March 4, 2024

Three financial advisers who managed $300 million in client assets have left Thrivent Investment Management to join a growing mid-sized rival, the Level Four Group.

Ryan Ash, Andrew Frank and Dawn Benko worked at Thrivent Brokers for at least 16 years as part of the Twin Cities-based Keystone Group before switching to Level Four last month and launching new brand Entirety Wealth Solutions. Level 4 — the former branch of LPL Financial Now Has Its Own Brokerage and operates as a subsidiary of major accounting firm Carr, Riggs & Ingram CPA and Advisors— bought a billion-dollar wealth firm last year and Recruited a credit union based team from its former company earlier this year.

under moving, the whole team A brokerage, registered investment advisory firm and insurance marketing agency affiliated with Level Four. The team includes investment analyst Bennett Kerfeld, wealth coach Kerry Edwards, customer experience specialist Stacey Riemer and customer concierge Deb Gelhaye.

“This strategic move allows us to leverage the combined expertise of our teams, strengthen our capabilities and provide our valued clients with an even stronger suite of financial solutions,” Ash said in a statement.

The Shakopee, Minnesota-based team has been using the brokerage and RIA subsidiaries of Thrivent, the best-known faith-based asset manager but also A key wealth management sector.

“At Thrivent, we employ thousands of financial advisors who are passionate about providing purpose-based financial advice to millions of clients across the country, and we offer competitive compensation and incentives,” spokeswoman Samantha Meher Samantha Mehrotra said in a statement. “Over the past year, we have hired many new financial advisors while maintaining a low turnover rate. We recognize that career transitions happen and we wish these advisors the best as they enter the next phase of their careers. “

With thousands of advisors Independent of wirehouses, Aggregated into RIA aggregator look at inheritance or scale or just looking for better technology Or provide other services to customers, many mid-sized companies are expanding rapidly.

For example, the New York-based snowdon lane partners pass $10 billion in client assets Earlier this month, it added an advisor who previously managed $420 million at another RIA. The milestone comes more than a decade after the launch of Estancia Capital Partners-backed Snowden Lane, but CEO Rob Mooney said in an interview that the company is aiming to break the $20 billion mark in just three years.

Many of the factors driving advisors to act have “remained the same” over the past few years, Mooney said, citing the interests of “freedom, flexibility and avoiding conflict” in the industry’s independent channel, as well as the “presence of many larger wealth managers.” “Diseconomies of scale”.

“‘Diseconomies of scale’ is just another word for bureaucracy,” Mooney said. “The democratization of technology has enabled smaller boutiques to have better investment solutions, platforms and greater efficiencies. They are, frankly, more satisfying places to work.”

Dallas-based Tier 4 $3 billion in client assets and 115 advisors When I left LPL two years now has $9.25 billion in client assets and 225 advisorsEarlier this year, CEO Edmon “Jake” Tomes outlined a goal of doubling in size by 2025.

“Level Four is a growing mid-sized alternative for financial advisor teams looking to take their practice to the next level,” Tomes said in a statement.