
transaction
date
Approx. AUM
($M) Location Acquirer model1
51 Private Fund Advisors RIA Cornerstone Advisory 12/6/2016 331 Arnold, MD RIA Acquirer
52 SunTrust Investment Services Wealth Management Breakaway HighTower Advisors/The Otto Group 5/20/2016 320 Sarasota, FL Branded Acquirer
53 Bank of America Merrill Lynch Wealth Management Breakaway HighTower Advisors/DSG Wealth Management 5/6/2016 315 Minneapolis, MN Branded Acquirer
54 Bedrock Capital Management Wealth Management RIA United Capital 1/26/2016 310 Los Altos, CA Branded Acquirer
55 Rav Financial Services Wealth Management RIA Sequoia Financial Group 6/27/2016 301 Beachwood, OH Large RIA Acquirer
56 Old Dominion Capital Management Wealth Management RIA Union Bank & Trust/Union Bankshares Corporation 4/5/2016 300 Charlottesville, VA Bank
57 Bank of America Merrill Lynch Wealth Management Breakaway HighTower Advisors/LRG Wealth Advisors 6/16/2016 300 New York, NY Branded Acquirer
58 Ballou Plum Wealth Advisors Wealth Management RIA EP Wealth Advisors 1/20/2016 300 San Francisco, CA Large RIA Acquirer
59 J.M. Egan Wealth Advisors Wealth Management RIA HighTower Advisors/The Egan Group at HighTower 6/28/2016 300 Madison, NJ Branded Acquirer
60 J.P. Morgan Securities Bank
Capstan Financial Consulting/Wells Fargo Advisors Financial
Network (FiNet) 8/10/2016 280 Sarasota, FL Other
61 Sound Financial Solutions Wealth Management RIA Wealth Enhancement Group 5/2/2016 260 Houston, TX Large RIA Acquirer
62 UBS Financial Services Wirehouse HighTower Advisors/Falcon Wealth Advisors 12/2/2016 260 Mission Woods, KS Branded Acquirer
63 J.J.B. Hilliard, W.L. Lyons Wealth Management Breakaway
Saling Wealth Advisors/Raymond James Investment Advisors
Division 5/18/2016 250 Louisville, KY Other
64 Merrill Lynch Wirehouse HighTower Advisors/The Thrush Group 10/17/2016 250 Westport, CT Branded Acquirer
65 LPL Financial Dually Registered Kestra Advisory 4/26/2016 250 Mount Laurel, NJ Branded Acquirer
66 IronGate Investment Management RIA HighTower Advisors/IronGate Partners 10/28/2016 250 Wilmington, NC Branded Acquirer
67 Summit Brokerage Services IBD Berthel Fisher & Company Planning 12/15/2016 250 Cedar Rapids, IA Other
68 Morgan Stanley Wealth Management Wirehouse
Seventy2 Capital Wealth Mgmt/Wells Fargo Advisors
Financial Network (FiNet) 12/1/2016 243 Bethesda, MD Other
69 Deutsche Bank Bank Wells Fargo Advisors Financial Network (FiNet) 7/18/2016 230 Washington, DC Other
70 Matterhorn Capital Management RIA Avalon Advisors 12/26/2016 220 San Antonio, TX Large RIA Acquirer
71 Pinnacle Financial Advisors Wealth Management RIA RTD Financial Advisors 3/31/2016 210 Marlton, NJ Large RIA Acquirer
72 Peak Investment Management RIA Stockman Asset Management 9/24/2016 207 Missoula, MT Large RIA Acquirer
73 Raymond James Financial Services Advisors Wealth Management Breakaway
Kauffman Wealth Management/Wells Fargo Advisors
Financial Network (FiNet) 1/15/2016 202 Pasadena, CA Other
74 Morgan Stanley Wealth Management Wealth Management Breakaway HighTower Advisors/The Rand Group 3/21/2016 200 Newport Beach, CA Branded Acquirer
75 Morgan Stanley Wealth Management Wealth Management Breakaway
Pitti Group Wealth Management/Wells Fargo Advisors
Financial Network (FiNet) 5/4/2016 200 Rochester, NY Other
Fidelity compiled the data for this report from public information and reviewed it with a community of Wealth Management M&A Industry Leaders. This community included leading Strategic and Financial Acquirers,
Large RIA firms who have created a range of business models focused on growth and sustainability, and Broker Dealers. Data for this report covers the period from January 1, 2016 - December 31, 2016.
