Corporate Roundup: Waverly Buys Planning Capital, The Standard Welcomes PEP Sales Director
This week, Waverly Advisors acquires Planning Capital Management Corp., The Standard and Lincoln Financial hire two industry veterans, and Commonwealth brings in new affiliate firms.
Waverly Buys Planning Capital
Waverly Advisors, LLC, a federally registered investment adviser (RIA) that specializes in group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired Planning Capital Management Corp., an investment advisory firm headquartered in Paoli, Pennsylvania.
Founded by Richard Bell Jr. in 2001, Planning Capital has served high-net-worth individuals, institutions and non-profits for over two decades. The entire Planning Capital team joins Waverly.
“Rick’s team is a dynamic group of talented professionals who are eager to help clients reach their financial goals,” said Justin Russell, president of Waverly. “Planning Capital’s holistic approach to comprehensive financial planning and wealth management aligns with ours and we are thrilled to have them join the Waverly team.”
“By partnering with Waverly, our team has gained significant resources and infrastructure further enhancing our ability to serve clients,” said Rick. “Most importantly, Waverly’s culture aligns with ours, and we are excited to join the Waverly team.”
The acquisition of Planning Capital marks Waverly’s 20th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform. The transaction closed on December 13 and increases Waverly’s AUM to approximately $15.9 billion.
The partnership will establish Waverly’s presence in the greater Philadelphia area.
“This partnership expands Waverly’s presence to 12 states across the U.S.,” said Mac Selverian, WPCG principal. “It has been an exciting year for Waverly, and we look forward to continued M&A momentum as we enter 2025.”
The Standard Welcomes PEP Sales Director
The Standard hired Mark Christensen as the pooled employer plans sales director in Retirement Plans.
Christensen has 20 years of experience in financial services, most of that in retirement plans. He previously held roles at Voya, Principal Financial Group and Sallus Retirement, a PEP startup.
“Our approach to PEPs continues to attract advisors and employers and we want to invest in this success,” said Steven Chappell, vice president of distribution in Retirement Plan Sales at The Standard. “Mark’s experience will help ensure all the resources at The Standard are available to our advisors as we grow our private label PEP business.”
Lincoln Financial Hires Investment Distribution VP
Lincoln Financial, a provider of insurance, annuities, group benefits and retirement solutions, has hired industry veteran Tom Morelli as vice president of Investment Distribution.
Morelli will focus on supporting the distribution of Lincoln’s suite of more than 100 sub-advised variable insurance funds, mutual funds, model portfolios and other investment solutions, reporting to John Kennedy, executive vice president, chief distribution and brand officer.
Prior to joining Lincoln, Morelli served as head of Wealth Management at T. Rowe Price, overseeing all aspects of home office and field sales as well as the related infrastructure to support strategic relationships across broker/dealer, RIA, bank and platforms. He brings more than 25 years of experience in the investment distribution space.
“Distribution is a well-known competitive advantage for Lincoln, and with a seasoned executive like Tom we are uniquely positioned to continue our consultative approach with our financial professionals and further build upon the distribution of our suite of solutions that help them serve the evolving needs of their customers,” said Kennedy.
Commonwealth Hires Affiliate Firms
Commonwealth Financial Network hired two Jericho, New York-based independent advisory firms previously affiliated with Securities America, now Osaic, and collectively reported more than $495 million in client assets.
The two firms and their advisors include:
Full Spectrum Financial Solutions. Advisors include Pat Lanotte, CFP, Christopher Jones, CFP, and Paul Michaluk. The team reported advising on $329 million in client assets. Full Spectrum Financial Solutions specializes in serving those nearing and in retirement through a “chief financial officer” approach attuned to scenario analysis and coordinated across clients’ other outside professionals.
NXT Phase Financial Services. Advisors include John Carbonara, CFP, and Michael Murray. The team reported advising on $166 million in client assets. NXT Phase Financial Services specializes in providing educators with a complete range of financial solutions, including 403(b) retirement plan advice.
Both Full Spectrum and NXT Phase were founded in the early 1990s. For each firm, this transition is the first-ever move outside the corporate umbrella of Osaic predecessor firms.
“Commonwealth’s reputation attracted our team, and what solidified the decision was our home office visit—seeing the organized approach to serving advisors and how the advanced planning, estate planning, marketing, and other teams connect the dots to help us grow. We can already see how the home office support and integrated technology are going to help us reach our long-term goals,” said Lanotte.
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