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Napa Valley wealth management firms with $400M in assets selling to Midwest group

on March 22, 2022 Wealth 396 views

Napa Valley Wealth Management and TrueNote Investment Advisors Inc., based in St. Helena, have been acquired by Minneapolis-based wealth management firm Wealth Enhancement Group.

The two acquired firms are led by President and Chief Investment Officer Kelly Crane CFP, CLU, CFA, and oversee more than $400 million in client assets. In addition to the Napa Valley, the firms have offices in Walnut Creek and El Cerrito. Napa Valley Wealth Management was founded in 1992.

Financial terms of the deal, which will close on March 31, were not disclosed.

With the addition of the two companies, Wealth Enhancement Group, founded in 1997, reports it expects to have over $55.1 billion in client brokerage, advisory and trust assets.

“This transaction confirms the power of our value proposition for RIA businesses of all types,” said Jim Cahn, Wealth Enhancement Group’s chief Investments & Business Development officer. “Our successful M&A growth has been driven by our emphasis on going beyond a typical ‘one-size-fits- all’ model for our partner firms. For us, independence means we provide the innovative tools, technologies and resources. From there, we empower teams like InConcert Napa Valley to run their business as they see fit. We’re thrilled to welcome Kelly and his team to Wealth Enhancement Group, and excited about all that we can achieve together.”

LSE owner sells wealth technology platform for $1 billion, Sky News reports

on March 21, 2022 Wealth 490 views

March 21 (Reuters) – The London Stock Exchange Group entered into a $1 billion deal to sell a wealth technology platform to a consortium of investors, Sky News reported on Monday.

LSEG will sell a group of assets called BETA+, which the London Stock Exchange owner acquired as part of its takeover of Refinitiv, to U.S.-based investment firms Motive Partners and Clearlake Capital Group, the report said.

The deal could be announced later on Monday, Sky News said, citing a source.

LSEG did not immediately respond to Reuters’ request for comment.

Refinitiv was carved out from Thomson Reuters (TRI.TO), the parent of Reuters News, in 2018 by a consortium led by Blackstone (BX.N). It was then bought by LSEG in a $27 billion deal finalised in January 2021.

To Your Wealth: The coming storm?

on March 20, 2022 Wealth 409 views

The 9% decline in the U.S. stock market over the past two months is hard to miss. While I don’t know if the market will continue to drop from here, it’s important to be ready for a further decline. Here are three considerations for your portfolio:

First, hold broadly diversified stock mutual funds instead of individual stocks which have the potential for going bankrupt or lagging the rest of the market for years. Some companies may not survive the decline but they’ll represent a small fraction of your overall portfolio if you use mutual funds holding hundreds of individual stocks. Admittedly, holding these types of funds isn’t as exciting as boasting about your latest stock pick but it’s also more likely to lead to financial success in the long-term.

Second, keep a sufficient amount of money outside of stocks to avoid the need to sell stocks at a loss. We typically recommend 6 to 8 years in cash and bonds, preferably in short-term, high-quality bonds. One of the trade-offs of holding these types of bonds is the earnings from interest will be lower which I would argue is a worthwhile alternative to riskier bonds generating more interest who could see their values decline simultaneously with stocks. While no one likes to see their investments decline in value, patience will eventually reward investors when stocks eventually recover.

Third, maintain a realistic perspective. According to Vanguard.com, the worst single year for the stock market was 1931 when the market declined over 43 percent. Coincidentally, the best year was just two years later in 1933 when it grew by over 54 percent. Selling after the decline would have prevented you from participating in the eventual recovery. Recognizing your stock holdings should be held for years (decades?) rather than months smooths out some of the bumps along the way.

If you find it hard to stomach the idea of seeing your portfolio decline by 30 to 40 percent (or previously sold after a significant decline), it’s even more important to make adjustments now so you don’t find yourself in an even worse situation.

Your guess is as good as mine regarding where the financial markets will go from here (including the long-term impact of the war in Ukraine) but that doesn’t mean you’re helpless to control your financial future. Being patient, diversified and not holding too much in stocks may sound like basic advice but I’m regularly surprised how often people don’t adhere to these simple concepts resulting in unnecessary financial stress & loss. A quick review of your investment portfolio will help you identify if any of these considerations are worth implementing to increase your financial peace of mind.

Justus Morgan is a fee-only financial planner with Financial Service Group Inc., a registered investment advisory firm at 4812 Northwestern Ave., online at www.ToYourWealth.com

Norway sovereign wealth fund backs call for Toshiba to solicit buyout offers

on March 19, 2022 Wealth 402 views

TOKYO, – Norway’s sovereign wealth fund, the world’s largest, voted in favour of a shareholder proposal requesting Toshiba Corp (6502.T) solicit buyout offers from private equity firms ahead of an extraordinary meeting on March 24.

The fund voted against the Japanese industrial conglomerate’s plan to break itself up by spinning off its devices business, a voting record showed.

It owns 1.22% of Toshiba, according to Refinitiv.

Similarly, the State Board of Administration of Florida, with a 0.22% stake in Toshiba, voted against the management-backed break-up plan and in favour of the proposal from Singapore-based 3D Investment Partners.

Even though their stakes are small, support from such prominent institutional investors for 3D’s proposal could add momentum to activist shareholder demands that the board fully explore alternatives to the break-up.

Earlier this week, one of Toshiba’s external board directors said he would back 3D’s proposal, breaking ranks with the public stance of the company board’s.

Toshiba has said there is no change in the board’s opinion in opposing the shareholder proposal and that it will continue to make every effort to gain shareholder support for the break-up plan.

Glass Lewis, an influential proxy advisory firm, has backed 3D’s proposal but rival Institutional Shareholder Services has not recommended voting for it even though it is opposed to the spin-off plan.

Explaining the rational for its vote, Norway’s fund – operated by Norges Bank Investment Management (NBIM) – said it considers such factors as whether there is sufficient transparency and whether all shareholders are treated equitably when evaluating corporate transactions.

McCluskey Named to Forbes Top Women Wealth Advisors List

on March 18, 2022 Wealth 401 views

Rita McCluskey has been named to the 2022 Forbes “America’s Top Women Wealth Advisors – Best-in-State” list. She is a financial advisor with the McCluskey Group, a Merrill Lynch Wealth Management Company in Indianapolis.

McCluskey her career with Merrill in 1993 and holds a Certified Financial Planner certification awarded by the Certified Financial Board of Standards Inc. She transitioned into the financial advisor role in 2000.

She was also named to the 2021 Working Mother/SHOOK Research “Top Wealth Advisor Moms” list as well as Forbes “Best In State” list.

McCluskey graduated from Marian University with a Bachelor’s in Business Administration.