1. Additional information on acquirer models can be found in the Appendix of this report.
38
M&A Transactions for 2016
Former firm Former firm
seller type New firm
Approx.
transaction
date
Approx. AUM
($M) Location Acquirer model1
76 CLA Financial Advisors RIA Wealth Enhancement Group 12/15/2016 200 Northbrook, IL Large RIA Acquirer
77 Blackhaw Wealth Management RIA Brown Advisory 9/1/2016 193 Austin, TX Large RIA Acquirer
78 Morgan Stanley Wealth Management Wealth Management Breakaway
Trailhead Wealth Management/Wells Fargo Advisors
Financial Network (FiNet) 2/12/2016 186 Louisville, CO Other
79 Lincoln Financial/Integrated Financial Partners Dually Registered Integrated Wealth Concepts 11/29/2016 184 Waltham, MA Other
80 Goldman Sachs & Co. Wealth Management Breakaway Dynasty Financial Partners/Corient Capital Partners 6/29/2016 180 Newport Beach, CA Integrated Platform Provider
81 Bank of America Merrill Lynch Wirehouse Snowden Lane Partners/Guth-Fordyce Group 7/15/2016 180 New Haven, CT Large RIA Acquirer
82 Solutions for Wealth Management Wealth Management RIA Focus Financial/Buckingham Asset Management 3/31/2016 174 Bourbonnais, IL Strategic Aggregator
83 UBS Financial Services Wirehouse
Heritage Financial Partners/Wells Fargo Advisors Financial
Network (FiNet) 8/12/2016 173 Pittsburgh, PA Other
84 Netting & Pace Wealth Management RIA Exencial Wealth Advisors 4/12/2016 171 San Antonio, TX Large RIA Acquirer
85 Powers Capital Wealth Management RIA Focus Financial Partners/Benefit Funding Services Group 1/1/2016 163 Irvine, CA Strategic Aggregator
86 Triton Wealth Management Wealth Management RIA Focus Financial/Bridgewater Wealth & Financial Management 1/11/2016 154 Easton, MD Strategic Aggregator
87 Denver Money Manager Wealth Management RIA Focus Financial/Buckingham Asset Management 2/3/2016 153 Denver, CO Strategic Aggregator
88 Stark Capital Management Wealth Management RIA Atlanta Capital Group 1/7/2016 150 Houston, TX Large RIA Acquirer
89 Ameriprise Financial Wealth Management Breakaway
NewDay Solutions/Raymond James Investment Advisors
Division 1/9/2016 150 Hampton, NH Other
90 UBS Financial Services Wirehouse
Great Lakes Wealth/Raymond James Investment Advisors
Division 7/5/2016 150 Northville, MI Other
91 Walden Capital Advisors RIA Beacon Pointe Wealth Advisors 12/31/2016 150 Bala Cynwyd, PA Branded Acquirer
92 Columbia Ridge Capital Management RIA NBT Bancorp 12/15/2016 142 Johnson City, NY Bank
93 Wheatland Advisors RIA Orrstown Financial Services 12/13/2016 139 Lancaster, PA Bank
94 Raymond James Financial Services Advisors Wealth Management Breakaway
Collins Investment Group/Wells Fargo Advisors Financial
Network (FiNet) 5/16/2016 132 Falls Church, VA Other
95 Filigree Advisors Wealth Management RIA Boston Private Wealth 1/26/2016 126 Beverly Hills, CA Large RIA Acquirer
96 UBS Financial Services Wealth Management Breakaway HighTower Advisors/HighTower Boca Raton 5/12/2016 125 Boca Raton, FL Branded Acquirer
97 Bank of America Merrill Lynch Wirehouse Wells Fargo Advisors Financial Network (FiNet) 11/10/2016 125 Staten Island, NY Other
98 UBS Financial Services Wirehouse Wells Fargo Advisors Financial Network (FiNet) 7/1/2016 107 Hinsdale, IL Other
99 Edward Jones Dually Registered
Alloy Capital Management/Wells Fargo Advisors Financial
Network (FiNet) 10/21/2016 103 Silverdale, WA Other
100
Michael Dallas Retirement Solutions/Prospera Financial
Services Dually Registered Bloomfield Hills Financial/First Allied Advisory 10/31/2016 103 Fort Worth, TX Other
101 J.P. Morgan Securities LLC Dually Registered Wells Fargo Advisors Financial Network (FiNet) 11/4/2016 101 Bloomfield Hills, MI Other
102 Bank of America Merrill Lynch Wealth Management Breakaway Snowden Lane Partners 5/13/2016 100 New York, NY Large RIA Acquirer
103 Beverly Financial Group/Ausdal Financial Partners Wealth Management Breakaway Sentinus 1/7/2016 100 Oak Brook, IL RIA Acquirer
104 Diveley Lind & Associates RIA Alpha Omega Wealth Management 11/1/2016 100 Fort Defiance, VA RIA Acquirer
Fidelity compiled the data for this report from public information and reviewed it with a community of Wealth Management M&A Industry Leaders. This community included leading Strategic and Financial Acquirers,
Large RIA firms who have created a range of business models focused on growth and sustainability, and Broker Dealers. Data for this report covers the period from January 1, 2016 - December 31, 2016.
1. Additional information on acquirer models can be found in the Appendix of this report.
39
M&A Transactions for 2016
Transactions by State
62% of transactions occurred in just 8 states.
CA
TX
FL
NY
17
10
9
5
Other: 40
Total: 104
IL
6
CT:5 PA
MD:6
6
Transactions by Seller Size
The ten largest transactions by assets accounted for
nearly 65% of the total transaction AUM.
Seller size
No. o
f tr
an
sa
ctio
ns
$100M <
$250M
$250M <
$500M $500M <
$1B
$1B <
$4B
$4B <
$10B $10B <
$20B
Wealth Management
RIAs
Wealth Management
Breakaways
0
10
50
20
30
40
31
19 17
20
2015
2016
13
18 16
17
2015 2016
13
14 11
8
2016
2015
5
15 9
2
2015
2016
8 4
2015
2016
2
2015
See the Appendix for a definition of the types of transactions that are reflected in this report and a detailed list of the transactions. Fidelity compiled the data from publicly available
information. Data for this research covers the time period of 1/1/15 – 12/31/15 and 1/1/16-12/31/16. All statistics quoted are from this research for the report unless otherwise indicated.
40
M&A Transactions for 2016
Wealth Management
RIAs
Wealth Management
Breakaways
No. o
f tr
an
sa
ctio
ns
1st Half
2015
1st Half
2016 2nd Half
2015
2nd Half
2016
18
33
0
20
140
60
100
120
80
40
44
43
20
32
27
25
62
76
2015
Total
2016
Total
47
57 Pe
rcen
t o
f tr
an
sa
ctio
ns
1st Half
2015
1st Half
2016 2nd Half
2015
2nd Half
2016
35%
65%
0
20%
100%
40%
60%
80%
70%
50%
30%
10%
50%
50%
38%
62%
52%
48%
90%
45%
55%
45%
55%
2015
Total
2016
Total
Transactions by Seller Type
See the Appendix for a definition of the types of transactions that are reflected in this report and a detailed list of the transactions. Fidelity compiled the data from publicly available
information. Data for this research covers the time period of 1/1/15 – 12/31/15 and 1/1/16-12/31/16. All statistics quoted are from this research for the report unless otherwise indicated.
41
Initial Glance: January 2017 M&A Transactions
Fidelity compiled the data for this report from public information and reviewed it with a community of Wealth Management M&A Industry Leaders. This community included leading Strategic and Financial
Acquirers, Large RIA firms who have created a range of business models focused on growth and sustainability, and Broker Dealers. See the Appendix for a definition of the types of transactions that are reflected
in this report . Data for this report covers the period from January 1, 2017 - January 23, 2017.
1 Wells Fargo Advisors HighTower Advisors/Fortress Wealth Planning
2 Signator Investors Kestra Financial/Dudum Financial
3 Bank of America Merrill Lynch First Republic Investment Management
4 Crestwood Advisors Focus Financial Partners/Crestwood Advisors
5 Robertson Stephens Dynasty Financial Partners/Claybrook Capital
6 The Retirement Corporation of America Fifth Third Bank
7 Jones Barclay Boston Focus Financial Partners/Colony Group
8 Novos Planning Associates Mercer Advisors
9 Couch Hallum Financial Group Per Stirling Capital Management
10 HBK Wealth Management CAPTRUST Financial Advisors
11 PacWest Financial Management Focus Financial Partners/Benefit Financial Services Group
Former Firm New Firm
42
Contributors to Insights on Large RIA Acquirers
Atlanta Capital Group
Joseph P. Young, Jr.
Atlantic Trust
Eric Propper
Berkshire Capital
Bruce Cameron
Colchester Partners
Frank Kettle
EP Wealth Advisors
Patrick Goshtigian
Park Sutton Advisors
Steve Levitt
Savant Capital Management
Brent R. Brodeski
Wealth Enhancement Group
Jeff Dekko
Wescott Financial Advisory
Group
Grant Rawdin
All photographs used with permission. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or
endorsement by Fidelity Investments.
Interviews were conducted with the following members of Fidelity’s M&A Leaders Forum to gain insights
into how Large RIA Acquirers are becoming larger businesses through a thoughtful M&A strategy, as well
as what these firms have learned over the past several years by executing deals.
Interviews were conducted during the period of November 1, 2016 –November 15, 2016 by Excella, Inc., an independent third-party consulting firm. The views and opinions expressed by the interviewed
Forum members are not necessarily the views or opinions of Fidelity Investments.
43
Select 2016 Broker Dealer and Other Transactions
Although the select 2016 Broker Dealer and Other transactions noted below do not meet the criteria for being included in
Fidelity’s 2016 M&A Transaction Report, they reflect ongoing wealth management industry consolidation.
1 AIG Advisor Group Lightyear Capital, PSP Investments 160.0
2 Deutsche Bank U.S. Private Client Services Raymond James Financial 50.0
3 Kestra Financial Stone Point Capital 37.0
4 Sterne Agee Group INTL FCStone 11.0
5 Legend Group Lincoln Investment 6.0
6 Foothill Securities Securities America 5.1
7 Keeley Asset Management Teton Advisors 2.5
8 W.E. Donoghue & Co. (WEDCO) Minella Capital Management 1.6
9 First Affirmative Financial Network FOLIOfn 1.0
10 Navigator Planning Group Nicolet National Bank 1.0
Former Firm New Firm Approx. AUM ($B)
Fidelity compiled data for the noted transactions from public information and reviewed it with a community of Wealth Management M&A Industry Leaders. This community included leading Strategic and Financial
Acquirers, Large RIA firms who have created a range of business models focused on growth and sustainability, and Broker Dealers. Broker Dealer and Other Transactions noted cover the period from January 1,
2016 – December 31, 2016.
44
Comparison of Acquisition Models - Strategic Acquirers and Wealth Management Acquirers
Integrated Platform
Provider Passive Investor Financial Acquirer
Strategic
Aggregator Branded Acquirer
Wealth
Management RIA
Acquirer
Differentiator
Strong product, operating
and practice management
platform.
Capital to execute move to
independence.
Strong transition support
model.
Passive capital provision
from long term investor.
Advisor retains maximum
operating and voting
control.
Enable entrepreneurs to
execute business plan by
providing needed capital.
Advisors accountable to but
operate independently from
investors.
Engage and retain
entrepreneurs seeking to
build business to next level
(whether transition or
strategic support).
Well capitalized to facilitate
transitions.
Sophisticated deal
structures.
Strong well branded presence
and platform.
Enable advisors to concentrate
on client/market facing
activities.
Remove often unwanted
operating complexities and
decisions (operations,
technology, staff management)
from motivated entrepreneurs.
Strong, respected local
brand and well executed
operating model.
Primary deal
structure &
components
(% cash
/equity/debt;
% up front; earn
out structure; etc.)
No ownership change.
RIA pays ongoing platform
fee on multi-year contract.
Minority equity stake.
Long term investment to
generate cash flow to
passive investors.
Majority equity stake.
Long term investment.
Ownership transition to
shared cash flows and
equity provided by Strategic
Acquirer. Either
management transition to
the next generation of firm
leadership or long term
investment.
Majority to 100% stake.
20-30% upfront in cash or
equity in acquirer. Mix of cash
and acquirer equity.
Expectation that RIA leader
remain 3-5 years minimum.
100% acquired.
Typically a mix of cash
and equity over 2-5 year
earn out. Often profit
sharing incentives to
motivate continued
growth.
Post-deal
entrepreneur
model
Wholly independent,
100% advisor owned.
Empower through platform,
community and capital for
transition to independence,
G2 buy in or sub
acquisitions.
Advisor retains full
management decision-
making and voting control.
Parent provides strategic
guidance as requested by
advisor. No advisor
ownership/investor changes
without consent of parent.
Largely passive, providing
support when requested.
“Carrot and stick” incentives
to drive growth, profitability.
Shared cash flows.
Empower acquired
entrepreneur to continue
remaining independent and
grow with benefit of capital
and community.
Engage through better
platform and unified strategy
and brand to drive growth,
productivity and profitability.
Relieve RIA of unwanted
functions to focus on growth
and client satisfaction.
Become part of a unified whole
with aligned strong culture.
Integrate into new single
entity.
This chart provides additional insight into the varying models and approaches of Strategic Acquirers and compares them to Wealth Management RIA Acquirers which generally are executing few transactions than
Strategic Acquirers and in a more defined geographic scope. The intention of this supplemental chart is to help advisors better understand the approaches of different models as they consider their own strategies
and options. This information is for illustrative purposes only and is not meant to be exhaustive of all possible business options or models an advisor may consider for its particular situation.
45
Comparison of Acquisition Models - Strategic Acquirers and Wealth Management Acquirers
Integrated Platform
Provider Passive Investor Financial Acquirer
Strategic
Aggregator Branded Acquirer
Wealth
Management RIA
Acquirer
Legal structure
/ Autonomy
Advisors remain fully
independent, own ADV.
Percentage of revenue fee
structure to provider.
Minority long term
investment.
Advisor retains operating
control and voting rights.
Independent ADV.
Varying levels of investor
percentage ownership;
advisor maintains some
level of equity.
Independent ADV.
Typically, majority but not
100% ownership; firms
retain independent ADVs.
Significant majority to 100%
owned by acquirer.
Acquired firm becomes part of
parent RIA’s ADV.
Acquired firm becomes
part of acquirer’s ADV.
Product &
operating
platform
provided to
advisors
Robust operating,
technology and
investment platform.
Access to capital.
Support for M&A execution.
No platform provided;
informal access to strategic
guidance, particularly in
capital structure and sub-
acquisitions.
Limited operating support.
Some collaboration on
strategy and growth plans
as desired by RIA.
Limited cross firm
interaction with other
acquirer-owned firms.
Capital to facilitate
succession plan execution,
sub acquisition strategies.
Strategic support with M&A
opportunities, capital
structure, operating and
investment expertise.
Active Wealth Manager
network.
Standard operating and
technology platform across
acquired RIAs.
Marketing and Communication
support.
Single brand.
Investment platform
encouraged but not always
required.
Active Wealth Manager
network.
Fully integrate into
existing platform.
Incorporate unique
expertise sought by
acquiring firm into
existing model.
Practice
management
platform
Extensive practice
management offerings and
expertise.
Active community network.
Informal guidance as
sought by firm.
Limited to none.
Collaborative coaching as
requested.
Typically limited to no
Wealth Manager network.
Best practices coaching
initiatives and support.
Active Wealth Manager
network.
Staffed practice management
groups provide coaching and
best practices.
Some organization design and
development structure support.
Active Wealth Manager
network.
Typically no platform.
Seek to integrate into
existing model.
This chart provides additional insight into the varying models and approaches of Strategic Acquirers and compares them to Wealth Management RIA Acquirers which generally are executing few transactions than
Strategic Acquirers and in a more defined geographic scope. The intention of this supplemental chart is to help advisors better understand the approaches of different models as they consider their own strategies
and options. This information is for illustrative purposes only and is not meant to be exhaustive of all possible business options or models an advisor may consider for its particular situation.
46
Additional Fidelity Resources
Fidelity 1H 2016 Wealth Management M&A Transaction Report
Insight into Strategic Acquirer Models and Strategies
Taking Steps to Help Maximize the Value of Your Firm
A resource to understanding the factors that can influence the value of your RIA
Value Traps: Overlooked Opportunities to Help Maximize Your Firm’s Value
Findings from the 2015 RIA Benchmarking Study.
Realizing the Value in Your Firm: Succession Planning Toolkit
Comprehensive tools and solutions to help you determine your succession strategy.
Fidelity Succession Evaluator®
An online tool designed to help advisors choose a transition path suited to their needs.
Realizing the Power of Two: The Art and Science of a Successful Merger
A Profiles of a Deal white paper sharing case study examples and best practices of investment advisors who completed a merger.
Buyout Benefits: When an Offer is Too Good to Pass Up
A Profiles of a Deal white paper sharing case study examples and best practices of two wealth management firms
undergoing an acquisition.
On the money: structuring employee ownership to potentially get the right payoff
A Profiles of a Deal white paper sharing case study examples and best practices of firms who have
implemented an equity ownership plan.
Your Guide to Expansion
A toolkit to help you prepare for growing your business through a merger, acquisition, or by adding an individual or team of advisors.
Access to Merger and Acquisition Specialists
Fidelity Investments offers you access to discounted rates from certain third-party industry service providers specializing in M&A
and succession planning.
Please contact your
Fidelity representative for
additional resources or visit
fidelityinstitutional.fidelity.com
47
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